6 Do's and Dont's When Turning Your Hobby Into A Full Time Income Source - LoudProgrammer

6 Do’s and Dont’s When Turning Your Hobby Into A Full Time Income Source

So you have this thing that you love doing.

Nobody pays you to do it but when you are at it you feel alive and realized. We say it’s your hobby or maybe passion.

Deep inside you you feel that if you could just have more time to focus on it, you could be able to turn tables. You could change the world.

But the pressures and needs of this life just wont let you. You have school to attend, a job to report to and a family to take care of.

It probably sounds ridiculous that you want to spend more time with what can’t pay the bills.

Time is money right?

You can turn your hobby into a full time source of income.

You probably will need to change your mindset a little bit in order to realize real success, but it’s completely doable.

There are millions of people all over the world spending their whole life doing what they love,  earning from it and helping people in the process.

It could be you have a desire to code apps or something else you are passionate about.

In this article I to highlight some key points you need to take into consideration if you want to turn your hobby into a full time income source.

The way you respond to these key points will set you up either for success or failure.

1. Don’t be in it just for fun

Everybody else is in it just for the fun.

That’s why everybody can’t turn it into a business.

To turn a regular activity that you used to do without any supervision or accountability into a business that pays back 100 fold is going to require a complete change of mindset.

There are a lot of kids, and adults too, in the internet creating, say YouTube videos that go viral. These videos get thousands of views, if not millions.

But they fail to turn this into a real business racking in cash.

You have to be in it for the money if you want it to bring in a great deal of returns.

Continue to have fun doing it because you love it, but here is the secret.

The moment you will sit down and embrace a complete change of perception. To look at it like a potential source of full time income that is capable of sustaining you, your family and your adventures, that’s the moment things will begin to change.

When you are in it for the money, and with the right mindset, you will attract the right personalities along your way.

You will realize that you start making friends who think alike who

  • will inspire,
  • motivate you and occasionally
  • give you advice.

Finally you will stumble into a mentor who has been through the exact same process.

Having the right mentor who you connect with is key to success.

2. Have a written plan, a road-map

The tendency to be lazy when you are pursuing something serious is high.

Sometimes you say to yourself, ‘Let me just put in the work without a plan, it will just work out somehow’.

You will struggle getting ahead until the day you decide on what exactly you want to get done and write it down.

Working without a plan is like shooting in the dark.

You know you emptied your barrel but you are sure you didn’t hit the target, because there was no target in the first place.

That amounts to wasted time, effort and frustration in the waiting.

You are crafting a potential business.

Set the goals.

What you need to achieve each day and at what time.

Let it be clear to you from the beginning

  • what you will need for this
  • who you will need to contact
  • how much time you will need
  • what costs are involved.

It might not be a complete business plan, but a checklist that acts as a road-map to your destination, success.

Once you write it down, you will have the obligation to accomplish it as opposed to when it only exists somewhere in your head.

How does this work?

When it’s written down, it’s clear what needs to be done. This fits easily into your frame of mind and drives you to do something.

Writing it down means you are just getting serious.

3. Build a relationship with the influencers.

You can try to achieve success on your own.

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But you are really going to struggle to get there.

In this age it is very rare to find that your hobby is completely unique. Probably somebody somewhere is already doing it and has had success with it.

These are your competitors.

The fact that you have competitors means that there is a great chance of being successful with it.

Otherwise your competitors could have quit long before you knew they existed.

Your competitors are going to be your greatest source of exposure.

You will need to cleverly leverage your competitors success for your own personal good.

If you are into web development, you will need to connect with other developers who are already reaping great success from this.

They might not be influencers per se but they are definitely people who have already gone ahead of you. People who have already achieved what you are struggling to achieve.

They need to be bloggers who are already earning full time income from there blog, because this is what you seek to achieve.

That is when you can learn a ton of stuff from them.

These people often have an established audience already. Just a shout out from one of them could see your blog get exposure and begin to grow tremendously.

The influencers probably have already made the mistakes that you are struggling with.

Just 30 minutes with one would benefit you greatly and save you hours or even months of trial and error that will definitely lead to frustration and finally giving up.

4. Put a price tag on every input you make

Getting to transition something from just a part time hobby to a potential investment will require you to reconsider your approach.

How much time do you put into what you do?

What potential return should that bring?

This doesn’t necessarily mean you are going to get return there and then.

What this means is that you are transforming yourself into an entrepreneur. Remember you are no longer just doing things for the sake if it.

You need to spot and cap the loopholes that could be wasting you or working against you.

If you are learning to code, you will have to consider efficiency right.

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Instead of taking an old book and studying like you are reading a story book, you now need to take a real video course with an instructor.

You begin to value every time you spend learning.

If say you are considering building an app, you have to take only on an app that is solving a problem people really need solved.

The more relevant what are doing is to your target audience the greater the chances of getting ahead.

Everything costs something

Your efforts should be extremely focused on giving the best shots for maximum returns.

Putting a price tag on everything you do will enable you to know the impact and cost of everything.

This way you can know which tasks you need to delegate and which you need to perform personally.

This is usually a little different than when you are just doing something for fun. In the later case, you can just do everything by yourself and drag it out without hurting anyone.

But when money is supposed to be made by it, you will focus only on what really needs to get done.

5. Don’t try too hard, Live in the present

Once you have a dream, a vision, you start to picture how life could be different once your new sexy project succeeds.

You probably start seeing yourself in different shoes, a mansion, a car… whatever you could be imagining.

It is not wrong to imagine.

It’s the primary reason you are pursuing success in the first place.

You have a dream.

But many a times have we failed to live in the present in the name of pursuing a dream. Don’t fail to appreciate what you currently have because you want something better.

Throwing your happiness into the distant future can rob you of the smile and a warmth that you should have as a human being.

When you are too worried about your success, it comes out in the way you communicate and interact with others.

Take it easy. It’s going to need some time.

Pursuing a business opportunity when your face is full of desperation is a major turn off.

It will greatly hurt your chances of success if you can’t keep yourself composed and confident in the face of uncertainty.

Will you buy from a gloomy seller, with no charm at all, just because he really needs to make that sale?

The process of turning a hobby into a successful business, just like any other venture, is going to require effort and time.

You need to be patient while putting in your best.

However, being lazy and sloth with your dealing with not grant you success.

6. Take a break, don’t quit

Don’t quit!

You’ve probably heard about this 1000+ times.

Sometimes you need to take a break.

That doesn’t necessarily mean you quit.

You need to take some time off to go and replenish your energy, vigor and evaluate your past inputs and little successes.

This is particularly important when things are not working out right and you feel the overwhelm that comes with it.

Running a successful business has it’s own share of challenges.

If this is really something you love doing, and others already had success with it then there is no reason to quit.

Taking a break is a proper way to ensure you don’t burn out.

If you quit then all you previous efforts have gone to waste.

You might argue that you learnt a lot from it. But what’s the point of learning if you then let go of the opportunity to turn that wisdom into success?

A break could be a day, a week or a month depending on what field you are in.

Remember not to take a break that’s too long because you risk coming back and having to start afresh.

Successfully turning a hobby into a full time income technically means you become an entrepreneur or at least having the mindset of an entrepreneur.

This takes a process. It is a garden that requires to be watered consistently and tendered continuously before you can reap the fruits.

The end result is always FREEDOM.

Financial freedom as well as personal freedom.

More time with family and friends. It gives you an opportunity to reach out, help and influence other people’s lives while doing what you love.

The world couldn’t be a better place!

What challenges do you face while trying to turn  a hobby into a full time income source?

Please share your thoughts below.

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Geoffrey is a lead software developer, author and writer. He writes code from scratch and frequents GitHub. He also writes and talks about technology trends, small business tips and software developer productivity hacks. He is no coffee addict.

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118 Comments on "6 Do’s and Dont’s When Turning Your Hobby Into A Full Time Income Source"

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Stuart
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Great article.

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