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“If you’re good at something, never do at it for free” is an adage that has existed long before The Joker delivered the quote in one of the Batman movies. And while it was used in a different context at the time, it means that if you’re great at something or incredibly talented at a certain skill you enjoy doing, you may want to look into monetising your passion to generate revenue for yourself. The good news is that more people here in the UK are doing just this with January 2020 statistics showing a rise in the number of self-employed.
And now that more and more people are embracing a work-from-home setup due to the pandemic, it makes it much easier to run a side business along with your regular workload. Our post on ‘Starting Your Business: Important Factors That You Should Consider’ mentioned how a business’ location is vital to success, but since online retail is picking up, you no longer have to find and pay for a brick and mortar space if you want to kickstart a side hustle.
Instead of worrying about securing a space in which you can operate, you can shift your attention to your own home office where you will be conducting most of the work. These days, home offices are the ideal workspace solution, with many companies now choosing to operate from this mode of operation. Since your entrepreneurial endeavour is a balance between work and play, a feature by HP on home offices recommends a setup that balances privacy, comfort, and convenience. By following those three principles you will able to create a perfect work setup that will allow you be productive in a familiar environment. And let’s face it, there’s no better place than home to begin monetising your passion since this is where it all started anyway.
Once you’ve gotten your space in order, you can then begin with your initial operations. Here are some tips on how to make the process as seamless as possible:
Given that you will mostly be operating online, The American Genius suggests setting up a digital platform where you can access pertinent information at any time. You’ll want to have a central hub that contains details about your plans, finances, and marketing strategies, so you can have a base to refer to whenever the need arises. You should also master online document and spreadsheet tools, so you can create accounting documents and clients lists. Not only will this help organise your business, it will show that you are professional about your monetising your passion. You will also need to make sure you have several social media platforms dedicated to your new venture, as well as a website where you can sell items and provide content on your business. This will expand your audience reach as well as increase your Google ranking, making it easier to generate profit.
If you want your passion project to eventually become your bread and butter, Forbes notes that you have to accept the fact that it will supersede your day job at one point in the future. If the idea sounds scary to you, you may want to do a test run first by taking a sabbatical or shifting to part-time work. You may also want to leave your former role entirely but keep doing business with your employer as a consulting client. Taking this route rather than quitting outright could give you the option to return to your previous job in the event that things don’t turn out the way you expected them to.
When starting out, it would be best to keep goals small and attainable. By breaking your big goals into smaller chunks you can create momentum as you reach each milestone. This process will also help you manage your finances better, as you will spend a little on what you need in the short-term, rather than spending big on what you think you need in the long-term, therefore decreasing the risk of falling into debt.
While your eventual goal is to make it big in your choice of industry, it would serve you best to break down your overarching goal into more manageable chunks. That way, you can easily list down the actionable items and achieve them immediately without overwhelming yourself. It’s always best to take baby steps before jumping into a massive project.
This is a collaborative post.
Welcome to Birds and Lilies! I'm Lou: mother, blogger and freelance writer. This is my lifestyle blog, where I talk about motherhood, infertility and IVF, beauty, my love for food and wine, as well as my thoughts about stuff, and our real-life and travel adventures.
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