Our current economy has shown us that flexibility, transferable skills, and multiple streams of income are very important. People are looking for creative ways to either supplement income or replace the loss of income. This is where your favorite hobby can come in.
Here are a few ways that you can turn a hobby into a career in a very short time (this method is not for everyone).
If you have multiple hobbies, decide which one you are best at or enjoy doing the most. Start doing research on the Internet and visit your local library, to see if there is a need for your hobby. Know who your competitors are and what markets they target. Try to see if there is a niche that you can tap into. Before you proceed, write down a list of pros and cons of turning this hobby into a career and decide if you want to do it full or part time (do not be in a hurry to quit your day job if you have one).
Think about where you want to sell your product. Would it sell better on eBay, flea market, or in a store? Search all these sources to see if anyone else is selling them, and at what price. Once you decide where you want to sell it, set your price. In order to set your price, you have to take into consideration how much it costs to make this product (materials, time to make etc.) and factor in the amount of profit that you want to receive. Start working on your product line.
Weeks three, four and five
If you have not already done so, start working on your hobby and create about 5 items. If your product takes a long time to make, then you will have to add additional weeks.
While still working on creating your inventory items, put about two of them on eBay to test out the waters. If they get sold very quickly and people want more, you can take orders and let them know when they can expect to receive their product. Make sure you can deliver when you promise. Your reputation will be on the line.
Continue working on your product line and pace yourself accordingly.
This method will not work for everyone and some people will require more time and preparation depending on your product line. Before you turn a hobby into a business make sure it is worth your time and that the demand for your product will not kill your joy.