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How to Turn Your Hobby into a Revenue Stream in College

08.07.22

The college experience is much more enjoyable if you have a little extra spending money. Working at a part-time job that you don’t particularly care about is fine if you just want to earn an income, but if you want to have fun while making money, your best option is to turn your hobby into a revenue stream. This is possible with a wide variety of hobbies — you just need to be skilled enough to provide products or services that other people are willing to pay for. Here are some tips to get you started.

1. Conduct Some Market Research

Find out how other people are already making money from your hobby. Conduct some research, paying particular attention to online marketplaces and freelance platforms. Think about whether you’d be able to provide something to the same standard and how you can make your offering unique. Finally, make a note of the typical price range.

2. Create a Business Plan

You need a clear plan before you jump in. Start by considering how you’ll market yourself or your products. It may be enough just to list your offerings on an established marketplace, but you may like to also set up social media profiles for your business or even create a website — either to sell directly to customers or to showcase a portfolio of your work.

Next, you’ll need to figure out the financial side of your business. This includes how much you expect to earn and how much you’ll need to spend. Bear in mind that you may need to start out offering lower prices than what your competitors are charging. Once you’ve built a customer base and developed a name for yourself, you can increase your prices. When calculating expenses, consider things like raw materials, marketing, and postage.

Finally, decide how much time you’re willing to devote to your side hustle. It’s important not to let it take up so much time that you struggle to keep up with your studies or you need to sacrifice your personal life.

3. Develop a Brand

You’ll receive more sales if people are familiar with your name. Luckily, you’re in the ideal position to develop a brand image because you’re in contact with so many people every day. Begin by promoting yourself among friends and family, perhaps by providing them with samples or free trials. You could then move on to selling to other college students. Provide great customer service and ask everyone you work with to refer you to others or leave you a review online.

4. Look to the Future

If you’re successful with your side hustle, think about how you could develop it into a full-time venture. Use your time at college to iron out any kinks in your idea and learn the skills you need to take your business to the next level.

To run a successful side hustle, you need to have a comfortable space where you can focus. The best solution is to move out of your dorm room and into student rentals. Barrie students can find a new home at Foundry Georgian. You’ll have a private room in a spacious suite or townhouse, fully furnished with a double bed, desk, and chair. Sign a 16-month lease today to receive your first month free.