Turn Your Passion Into Your Income Source

01 Feb 2021

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Are you tired of your current 9-to-5? Have you been dreaming of a better career?

You don’t (and shouldn’t) have to settle for a profession that leaves you feeling uninspired or emotionally drained.

Have you considered making money from your passion? You may think it’s only suitable as a hobby, but what if your hobby actually provides value to others? That’s a good enough reason to monetise it.

If you have a true passion for something, it’s worth thinking about ways you can utilise your talent and turn that passion into a source of income - or perhaps, a new career.

If this sounds like something you’re keen to explore, here are some useful tips to help you get started:

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1. Start small

It’s exciting and thrilling to start a new business that’s based on something you already love doing. But it’s also a huge commitment - you will need to spend a significant amount of time, energy and resources to get your business off the ground. There will be lots of planning involved and key financial decisions to make.

All of this can be very daunting, so don’t overwhelm yourself. Break down your big goal into smaller, manageable chunks. And start with the items that you can achieve immediately or in the shortest amount of time.

Starting small also allows you to test the waters and make any necessary adjustments before deciding whether to take the plunge.

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2. Check out your competition

In any business, knowing your competition helps you stay ahead.

Take the time to identify your competitors and check out what they have been up to. This will not only provide you with inspiration for your own brand, but also useful insights which you can use to differentiate your offerings from the rest.

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3. Keep your current job

Starting any new venture is always risky. So, while you may be itching to go full time with your new career, put it on the back burner for now.

Ideally, you should plan and grow your new business while you still have the security and safety of your current full time job. You’ll want to ensure a healthy and sustainable cash flow before making the big move. It’s also a good idea to build an emergency fund, in case of any setbacks.

And while you’re at it, you should also relook at your existing financial protection plans to determine if the coverage is still adequate.
If you don’t yet have protection for your finances, it’s probably high time to look into it. There’s always the possibility of a setback that can disrupt your plans, so you would want to minimise that risk by having an insurance policy. Check out Gibraltar BSN’s insurance plans here.

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4. Finally, be patient

In business, patience really is a virtue.

Rome wasn’t built in a day after all, so do keep in mind that your hobby-based business will also take some time to get going.

Keep your main, long-term goal in mind and focus on achieving your mini goals one at a time. With your passion, it will be easier to turn your hobby into a viable business in no time.