How To Turn Your Hobby Into A Six-Figure Freelance Business

Turning your freelance hobby into a full-time business is challenging, but if you follow these steps, you have the best chances of making it on your own.

Takeaways
Identifying a profitable niche within your hobby is essential for success.
Developing your skills and expertise in your chosen field can increase your earning potential.
Building a strong personal brand and online presence can attract clients and opportunities.
Networking with industry professionals and joining relevant communities can provide valuable connections.
Pricing your services appropriately and valuing your time and expertise is crucial for reaching six-figure income levels.
Continuous learning and adapting to market trends can help you stay competitive in your freelance business.
Providing excellent customer service and delivering high-quality work are key to building a positive reputation.
Balancing work and personal enjoyment is important to maintain satisfaction and avoid burnout.
Consistency, perseverance, and a growth mindset are vital for long-term success as a freelancer.

Be Self-Aware And Do Your Research

Be honest with yourself. It can be hard to admit that your hobby may not be able to turn into a six-figure freelancing business right away especially if you’re so passionate about it. 

But it’s important to understand your background and skillset and know what you’re good at (and what you aren’t). 

If a career in writing poetry is something that makes you happy, then by all means pursue it! 

But if the thought of making money from writing poetry doesn’t excite or appeal to you, then perhaps another career path might suit you better.

Research the type of freelance work available in this field. For example, if someone wants me to write copy for their website but I don’t have any experience doing this before.

I’ll need some more information about how much they pay for such services and how long those projects typically take before deciding whether or not I want to take on this project as my first freelance job ever!

If you have a passion for writing and an interest in the renewable energy industry, you can turn your skills into a freelance career. Our guide on How to Become a Freelance Writer in the Renewable Energy Industry provides valuable insights and tips to help you get started in this niche.

Set Goals For Yourself

Now that you’ve got the path of your business plan mapped out, it’s time to set some goals. Goals are the foundation of your freelance business because they keep you focused and motivated, even when things get tough.

If you’re serious about turning your hobby into a thriving freelance business then writing down your goals is an absolute must (and not just for this article). 

Your goals should be measurable; achievable in a reasonable amount of time; relevant to where you are now in life; 

Time-bound so that there is an end date or a target completion date until which point they will remain active and measurable; and most importantly aligned with values: yours or those who might benefit from what it takes to achieve them (which could also include yourself!).

Industry Knowledge Is Key

This is perhaps the most important step in your business. You need to know your industry inside and out, which means paying attention to trends. 

Learning everything you can about your competitors and their clients, getting a sense of how much money people spend in this field (and why), etc.

If you’re just starting on this journey, here’s where I recommend spending your time:

Do some research into similar businesses that are already successful in the niche that interests you. Why did they succeed? How long have they been around? 

What makes them different from other companies doing similar work? If there are any commonalities among all the success stories from within this genre (like having a strong social media presence or specializing in one specific type of product). 

See if those elements could work for you as well!

Find out what types of customers hire professionals like yourself. For example, if someone wants help building their website but has no idea where to start and doesn’t have much money then maybe eCommerce isn’t right for them yet. 

On the other hand, someone who wants help building an online store (or improving one they already have) might be perfect!

• Share your work before you’re ready.

• Share your work with friends and family early on.

• Share your work with people in the industry.

Share your work on social media, even if it’s not a perfect fit for that platform’s audience (for example, if you’re blogging about knitting, don’t be afraid to share those posts on Instagram).

Share your work with people who have no idea who you are or what you do (and vice versa).

Are you looking to earn a six-figure income as an independent consultant? Our comprehensive guide, Your Guide to Earning Six Figures as an Independent Consultant, offers practical advice and strategies to help you achieve your financial goals in the world of freelancing.

Create A Vision For Your Future

• What’s your ideal life?

• What do you want to be doing, where, and with whom? 
• What would make you excited to get up in the morning? 
• Where are the places that you’ve always wanted to visit or live? 
• How do you see yourself growing as a person physically, mentally, and spiritually in the next few years?

If it’s not already obvious by now: this is an exercise for visualization. You have to see what it is that you’re imagining before anything can happen.

The easiest way I know how to do this is to take time out of my day and sit somewhere quiet with no distractions (e.g., headphones). 

Then I close my eyes and visualize all of these things until they become real in my mind; suddenly I’m seeing myself sitting at my workspace with everything set up just right; 

Suddenly I’m talking on the phone with one of my favorite clients while getting ready for work each morning; suddenly I’m taking vacation trips around Europe whenever we want because our business brings in enough money for us not only here but abroad as well!

Think Of Yourself As A Brand

You are your brand. Your business is your brand. The product you provide is the product that represents you and your business, so think of yourself as a brand.

Think of it this way: You are the product, and your business is the platform through which you’re able to sell that product (which is also yourself). 

Your freelance business should be marketed as a lifestyle brand that offers a specific value proposition and audience. 

Think of all the different aspects of who or what makes up “you,” from hobbies to personal interests to personality traits; consider how those could be translated into different products or services for which there’s an interest in paying money.

Create A Business Plan To Guide You Forward

Once you’ve become an expert in your field, it’s time to create a business plan. The basic idea behind this document is simple: it’s a guide for where you want to go and how you’ll get there.

You can use this plan as a reference point throughout your business journey, but it’s especially helpful during those moments when everything feels like it could fall apart at any moment (and trust us those moments will come). 

When things are especially stressful and chaotic, having something concretely laid out in front of you will keep the fear at bay while also giving you something positive to focus on instead of what may or may not happen next.

When creating your business plan, make sure that it includes:

• A detailed explanation of what services/products/ideas will be offered by the company

• An outline of how these services/products/ideas will be marketed or distributed across various channels and platforms (e-commerce sites vs social media platforms)

Embrace Accountability

When you’re working on your own, the only person who can hold you accountable is yourself. This can be a great thing because it allows your self-motivation to flourish and grow stronger. 

But at the same time, this means that all of the responsibility falls on you and if your motivation wanes or disappears altogether (as it does sometimes), then so will all of your progress.

If it’s been a while since somebody gave you feedback on what needs improving in terms of productivity or quality, try reaching out for help from an accountability partner who can keep tabs on what needs fixing before it becomes a serious problem later down the line.

Freelancing is revolutionizing the way we work, offering more flexibility and opportunities than ever before. Discover how the freelance industry is reshaping traditional employment in our article, How Freelancing Is Changing the Way We Work, and stay ahead of the curve in this evolving landscape.

Decide Whether You Want To Freelance Or Start Your Own Business

One of the most important decisions you’ll make before getting started as a freelancer is whether or not to go solo. Do you want to work as an independent contractor, or would you prefer to run your own business? 

Both have their perks and disadvantages, but before deciding on either route, ask yourself:

• How much time do I have?

• What is my budget?

• What type of work do I want to do?

Work With The Right Clients – And Be Professional At All Times

The key to finding the right clients is doing your research. You should be prepared to explain your rates, policies, and what you offer. You should also be prepared to turn down potential clients if it’s not a fit for you.

This part of the process can be uncomfortable, but it’s important because you want to work with people who value what you do and are willing to pay for it. 

This means that if someone isn’t willing or able to pay your rates or simply doesn’t understand why they’re so high then they’re probably not going to make a good client.

Get To Know Your Local Government Requirements And Legalities

Part of the process of starting a business is knowing the ins and outs of how to handle taxes, what permits you to need, and how to register your business. If you’re not certain about these things, contact your local government offices for more information.

You might also need an Employer Identification Number (EIN), which could save you money on taxes in the long run. 

It’s worth noting that if this is the first time filing your business as a sole proprietor or partnership, then there won’t be any tax consequences until next year when you file taxes in 2020.

It’s Not Just About The Money – Figure Out What Success Means To You Personally

Success is not just about the money. Success is about having freedom and doing what you love. It’s about finding your passion, and doing what you love. It’s about having a sense of purpose, and doing what you love. It’s about finding your voice and doing what you love.

Don’t Neglect Your Finances Along The Way

As you’re building your freelancing business, it’s important to remember that you don’t need to make six figures right away. You can start with a goal of making $5,000 per month and then increase that amount as your business grows.

Whatever direction you go with this endeavor, don’t neglect your finances along the way. 

Make sure that you’re saving for retirement by contributing to a 401(k) or IRA account regularly; set aside money for savings accounts in case of emergencies; 

Make sure that any tax obligations are taken care of promptly (and correctly), and consider investing some money in mutual funds or exchange-traded funds (ETFs) if those options feel comfortable for you.

Becoming a top-rated freelancer on Upwork can open doors to lucrative projects and establish your reputation in the freelance market. Our step-by-step guide, How to Become a Top-rated Freelancer on Upwork: A Step-by-Step Guide, provides actionable tips and strategies to help you achieve success on the platform.

Work On Building Your Network And Community In Person, Too

Don’t just build your network online. Meet people in person, too. Social media is a very important part of business, but you can’t build a community just by posting on Instagram or liking comments on Facebook. 

You need to meet people face-to-face and get to know them personally.

To that end: find a way to meet people in person, even if it’s just for a cup of coffee. There are lots of ways to do this; 

Some freelancers join meetups for writers or other businesses in their area where they can make connections with others who are doing what they’re doing (or want to). 

Other freelancers might go out at night after work and hit up local bars or clubs and yes, there are plenty of success stories about how this strategy worked well for them!

Have A Rainy-Day Fund Lined Up, No Matter How Big It May Be At First!

It’s important to have a rainy-day fund, no matter how big or small it may be. Your rainy-day fund is an emergency account for the times when something unexpected pops up and blows through the budget. 

You need to figure out how much money you should have in your account, but here are some general guidelines:

It should be at least 3-6 months of expenses. That way, if you lose your job or get sick for an extended period, you won’t be left with no savings and bills piling up.

It’s more than just having money set aside it’s having an emergency plan on hand as well. If there’s no plan in place when disaster strikes (like losing a job), then it can feel like there isn’t any hope at all! So make sure that every member of your household knows what steps they need to take if something bad happens; this will help everyone remain calm until things settle down again…or until another option presents itself!

Practice Self-Care And Don’t Be Afraid To Ask For Help When You Need It!

The most important thing is to practice self-care. You are the only person who can take care of yourself, so make sure you’re doing so in a way that makes sense for your lifestyle and your needs.

Get enough rest and exercise. If you aren’t sleeping well or getting enough exercise, it will be hard to keep up with running a business!

Take some time off every once in a while. This doesn’t mean going away on vacation (though if that’s possible for you, great), just make sure that you can disconnect from work regularly so that when it comes back, it’s still fun!

Eat healthy food and drink lots of water! If your body isn’t functioning at its best, then neither will your brain for those long hours at the computer working on client projects or writing new blog posts. Plus it just feels good to eat well so do it!

Don’t forget about mental health as well don’t feel ashamed if things get tough because everyone deals with these issues from time to time; ask someone close who knows how to talk about their problems without judgment

If you aspire to create a full-time income online through writing and blogging, our guide on How to Create a Full-Time Income Online as a Writer and Blogger is a valuable resource. Explore proven strategies and practical advice to monetize your passion and turn it into a sustainable online business.

Conclusion

Without a doubt, you are going to have days where you feel like giving up but don’t let them stop you! Just remember that there is no ‘one size fits all’ when it comes to building your freelance business and finding success as a freelancer. 

If this article has shown anything, it is that each of our stories is unique in its own right. And no matter how many people may tell you otherwise, the only thing stopping you from achieving your goals is yourself. 

So what do we do about this? Well, if there was one single tip I could give anyone who reads this today (or any day for that matter!). 

It would be to get out there and start building connections with other people who share similar interests as yours. 

Doing so will help build up your network while giving back with something they need too!

Further Reading

Here are some additional resources to explore related to turning hobbies into successful freelance businesses:

5 Steps to Building a Multi-Six-Figure Business as a Freelance Writer: Discover practical steps and insights to help you scale your freelance writing business to a multi-six-figure level.

How to Turn a Hobby into a Freelance Business: Learn effective strategies and tips on transforming your hobby into a profitable freelance venture.

Sujan Patel: 8 Ways to Turn Your Hobbies into Six-Figure Incomes: Gain inspiration and valuable advice from Sujan Patel on how to leverage your hobbies for financial success.

FAQs

Here are some frequently asked questions related to turning hobbies into six-figure freelance businesses:

1. How can I turn my hobby into a six-figure freelance business?

To turn your hobby into a six-figure freelance business, focus on identifying your target audience, developing a strong brand, networking within your industry, honing your skills, and offering valuable services or products that meet market demand.

2. What are some popular hobbies that can be turned into profitable freelance businesses?

Popular hobbies that can be transformed into profitable freelance businesses include photography, writing, graphic design, web development, crafting, and consulting in various industries.

3. How do I market my freelance business based on my hobby?

To effectively market your freelance business based on your hobby, utilize social media platforms, build a professional website or portfolio, showcase your work through online platforms, collaborate with influencers or industry experts, and leverage word-of-mouth referrals.

4. How do I price my freelance services when turning my hobby into a business?

When pricing your freelance services, consider factors such as your experience level, market rates, competition, project complexity, and value provided to clients. Conduct market research and analyze industry standards to determine competitive and fair pricing for your services.

5. How do I balance my hobby-turned-freelance-business with personal enjoyment?

Maintaining a balance between your hobby-turned-freelance-business and personal enjoyment is crucial. Set boundaries, manage your time effectively, prioritize self-care, and remember to allocate time for leisure and personal fulfillment separate from work-related activities.