The pastimes that you enjoy are a great place to found a new way to grow your income. Most new ventures lose money in the first 6 months, in the main because the founders spend a lot of money getting it off the ground and don’t plan properly for the time required to attract customers, get profitable, and expand. When you launch a hobby-based business with your own free time, bulding on activities you already are passionate about and friends you already have, there is no requirement to invest a lot of cash to start the business up. In fact, most fun activity oriented businesses expand your cash flow quickly and steadily from the first month.
The activities and topics you get up in the morning to be able to do are the source of growth and gratification in your life. They can also be built into a means to grow your income. The pastimes we’re talking about here include art, athletics, meeting new people , music, writing, movies, storytelling, travel, painting your home, road racing bicycles, dragsters,NASCAR, or any other subject that like to put effort into and spend time following.
The best space to start your startup to grow your income is right in your home. There is no need to go out and lease a large space in anticipation of traffic streaming in. Shoot for getting the word out using no-cost and really cheap advertising (Craigslist, local ads, and pinning posters and calling cards to bulletin boards is the way to go). You can also launch a free blog and make that your online home until your sales give reason for a full blown website.
A related technique is to startup multiple focused but related ventures in chronological sequence. For example, if you start a hair dressing business, you can also publish an electronic magazine on hair dressing, in addition self-publish a hair grooming handbook on Amazon. If you start a woodworking business in the garage, you can also begin a specialty paint dealer and double up on the same space. As you get one business running and there are plenty of paying customers buying, start another related business and recap the process. If you know you’re doing, you can start a hobby-based business out of your home in less than a week! Later, you can continue the businesses that generate profits and close the few that only break even, then implement all the legal stuff like forming an LLC, filing business tax returns, etc. if it feels right.
The rule is simple: tap into your passions, create a business doing something you already enjoy doing, keep startup expenses minimal, and grow your income.