So, you are wondering if any and every hobby can be lucrative? Well, it depends on what your definition of lucrative is.
I know that every affiliate program out there is a possibility for some type of profit… But how profitable? Or in other words, will it be worth all the time and effort? (To learn more about affiliate marketing, click here).
If you are wanting to make substantial income, there are a few top key points to keep in mind if you are looking to monetize your hobby or passion.
The information I share below is basically a summary on what you will find out there as the top guidelines to decide whether or not your hobby/passion can convert to a profitable niche. Before we go any further, please keep in mind that finding a profitable niche is not all that complicated as it seems.
You want to spend a fair amount of time researching, because the niche you pick will be the basis for your business. However, you DO NOT want to stress and spend too much time here either. By the end of reading and viewing what I have presented here, you should be able to determine whether or not your hobby can convert to a profitable niche.
Just read each key point below, then go back and open each link in separate tabs and read/view each one as well. You will not go wrong if you follow the advice shared here. Have fun!
Guidelines to Spot a “Money Hobby”:
- Here is the #1 tip across the board. Ask yourself, are you passionate about your hobby? If so, how passionate? Don’t worry if
you aren’t so knowledgeable just yet, just make sure it is something you truly love and are dedicated to. A dedicated person will eventually get up to speed with all the needed information as they grow and learn. Why is this important? Because you want to be knowledgeable and current in order to have something relevant AND helpful to share. You want to be dedicated, because dedication is the fuel that will propel your business forward and onward through the years. Here is an article where profitable bloggers shared their thoughts and tips on successful blogging.
- Be ready to write. No worries, you don’t need to be a pro, just write as you would to a friend! 🙂
- Pick a topic/niche relating to your hobby that is not too broad. How to go about doing this? Check out this excellent video on a step by step process to picking out a “right-sized” niche.
- Will the niche be helpful to many people? “Helpful to many people” easily translates to profitable. Here is an article that links to great information on this topic.
- Next, check to see if there are a substantial amount of affiliate programs are out there on your hobby. Go to Google and type in: affiliate programs + (your hobby). For example: affiliate programs + swimming.
- Are the products and/or services a good price? Remember, as an affiliate you will be earning a percentage of the actual price tag. Also, take some time to consider how often people buy the products/services. Is the product/service something someone might by one time? Or is it something that will be repeatedly bought?
- Also, what percentage is commission? Some programs start at the low end (i.e. 4% – 6%), while others may
start at the higher end (i.e. 10% – 12%). Take some time to look at several affiliate programs and see what they are offering.
- With ALL of the above taken into consideration, think… will it be worth the time and effort? Here is one more excellent link to several helpful articles on finding niches.
I will leave you with the ultimate lifeline; a place you need to check out once you have honed in on your niche. It is a place where you will find all that you need to know in order to leverage your passion into a flourishing online business.
No worries, no need to show any green. Check it all out for free and leave for free if you don’t like what you find! Sign up for your free account here at Wealthy Affiliate. In no time, you will be on your way to accomplishing your goals!
I hope you found this article helpful. If anything is unclear or if you have any questions, please do share in a comment below. All the best!