Everyone wants to do something they love, be their own boss, achieve financial security, and enjoy life more than what their current job affords. The two main things that get in the way of people making the switch are two things: TIME and MONEY. As someone who is very entrepreneurial myself, this is something I struggle with any time I have an idea but can never seem to stick with it. Here are some tips to get you started on that side hustle that can turn a hobby into a sustainable form of income.

1) Determine what you’re doing

In business, this is usually called an elevator pitch. If you can’t answer the question of what you do in the time it takes to ride an elevator for a few floors, then you cannot build any value out from this.

2) Do market research

Now that you can articulate what it is that you’re trying to do, see if anyone else cares about it! I recommend simply looking up what you’re doing online to see if there is any kind of a market for it. Some helpful tools I like to use are Google Trends and Statista. Google Trends will help you see interest over time and Statista will help you evaluate the size of the market you are trying to enter.

3) Find niche and target audience

Now that you have some idea of how big the market is, where it’s going, and who is buying, it’s time to find your slice of the pie. Find a market that is underserved or that you feel like you can at least be competitive in. Some good ways to do this are looking through blogs, reading opinion pieces, and looking through social media. What do people love? What do people hate? Who is saying these things? Once you can answer these questions you have a target audience. The more detailed and precise the better.

4) Develop unique selling point

So you have a target market, now figure out how to convince them that what you’re doing is valuable. In business, this is called a USP or unique selling point. Be able to explain how you are different and why what you’re doing has value. Be realistic here. Authenticity and honesty are key and sometimes just being open about your limitations can actually help build consumer confidence.

5) Develop a brand

Now that you know what makes you special, build a brand around it! Find a brand name that fits with your unique style and is easy to remember. Simple is better here, don’t overthink it. After you have a name, draft up a mock “About Us” section of your website or business. Make sure it covers who you are, what you’re doing, and your USP. This will give you a roadmap to continue development.