The 8th Way to Make Money with Your Hobby and Passion is to build a passionate audience of fans. Why?
Because you can turn your “hobby” into a million-dollar business by starting or joining an online crowdfunding campaign that might be right for you. Crowdfunding has become one of the best ways to launch niche products into thriving communities of enthusiastic customers–customers who are eager to buy what they don’t yet have…but desperately want!
If you have a hobby and passion, then you probably already know that crowdfunding is the best way to connect your customers to your product or campaign.
However, if you’re not familiar with crowdfunding platforms such as Kick starter and Indiegogo, here’s what you need to know:
A passionate crowd of customers can raise $1 million dollars in 30 days!
As per Paul Haarman, the biggest crowdfunding campaigns on either platform raised millions of dollars in just a few weeks. With this kind of success, it’s no wonder why so many entrepreneurs are turning their hobbies and passions into successful businesses.
Crowdfunding is for everybody. If you have a cause or an idea that makes people excited (and breaks all the “noise”), then it’s for you.
Here are 5 great ways to make money with your hobby and passion using crowdfunding:
1. Use crowdfunding to get lots of paying fans fast.
You might have heard that it takes about $3,000 dollars of startup capital to start a business. This is true if you plan on buying everything yourself or borrowing money from friends and family. If you’re looking for an easier way to launch your “startup” than hitting up mom & dad every time you need more money, then consider crowdfunding as an option. Crowdfunding can reduce the financial risk associated with starting new businesses because it allows you to sell something like equity (shares in your company) instead of selling shares in your business. As a result, you can raise money quickly and at a very low cost.
2. Grow your passionate audience before you launch.
You don’t need to be an Internet or media mogul to start a crowdfunding campaign of your own. If you have passion, then people will give you money before they even hear about it from an ad or another person…and that’s what makes crowdfunding so powerful (especially for niche businesses). When I first started my business, I didn’t know anything about building a big following online. So, I used Kick starter as a way to build one the right way–a “long-term” growth strategy instead of trying to make millions in thirty days (which is impossible, by the way).
If you want to start a campaign with no fans, then go right ahead…but don’t complain when your campaign fails. Take some time to build an audience (online or offline) before you launch your campaign because it’s better to have 1,000 true fans than 100,000 people who just come around for the free stuff and leave when they get tired of what you’re offering.
3. Crowdfunding is easy.
You can create a crowdfunding page in less than 5 minutes on Kick starter, Indiegogo, and other crowdfunding platforms.
And if you use one of my favorite tools–KingSumo Giveaways –you won’t need any technical expertise at all. With this tool, you can create a Facebook contest page in 2 minutes. And, it’s free to use…all you need is an email address and Twitter account.
4. Attract investors with the promise of profit from your passion
When I first started my online business, I knew nothing about how to make money online. But, once I launched my Kick-starter campaign, I made nearly 500% return on investment within 30 days! What did I do? Well, as a fitness trainer and life coach with over nine years of experience helping people live healthier lives through exercise and proper nutrition, one of the things that asked for help was a simple spreadsheet I created that calculated calories burned during various exercises–a “fitness tracker” of sorts. And, because I had a large and passionate audience already–I was able to raise nearly $5,000 dollars in 30 days…enough money to hire an assistant and quit my day job.
5. Earn passive income for life.
Crowdfunding isn’t just limited to start-ups and one-off campaigns you see on television or social media. You can also use crowdfunding sites like Patreon to earn passive income for the long term. For example, one of my friends just launched a campaign with Patreon where she plans to share all her music online for free download (and pay the bills doing it). Her fans love this idea! Why? Well, they get exclusive access to new music and she can focus on making new music without worrying about paying for studio time.
Conclusion by Paul Haarman:
Crowdfunding can be a great way for a start-up to raise money from fans and potential investors, but you need an awesome idea first.
For example, I launched my last crowdfunding campaign on Indiegogo to help me continue creating amazing content for healthier people across the globe.