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Can You Turn A Hula Hoop Into CASH

How can you gauge whether you can turn what you love into money? Here’s what the authors told us.

A lot depends on what it is you love best. You might have a burning passion to spend your days hula hooping, but you’d probably find it tough to get paid for it. The key here is to put yourself in your audience’s shoes and ask yourself what you can offer that will motivate them to part with their hard-earned dollars.

There are two big questions to answer when you’re defining your business: ‘What am I selling?’ and ‘Who are my customers?’ They might sound simple, but every great business builds out from the answers to those core questions. So start by getting clear on those two things. Perhaps you’re a nutritionist who wants to work with pre-and postnatal mothers, or maybe you’re designing stylish belts for discerning fashionistas.

Once you’re clear on that part, you can expand on the basics by determining what it is that sets you apart from the competition: Do you tailor your advice to each client individually? Are your belts handmade and exclusive, or factory-made and affordable?

One exercise we can’t recommend highly enough: dream up a couple of imaginary customers, complete with names, ages, occupations and all the details you can think up. The more detailed, the better: the point is to put a ‘face’ to your ideal customer base, to help you get inside their heads. Once you have your profiles, sit down with each one and list out the reasons they’ll choose to buy your product or service. From there, you can begin to evaluate what kind of prices they can afford, which gives you something to work with once you sit down to create a budget for your business.