How to Turn Your Hobby into a Job
WHITFIELD: Welcome back. A look at our top stories right now. Rescuers retrieve a note from 33 trapped miners saying that they are still alive. They are inside a shelter according to Chile president; he says the news, quote, fills us with joy. The miners have been trapped since a cave-in 17 days ago. Families of the miners celebrated after getting the word. Authorities say they hope to make contact with them today. And Iran has unveiled its first long-range military drone. Reports from Tehran say the unmanned aerial vehicle can carry out bombing missions against ground targets and fly long distances at a high speed. Iranian President Mahmoud Ahmadinejad attended the unveiling. And health officials are still trying to pinpoint the source of that salmonella outbreak responsible for the massive egg recall in this country. More than a half-billion eggs have been pulled from stores. The eggs have been distributed in at least 17 states by two producers in Iowa. At least 1,000 cases of salmonella have been reported across the country. So perhaps you've thought about turning that hobby into a business. If you are considering becoming a so-called hobby- preneurship, you need to listen up. We've got some critical tips for you right now. Beyond the fact that it's a new term that I've now come across, Debra Shigley is the author-of-"The Go-Getter Girls Guide" she is here in our Atlanta studio today to talk about this hobby preneurship. So kind of new we've got to get use to it. It has been around forever, meaning you go after your passion, but now it's got a name.</s>DEBRA SHIGLEY, AUTHOR, "THE GO-GETTER GIRLS GUIDE: " It's a buzzword, turning something that you already love into something that makes money.</s>WHITFIELD: All right. So how do you identify, this is a great hobby, or no, this is a new can career.</s>SHIGLEY: Well the first thing you need to think about, is it going to be a job or is it going to be a hobby and people are often shocked to realize just how much time it takes to monetize something you love. So if you're just looking for a creative outlet, maybe keep it on the side, but don't try to make it a 9-to-5.</s>WHITFIELD: OK, because a lot of times you think if you're starting a new business, you are actually doing something that someone isn't doing already. You've got to present a new product or an idea that's just simply innovative.</s>SHIGLEY: Yes, you do need to find your niche. But a common misconception is that you need to think of something new or take up something new in order to make money. But hobby preneurs that are more successful, they stick with something they've already been doing, they already know and love. Whether you're someone who bakes cookies on the side or does jewelry or designs t-shirts, you want to look for something that you're passionate about, have skills and talents in, but they can also produce revenue. Those are the three factors you need to look for to find your sweet spot.</s>WHITFIELD: All right. What is the sweet spot, how do you identify it? You're saying you know what I love this, I love it, and that means everybody else has got to love it, too. Not necessarily the case.</s>SHIGLEY: Absolutely. Well the first thing you can do is just start brain-storming, again what are some areas that you love to do. Where are your interests? And also where you have skills and talents that's a big factor because you don't want to spend lot of time or money learning something new if you're just trying to make a little extra money on the side. And then finally how are going to make revenue doing this.</s>WHITFIELD: Now this is where the ego part comes in. Because you say to yourself, I make the best angel food cake there is out there and so that constitutes a business right there. You say you've got to check your ego. How do you do that?</s>SHIGLEY: Well you take a step back. You say I'm venturing into something new. Because a lot of people who switch careers, particularly after they've had a certain amount of success in their previous careers are a little shocked to get out there and maybe their family is not sure what they're doing, and other people are not accepting it as a legitimate business venture. There's really no way to get over that except to just get out there and keep putting yourself out there. Failure leads to emotional resilience and you just kind got to do it.</s>WHITFIELD: So you do have to have a plan. How do you start with the plan besides the light bulb going off and saying, I can do this or I want to do this?</s>SHIGLEY: Well writing down really helps. You want to start a maybe a simple outline, even a one-page concept of your idea. Talk about it with anybody who is going to be impacted. For example your family, you don't want to talk about it with your employer necessarily right up front. But you'll want to think about how you are going to strategically fit this new hobby in with your day job, until it reaches a point when you can actually either do it full-time or you decide you just want to keep it on the side.</s>WHITFIELD: You don't quit your day job right now, you do this kind of on the side, and you're working around the clock to make it work. Because you need to test-drive it, first, right?</s>SHIGLEY: Absolutely. And a lot of people that are successful they literally start with the ratio. They work their day job and two hours a night. As you begin to monetize the new thing, as it creates money, you might drop down to part-time at work and do the hobby two or three days a week full time and gradually shift so you're not putting out too much money while you test the waters.</s>WHITFIELD: You want to advantage of some free marketing which means get people to start talking about you, friends, family, et cetera. To kind of test-drive this product as well.</s>SHIGLEY: Absolutely. Facebook, twitter, particularly for do it yourselfers, there's a great website called XE, which can help you set up an online store, it has millions of users now a days. It is really to get the word out but don't forget the offline, if you're making jewelry, wear it to a party. Be your best ambassador for your product and people will start to notice it.</s>WHITFIELD: Oh, that is very smart. OK hobby-preunership something we have to get use to, people have been doing it forever but now it has a new name. Debra Shigley thanks so much. Good to see you and all the best of luck to those who are inventive enough to come up with a good idea that's outside the box. Thanks so much. All right on to Britain now, where the government is cutting costs just like some would say the U.S. has to do, right? And it has asked the public for suggestions. You won't believe some of the ideas that came pouring in. Plus some thoughts on those cost-cutting measures that should be taken right here in the U.S.