Baking, writing, knitting, gardening, painting—what do all these have in common? They’re common hobbies many people do to chill and relax away from the hustle and bustle of their full-time jobs. What would we be without our hobbies to keep us sane?
Put simply, a “hobby” is something we do in our spare time that gives us pleasure. So hobbies are not limited to creating things but can also be ordinary activities like going on hikes or spending time with our pets. Most of the time, when we’re relaxing and enjoying ourselves away from our nine-to-five, we’re not actually earning. But what if you could enjoy yourself while also earning money on the side? Isn’t that the dream?
Ask any financial adviser, and they will recommend that you have a second source of income aside from your main job. This secondary source could help you save up for an emergency fund or help you invest in something you’ve wanted to buy for a long time. So if you’re looking for ways to monetize your hobbies, then you’ve come to the right place!
A Happy Working Song
Some people have more apparent hobbies than others. These could be the people who love to bake or paint or garden—people who love to create. And these hobbies are relatively easier to monetize than, say, working out or watching TV shows. Also, what about people who aren’t exactly sure what their hobbies are? So before we go into how to monetize a hobby, let us list the different activities that can earn you extra money. Who knows, maybe you’ll realize that thinking outside the box helps you find profits in unexpected areas?
In an article on GoodFinancialCents.com, Jeff Rose lists 24 activities that people would actually pay you for. Enthusiastic about a sport? Why not try being a paid referee or coach for a local team? Love to work out with others? Then perhaps being a fitness coach is for you. Have an uncanny knack for making people laugh? Try your hand at being a talent at a nearby comedy club or being an emcee for events around your area. Love to shop but running out of space? Monetize all the things you no longer want or need by selling them online. Remember, the goal is to earn money on the side while doing something you love or are good at.
Check, Please
So you’ve finally settled on an activity you want to monetize. Or maybe the interest of people around you to buy your baked goods or hand-painted greeting cards has finally pushed you to look for ways to monetize your hobby. Where do you start?
- Planning Is Key
Since your goal here is to actually earn money (instead of, you know, giving away free things or services), you should have a plan in place. Going in blind is not the best way to get things done and will most likely result in you feeling burnt out and discouraged about your new venture. Be it plotting out the time you need to focus on this secondary source of income or tallying the prices for your goods and services, make sure you have a plan in place.
- Viva Voce: Have an Online and Offline Presence
The best way to get your first sale and lift your new project off the ground is to make sure that people know you exist to offer your valuable services to them. It will be prudent not to spend so much on professional advertising services unless you have a considerable budget for monetizing your hobby. Word-of-mouth advertising from friends, family, and coworkers would be a good start-off point to draw in new customers.
Having an online presence on social media or your own website will also boost your presence. Potential customers can then do their research and connect with you conveniently.
- Leveling Up
Perhaps you’ve already started monetizing your hobby and want to know what your next step should be. Or maybe you’re going into the venture with a long-term prospect of one day turning your hobby into your own business. Then logically, the next step is to look for ways to turn something part-time into a full-time job. Starting an actual business is a whole other topic. But if you ever seriously consider moving up, take some time to research about getting a small-business loan to help you expand your hobby and take on more requests.
Keep It Fun
Remember, our hobbies are promising avenues for us to de-stress. There’s no pressure at all to turn something you love doing into a side hustle. But should you weigh the pros and cons and decide that you want to pursue a fun way to earn extra income, this article has hopefully helped point you in the right direction. Follow the tips above to lessen the stress that this new venture might give you.