You can make money from your hobby.
Whether you knit, or write, or make photographs, or grow a vegetable
garden, or tinker with cars, or build web sites, or collect ancient
coins —
you can make money from your hobby.
I’m not saying it’s possible to get rich by playing your violin at
weddings, or by weaving baskets from pine needles, but
earning money
from a hobby is a nice way to get paid for doing something you would do
anyhow.
This article is the first in a series that will explore how to turn a
hobby into a source of side income. In the weeks and months ahead, I’ll
describe general best practices, discuss potential pitfalls, and
provide case studies culled from my friends, and from the stories of
readers like you. (If you’d like to share your experience, please drop
me a line.)
First, by way of introduction, here are some ground-rules for making
money from hobbies.
Focus on something you love
Pursue something you’re passionate about. Choose a hobby that you enjoy,
and find a way to make money from it. Don’t choose a hobby simply
because it might make money and then dive into it with that aim in mind.
You should be doing this hobby because you love it; any side-income
should be secondary.
I love to write. I was struggling with debt. I began to read personal
finance books, and then to summarize what I’d learned for my personal
web site. From this, Get Rich Slowly was born. Now I make over a
thousand dollars a month writing about personal finance. But I didn’t
start this for the money — I started this because I was passionate about
the subject.
Keep it fun. Don’t let it become a chore.
Be creative
If you’re interested in making money from a hobby but don’t know where
to start, think outside the box. What skills do you have that others
don’t? Define the term “hobby” broadly. Find something that you can do
that most others cannot, something for which other people might be
willing to pay.
At my day job, I have a customer whose wife loves to cook. She turned
this hobby into a part-time job as a personal chef. She prepares meals
in advance for wealthy clients. She spends a few hours a day preparing a
week-long menu for people who pay her handsomely for her time.
I have a friend who likes to travel. One day he discovered that he
could subsidize his journeys by writing about the places he visited, and
by taking photographs. Now every couple of years he takes an all
expense paid vacation. He’s doing something he’d do anyhow, and it
doesn’t cost him a dime.
Don’t force it
Your hobby will not make you rich. In most cases, it won’t even net you
enough to allow you to quit your day job. It’s quite possible, however,
to earn enough money to make the hobby self-sustaining, to keep yourself
in new tools and equipment.
My brother builds speakers and works with audio equipment as a hobby.
He makes some money at it. (”Spending money,” he says.) Jeff notes,
“It’s not hard to make money from a hobby. What’s difficult is trying to
turn it into an actual business. Moving from a hobby to a business is a
pain-in-the-ass.”
Often when you try to take your hobby to the next level, the joy goes
out of it. Suddenly the extra income just isn’t worth it. When I tried
to turn my computer-building hobby into a business, I hated it. There’s a
balance to be achieved, and if you can find it, you can have a fun
while earning extra income.
Don’t underestimate your ability
It’s easy to discount your abilities. When you truly love something,
your prolonged experience can give you skills and knowledge that you
don’t appreciate.
For example, I have a love for early 20th-century American pop
culture. My brain is filled with facts and anecdotes about once-famous
recording artists. I sometimes find myself under the impression that
everybody
knows who
Billy
Murray was, or is familiar with the song
“Ukulele
Lady”. But this isn’t common knowledge — it’s specialized.
The same concept holds true for you and your hobby. Know a lot about
Napoleonic warfare? Start a blog about Admiral Nelson. Spend time
tinkering with bicycles? Open a small-scale bike repair service. Not
everybody knows what you know. Don’t sell yourself short.
Market yourself
This can be difficult. In order to actually earn income, you need
customers. But just as most people have a tendency to underestimate
their abilities, they also tend be uncomfortable with self-promotion.
There’s no shame in mentioning your money-making hobby to friends,
family, and neighbors. You needn’t be pushy. Just mention it at natural
points in the conversation. If you’ve decided to do some woodworking for
cash, mention this when your uncle mentions he wants to buy a new
bookshelf.
Marketing can be subtle, but it’s an absolute necessity if you hope
to earn money from your hobby. People need to know you’re available
before they can hire you.
Hone your skill
Practice, practice, practice. The more time and energy you’re willing to
devote to your hobby, the better you will become. The better you
become, the more likely that you’ll be able to earn money from it.
Photography is a terrific example. If you’re willing to make a
hundred images a day, you can improve your skills quickly, especially if
you teach yourself about composition. You may never become a
professional photographer this way, but you can develop your skill to
the point where you can sell images to stock photo agencies, or enter
(and win) photography contests.
Some people are born with natural talent. Most of us have to work at
it.
Conclusion
Why should you care about making money from hobbies? Remember: the wealth
equation has two sides. You accumulate wealth by reducing expenses
and
by increasing income. Often we only focus only on our careers when it
comes to “increasing income”. But there are other ways to make money.
One of the best is to harness a hobby.
This is an especially good technique if you’re stuck in a low-wage
job. And sometimes a person can turn a money-making hobby into
a career. Who doesn’t want a job doing something he loves?
Future articles in this series will cover topics such as:
Most of all — whether or not you make money from your hobby, enjoy
the time you spend with it! Hobbies help make life fun.
ALERTPAY
PAYPAL
