4 Things To Think About Before You Make Money From Your Hobby

Posted by Fitz Villafuerte under Life Lessons, Mindsetting on January 12, 2009

It’s no secret that you can make money from your hobby. Some friends of mine have even turned their hobbies into full-time businesses.

Whether you want to earn extra income or just looking for a way to make your hobby self-sustaining, it’s important that you first consider four important things. Points that I’ve seen other people, as well as I, failed to think about before turning a hobby into an income opportunity.

I have many hobbies. I earn money from some like blogging and teaching poi. But others, like playing DotA and Magic: The Gathering cards, I don’t; not because I can’t but because I choose not to.

So why not make money from all of my hobbies? Why just choose a few? Well, here are my reasons and the lessons I’ve learned from making money from my hobbies:

Making money from your hobby needs an additional investment on your time.
This one is pretty self-explanatory. Adding a “business aspect” to your hobby will entail additional time on your part.

I know some people who earn good income from trading those Magic cards. They would usually spend the whole weekend and even some weeknights hanging out at tournaments and hobby shops – something which I can’t afford to do. I tried before but I just couldn’t fit everything else that I needed to do in my schedule, so I stopped.

You need a certain level of authority or expertise if you want to make money from your hobby.
I’m reminded of a friend who loves singing. Unfortunately, singing doesn’t love her. πŸ™ Although it’s her hobby, she can’t really make money from it (well, she actually can but that’s beside the point πŸ˜€ ). And if she really wants to earn good income from it, she would need to hone the hobby into a skill.

So unless you’re determined to improve and be passionate, then just leave your hobby as it is and simply enjoy.

Mystery Shopping

Click the image if your hobby is shopping πŸ™‚

Some hobbies are not fun anymore if you make it a business.
I love taking photos. Last year, I tried to make money by selling my photos online.

I did earn a little over $10 in a month but the whole thing made me obsess about always getting great shots and the joy of just clicking on anything slowly faded. Suddenly, the extra income isn’t worth it anymore so I stopped making it a business and went back to just having fun.

The lesson here is: there’s no harm in trying, but don’t force it if it’s not fun anymore.

Are you willing to learn about sales and marketing?
You know that your chocolate chip cookies are delicious, but without giving out samples, would you be able to convince other people to buy them?

Making money from your hobby will require you to be confident and knowledgeable about selling and marketing your products. You’ll also need to be comfortable with self-promotion, specially if you’re freelancing on a skill. Your customers must know you’re out there, and you need to make them notice you.

In conclusion, if you’re planning to take your hobby to another level and start making money from it, it helps a lot if you first think about these four things. It’s very rewarding to get paid for doing what we love, but it’s important to make sure it stays that way. Have fun with your hobby and don’t turn it into a job you’ll eventually hate.

If you really want to make money from your hobby, then subscribe to Ready To Be Rich and you’ll learn more about this topic soon.

Photo courtesy of stock.xchng



Tags: , ,

3 Responses to “4 Things To Think About Before You Make Money From Your Hobby”

  1. twenty something finances - January 26, 2009 | Good Financial Cents says:

    […] Villafuerte presents 4 Things To Think About Before You Make Money From Your Hobby posted at Ready To Be Rich, saying, “Are you planning to make extra income from your hobby? […]

  2. Keith@DebtHacker says:

    “I’m reminded of a friend who loves singing. Unfortunately, singing doesn’t love her.” – HAHA, that’s hilarious. I hope she doesn’t read this article πŸ˜‰

  3. Fitz says:

    She actually did and it’s okay. Me and our friends often say that to her anyway. πŸ˜€

Leave a Comment and Join the Discussion