Turn Your Hobby into a Side Hustle: Creative Income Ideas for Every Passion
Forget lemonade stands and mowing lawns. Side hustles are no longer just kid stuff. With the rising cost of living squeezing budgets, it's no surprise a recent study predicts nearly half (47%) of UK adults will be rocking a side hustle by 2025. Looking to join the trend and turn your passion into profits? This post is your roadmap to side hustle success!
If you’re looking to supplement your income through a side hustle, it's important you build it around something you actually enjoy, such as one of your hobbies!
Why should you monetise your hobbies?
There are many reasons why you should consider building your side hustle around your hobbies and interests. Firstly, it means that you have a baseline level of interest in what you are doing, which means you’ll feel more keen to dedicate time to work, even after a busy day or week.
Over time, this could mean that you are able to scale your side hustle into a full-time business. Not only will this enable you to achieve your full potential, but you’ll also be earning money doing something you love over something you merely tolerate. Considering that only 49% of people like their jobs, this is no small feat!
What hobbies can be monetised?
Believe it or not, just about every hobby out there can be monetised; you just need to think strategically about the options you have available to you. For example, if you often make your own accessories or clothing, what is stopping you from setting up an online shop or selling them at a local makers market?
Alternatively, if you have a keen interest in film and cinema, you could create and sell movie guides. This way, you can share your knowledge and insight with others by creating detailed guides about your favourite (or least favourite, if you feel like ranting) movies, earning money while doing so. Over time, this could also mean that any trips to the cinema become business expenses!
How can I monetise my hobbies?
If you’ve decided to take the plunge and want to begin earning money from your hobbies, you first have to change how you think about them. For example, instead of viewing them as nothing more than a way to pass the time, you have to think about them as something of a business. This shift in mindset will empower you to put in the necessary work and effort to succeed.
From there, you should:
Perfect your skill. Working on perfecting your skills ahead of time is crucial. After all, if people will be paying for something you produce, be that a movie guide or a canvas print, it has to be of significant quality. As such, this could mean that you need to spend some time perfecting your skills before you begin selling products!
Be willing to spend a little money. In many cases, you need to be willing to spend some money to make more - and this is no different. For example, if you were looking to start a clothing side hustle, you’d need to invest in things such as fabric and materials. You may also need to pay a small fee when using online selling platforms. While this may not come cheap, remember that you’ll be able to earn this back over time, especially as your business begins to grow and flourish.
Find a platform to sell from. The ever-growing popularity of side hustles means that you’re quite literally spoiled for choice when it comes to finding a place to sell your products. For example, if you’re selling artwork, prints, or crafts at any time, you could make a name for yourself on sites such as Etsy. Alternatively, Shopify is a great selling platform for businesses of all specialties and niches!
Price yourself effectively. Knowing how much you should price your products/goods is also key - as you neither want to undersell nor oversell yourself. To determine your price point, research other similar sellers to determine the average price for the kind of products you are creating. This will give you a baseline to follow. Remember, prices should increase as you gain experience!
Set up your workspace. As you begin to dedicate a significant amount of time to your side hustle, it's important that you set up a designated workspace within your home. This will make your hobby feel more like “work” and ensure that you remain in a professional mindset throughout. It will also mean that you are more productive!
Learn about the art of marketing. Knowing how to market your brand or business is also crucial. After all, without proper exposure, it will be hard to make money from your hobby, no matter how skilled you may be. As such, you should take the time to research different marketing strategies so that you can put your best foot forward when it comes to promoting your brand.
Think carefully about who you are selling to. Working to gain a deeper understanding of your target audience is one of the easiest ways to ensure your side hustle performs well. After all, it means that you can then tailor the products you create directly to those who are most likely to buy them, improving your ROI.
Don’t forget to rest. The biggest mistake that people make when turning their hobby into a side hustle is that they forget to take a break when they need one. They’re enjoying what they are doing, so it does not feel like work in the traditional sense, meaning they’re happy to dedicate hour upon hour of their free time to this project. However, when balancing a side hustle and a regular job, rest is essential. Without rest, you’ll only be putting yourself on the path to burnout!
In short, there are many ways in which you can begin to make money from your hobbies. Not only will this enable you to improve your financial situation, reducing any money worries you may currently be facing, but it could also help you to start your own business further down the line.