When you’re in need of some extra cash, you might think of doing overtime at work or even looking for a second job. However, the answer could actually be in something you do for fun. Lots of people earn extra income by monetising their hobbies, and some have even turned them into a thriving business. Imagine earning money from something you love! So here are some possibilities for making money from your hobbies.
Digital cameras have made it possible for just about anyone to take a decent photo, and if you’ve an eye for framing an interesting shot you could consider selling prints & stock images. A very modern hobby is blogging. Many people do this for fun and to share knowledge, so why not learn how to monetise it? Your blog will need an interesting angle to stand out, and you should have the time to update it regularly.
Another possibility is to trade in collectables if you have a thorough knowledge of a particular field such as toys or china. You’ll need to have space to keep your stock, be willing to dedicate time and money to sourcing your collection, and know what items are worth. If you have art skills, there are lots of possibilities, such as pet portraits or designing wedding invitations.
Many cottage industries have begun as a craft hobby. So if you’re talented at art, jewellery making or dressmaking, you could make some cash or develop a small business. Bear in mind that there are countless card and jewellery makers, so unless you have a great eye for design or an interesting angle, you will not make money. You also need to consider if you can make a profit. Factor in your time and the cost of materials.
Finally, don’t forget issues like tax and insurance. Check that your home insurance covers small business activities, and declare any profit you make to the tax authorities. Be prepared to market yourself and promote your business. You should be realistic and appreciate that making money from any business takes hard work. Also, people are often unwilling to pay a premium for home-produced items. But it can be very enjoyable and rewarding to see your creations sell. If you are talented, word of mouth should help spread the word, so have some faith in yourself, do your research, and start that cottage (or flat) industry!
Image credit: Dave Gibbeson Photography