How To Earn Money From Your Hobby
If you have a hobby, you’ve probably considered turning it into a job. Maybe you’d like to spend more time on it or make more money from it. Or maybe you’re thinking of doing something different and enoyable that can earn you a little extra on the side. Whatever the case may be, here are some steps you can take to start earning money from your favorite hobby.
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Work out how much time you can devote to your side-hustle
Once you’ve figured out the kind of side hustle you want to do, it’s time to start planning how much time you can devote to it.
The more time you can devote to your hobby side hustle, the quicker the rewards will come. But don’t forget to keep things enjoyable, it is your ‘hobby’ after all. You don’t want to take too much on and fall out of love with the thing that you enjoy most.
If there isn’t enough room in your schedule to fit another venture, or you’re just not sure where to begin with branding, logos or websites, then consider hiring help!…aka…LasIdeasMKT.com – We specialize in turning hobbies and passion projects into brands with limited budgets. Hiring people will allow more flexibility with scheduling and give you more time enjoy your hobby.
Set yourself a budget
When you begin your journey into the branding/marketing world, it is easy to get carried away. There are lots of tools out there that say you’ll need them to be successful. It’s very easy to get drawn in.
It can be tempting to spend as much money as you possibly can on your hobby, but it’s important that you don’t go too far. Set yourself a budget and stick to it! Make sure that the amount of money that you’re spending allows for some additional spending so that if there are any new opportunities, they won’t be out of reach. You don’t need a big budget. Obviously, the more you can spend the quicker you might find succes but don’t be afraid to play the long game. After all it is a hobby that you are meant to be enjoying, not a money pit you’re spending all your time worrying about.
Work on a few ideas before you decide what to go with.
Start by making a list of all the things that you enjoy doing.
Make a list of people who might be interested in your hobby. If there are other hobbies or skills that go along with this one, consider those as well.
Now that you have a list, start brainstorming how to turn it into something profitable. Think about what you are good at and what you enjoy. What could you do that could be of service to others? If you have been doing your hobby for some time, maybe you could create a course for people just starting out? Or maybe, you have created something that makes your hobby easier that you could sell to others in the same hobby?
Once you have your ideas down on paper, take them seriously and decide which one would be best for earning money from your hobby
Make your brand is unique.
When creating a brand you will need to make it unique and memorable…
Once you have an idea of how to start earning from your hobby, it’s easy to get carried away and rush straight in trying to sell it. Our advice would be to take your time! It’s so important to get your brand right first, it’s not something you can go back to fix so easily later on.
We have discussed what a ‘brand’ is on a previous post that you can find here: https://lasideasmkt.com/2022/08/02/what-is-branding-exactly/ But it’s important to get it right; it just makes things a lot more straight-forward further down the marketing road. We have a Bright Branding Kit that can walk you through the process, or get in touch with us and we’ll be happy to help guide you through the process so you can grow all those important branding roots.
Keep it legal, don't forget taxes!
Now, it’s probably not something that you’ll be wanting to think about right now but it is something to keep in mind, after all you don’t want any knocks on the door by the tax person. Obviously, when you are just starting out, you’ll probably spend more creating your business than you will earn from it. But it is still worth keeping all invoices for expenses and earnings for when the time comes to chat with the tax authorities.
Get involved in the community around your hobby.
It’s great nowadays to be able to sell and offer anything you can think of online. But you don’t have to stick with trying to sell things just over the internet.
Try to get involved with the local community. The more people who know you and what you’re capable of, the better.
If there aren’t any groups or clubs in your area that align with your interests, maybe think about starting one! This can be something as simple as a Facebook group. Put yourself out there and share what it is that makes your hobby so great. If other people are interested in joining forces with you, great! If not, still keep doing what makes sense for your own experience—either way will work out just fine!
Always be honest and clear on prices, and make sure they are competitive.
There are a few ways to make money from your hobby. One of them is by selling products and services, but before you go that route, you need to figure out your pricing model.
There are many factors that can affect the price of goods: brand value, quality, demand and more. These elements have to be considered when pricing your products or services because if they’re not competitively priced then no one will buy them!
When setting a price for yourself—and this goes for everything from making crafts in your basement workshop to writing for content mills—you need to consider how much time it takes for you and what kind of value it provides the customer.
Consider whether or not you can do this work faster than others who may already offer similar services at cheaper rates; then consider what would happen if someone undercuts those prices even further than yours (or lessens their quality). Will they take all of your customers? How many competitors have lower rates than yours? What happens when one goes out of business? And finally: how much profit do they make at their current rate/quality level?
Be sociable! Use social media to promote your business, but don't be too pushy.
Social media has made it easier than ever to connect with customers, but you don’t want to spam your followers. Be genuine, interesting, and open. Don’t feel the need to sell all the time either – sometimes it’s good to just share pictures of your day or articles that interest you.
If your hobby is something that can be done offline (like sewing or wood carving), don’t forget about the offline world! Get out there and meet people in person. You might find that they’re more interested in what you do than on social media sites!
Hopefully, we’ve given you some ideas to work with. Whether your goal is to earn more money or simply spend less time doing things that don’t really make you happy, there are plenty of ways that you can do it. Some of these strategies may take more effort than others (like building an online store), but if you follow our tips and consider what works best for your individual situation, it could revolutionize how you pursue your passions!
At LasIdeasMKT we specialize in branding passion projects and hobbies. We’ll help you turn what you do for fun or a passion into a business with a brand identity and website that will help it be successful. Get in touch and let the branding begin.
How to Brand Your Passion & Turn Your Hobby into a BusinessPersonal branding is the process of building a name for yourself based on your personal attributes and reputation. It's about creating an identity that is distinct from your peers, but also representative...
If you need help with developing your brand or you don’t know where to start with social media, feel free to contact us. Alternatively, download our Bright Branding Kit to help you grow them all important branding roots for a healthy thriving business.