Everyone wants to be able to do what they love, but only a select few get to actually materialize this dream. Making a living from your favorite hobby is not an easy task and many times, your favorite hobby might not be one that is overly profitable from just working alone.
The true path to wealth is not just about working a 9-5 and saving money, you need more options than that. To truly make your hobby a path to a comfortable life, you have to think outside the box and take risks. Here are some ways you can make a living out of that hobby.
illustration by Muriel
Turn It Into a Business
Firstly, starting a business is the best and most effective way to turn a hobby into a profitable source of income. Whether it is photography, fitness, or music, bring your hobby to life in real and meaningful ways. Any kind of business entity will allow you to be your own boss and can supplement your income to grow your hobbies potential.
Invest In the Hobby
Investing is another way to build true wealth. A 9-5 income is a good, stable way to earn money, but it won’t always allow you to reach true financial freedom, which is where investing comes into play. If you are an avid runner, start buying stocks of Nike or Adidas. If you love cars, buy stocks in your favorite automotive brands. Look around you at what you buy and use for your hobby, and realize that you can own parts of these companies you love that relate to your hobby. Eventually, you may end up building a strong portfolio that can lead to financial freedom.
Teach Courses on What You Love
If you don’t feel like you’re ready for your own business just yet, you can start off smaller by teaching courses on what you love. A hobby like a guitar is one that translates well into a teachable source of income. Doing online teaching and tutoring can help you make some solid money from home, and the number of clients you have is as limited as your capacity to teach. If you taught 5 people a week, at a fee of $10 per lesson, that is $50 a week, you can then up that to more lessons a week, more clients, and so forth. It is a great way to help you spread your knowledge of something you love and make money while you do it.
Create a Social Media Presence
Whether you want to grow your business or find new clients to tutor or teach, a social media account is something you need to foster. This is the best way to market to the most possible amount of people. The other option is to become an influencer with social media for your hobby. You could create review videos of camera equipment, create fun videos of you making art, or create videos of you singing, the potential is again unlimited. Any potential hobby that you want to make money with should have a social media presence.
Learn More About Your Hobby
You might love something and consider it your hobby, but there is still so much you need to learn about it. You should spend at least 1 hour a day doing more practicing, research, and educating yourself on what it is that you consider your favorite pastime. This could also mean going back to school or taking classes to get an even better appreciation for it. Going to school for music could lead to more opportunities, and potentially lead you down a career in academia regarding your passion. There is never enough knowledge you can obtain about a hobby.
Network Your Skills
Just like you would with a social media presence, you want to network as much as possible. The key to getting out there and finding new opportunities is by talking to people, making friends, chatting about interests, and being introduced to those that can help you. When you network, you can help set up possible opportunities for jobs that relate to your hobby or business opportunities. The more you put yourself out there with what you love, the more people will notice you.
Everyone should have a hobby because it allows us to escape from the real world. The problem is that not every hobby we have is helping us make money, but that doesn’t mean it can’t. Using these tips, you can find interesting ways to turn your hobby into a potential source of income.
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