Want to make money from a hobby? Of course you do!
The cost of living is on the rise again and many of us are finding that we’re scrimping and saving to get by.
This is widespread, with people struggling with the price of fuel, food, energy, housing and so much more.
Even if you’re getting by fine, chances are, the purse strings are pulled a little tighter when it comes to making luxury purchases like holidays, meals out, cinema, theatre and other things that people tend to enjoy doing in their spare time.
Now, if you’re looking for extra ways to make money, there are plenty out there.
You could ask work for a little overtime. You could look into taking on a second job.
…But these aren’t the most fun ways to make extra cash and you could find yourself burning yourself out doing things you don’t particularly want to do. Instead, why not try turning your hobby into a money making side project?
Here are some suggestions that could help you to achieve this goal!
How to Make Money From Your Hobby
If your hobby produces anything or entails a specific skill, it’s highly likely that you can monetise it.
Sure, if your hobby is watching TV series and laying in the bath, you’re probably not going to be able to make cash from it.
- If your hobby is learning a second language, you could make money as a freelancer translator.
- If your hobby is playing piano, you could make money playing at venues or as a session musician.
- Is your hobby is sewing? You could look into crafting fancy dress costumes for sale online.
- If your hobby is baking cakes, you could look into selling birthday cakes, wedding cakes or cakes for other occasions.
Creating a Website
One of the easiest ways to advertise and sell your goods nowadays is online through a website.
Here, you can show product images, have product descriptions and actually make sales.
There are a few ways to go about this.
There are sites you can use that will host your website for a fee. This is simple and straightforward to set up but comes at an ongoing cost.
Alternatively, you can use a website design and seo company to create a website from scratch that will be a one time cost and will then be entirely under your own control.
Of course, you need to make sure that you are following the rules when it comes to making additional income.
At the end of the day, you’re still going to need to pay taxes on the money you are generating. So, you need to make sure that you’re registered as self employed before getting started.
This will provide you with a reference number so that you can file a self assessment and tax return at the end of each tax year.
These are just a few of the basics for selling your hobby for a profit, but hopefully, some of the information will help you to decide whether this is something you’d be interested in getting involved with!
Photo by Suzy Hazelwood on Pexels