How to Monetise your Hobby

If you want to make a bit more money then you might feel that it would be a good idea to try to make money form your hobby. This can seem like a fun thing to do because you will be doing something that you enjoy while you are making money as well. However, you will have to give some thought to what you will actually do in order to make the money.

What can you sell?

You need to start by thinking about what you can sell. If you have a crafty hobby then you might produce paintings, knitted items, lace or things like that and you might want to sell them. However, some hobbies do not produce anything such as playing video game, going on holiday or fitness. However, you may still be able to make money by writing a guide or tutorial, perhaps such as a book, vlog, instructional video or website. There is something that you would be able to do for every hobby but you will just have to decide what you think would work for you.

How can you sell it?

Once you have an idea of what you can sell, before you actually start producing the items you need to think about how you will sell it. It is good to start by finding out if there are other people selling the same or similar things as this will help you to figure out whether you can compete in that market and if you do decide to sell, how much you will be able to charge and if you will make a profit at that price. This research stage is worth spending some time over as you will be able to find out whether your idea of making money will work. It might be that you will need to slightly change your idea or do something completely different. This means that it is important to be flexible and open minded about your idea as you may need to change it.

How can you promote it?

You will also need to think about how to promote your good or service. You might put it on a platform that will already have people looking at it such as on Etsy or Youtube but that will not automatically mean that you will find customers. You also need to think about how to get people to buy your items over other peoples. You might want to think about using social media or other things to promote the item so that you are more likely to make sales.

As you can see, there is a lot of things that you will need to think about and do. It will not just be able continuing with your hobby but you will have to do a lot of other things as well if you want to be successful at making money form it. This might actually take time away from your hobby and might even mean that you hobby becomes less fun as a result. You therefore need to think carefully about whether you really want to do this. It can depend on the amount of time that you have because you might still want to be able to do your hobby to have fun and relax as well as spend the time trying to sell. You may decide that you do not want your hobby to be stressful or feel pressured because you need to make money from it. It is good to make this decision early, so that you do not spend a lot of time starting to try to sell and then decide that it is not right for you and will have wasted that time.

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