How to make money from your hobby
If you're looking for ways to turn your hobby into a money-making venture, look no further. These tips will help you get started!
Can You Make Money from Your Hobby in 2023?
Hobbies are fun and things that make us happy, so the prospect of getting paid for something that you actually enjoy doing is actually lucrative.
However, the way to proceed can seem like a daunting task.
But, don’t worry!
FreshLearn creators have proved that with the right approach and tools, it is possible to actually make money from a hobby. And, so can you!
27% of adults in the US have already monetized their hobby alongside their career, while 55% look forward to following suit.
So, what are you waiting for?
But first, here are a few tips to get you started.
How to Turn Your Hobby into a Business?
If you are skeptical and can’t stop asking yourself, “can hobbies help earn money?”, the answer is yes.
Just start with keeping a few things in mind first.
1. Identify your passion
Each of us has more than one hobby. And, that’s completely natural.
But, before you start seriously investing in one to get significant returns from, you need to identify which one among them you are best at, and not just ‘good enough’ in.
As FreshLearn creator, Kristina Konstantinova says, “Aim for perfection. It is hard, it is painful, and it is so worth it when you get there.” Kristina is a Brand Strategist and Designer, who had been through the phase of wanting to be everything from a developer to a psychologist until the hunger for perfection led her to create her own course on how to build a brand from scratch - The Brand Framework.
So, you need to figure out what you are really good at and keep trying to perfect it if you want to turn it into an income source.
2. Have a backup
You can certainly make money from your hobby, but before taking the plunge you should stash away some cash to see you through those crucial first few months.
It also pays off to begin while keeping one foot in your old job as this will let you test out demand for what it is that makes up a part of who you are!
It's gonna be tiring juggling both jobs together, but that doesn't mean it's impossible.
3. Build your online presence
Another key factor in making money from your hobby is building a strong online presence.
Use social media platforms like Facebook, Instagram, and Twitter, or create a website or blog. Having an online presence allows you to reach new audiences and connect with potential customers more easily.
Social media is a great way to connect with other solopreneurs in your industry as well.
There are communities on Facebook, Twitter, Slack, Freshlearn, etc where creators in your industry hang out. Getting advice from someone who is 2 steps ahead in the same journey as yours is much better than generic advice from someone from a different industry altogether.
4. Do Market Research
One of the most important things to consider when starting a hobby-based business is determining who your target audience is and what they are looking for.
Look at research reports on what potential learners are searching for.
If you already have a network of like-minded people in your niche, ask them about what customers' conversations tell them, and what courses they are looking for the most. That will give you an idea of what’s in demand right now.
This will help you to create content that resonates with potential customers and effectively market your products or services.
5. Lay out a business plan
Business plans may not be the most exciting part of starting a new venture, but this is essential to ensure everything runs smoothly.
Whether you plan on relying on external funding or your own savings - having one can help take some weight off your shoulders by organizing all those thoughts and any potential issues that might arise.
Plus, before you launch your venture, make sure to calculate the monthly expenses, estimated income, and startup costs.
Don't forget any necessary equipment purchases or professional association memberships either.
Also, make sure to take into account the self-employment taxes.
Once everything is settled in terms of money management, go for some organizational introspection - figure out if you define yourself as a sole proprietor or take on one of many available forms of legal entity protection, like an S Corporation.
All in all, have a rough plan for what works best for you.
6. Spread the word
Gone are the days of shelling out big bucks for advertising.
In today’s world, all you need to get the word out about your business is just one post on the right network. That alone could have you reaping profits in no time.
So, utilize your social network and come up with a catchy social media post.
When you have picked one of the trending hobbies to turn into a business, it can very easily become one of the ways to monetize your social media following in no time.
7. Check in with your goals periodically
Running your own business may seem like a dream come true, but there’s no crystal ball to help you predict how it will turn out.
To make the most of your hobby-based business, it is also important to be flexible and open to change.
That's why it pays off to reassess your goals periodically and be prepared for changes in direction when needed!
This means constantly tweaking your offerings as you learn more about what customers want, as well as being open to trying new marketing tactics and products.
Now that you have an idea of all the basics to kickstart your alternative career prospect, here's a list of money-making hobbies to turn into a business.
List of Hobbies that Have Made Money Already
1. Online course creation (my favourite money-making hobby!)
If you are someone who loves sharing their knowledge with the world and is somewhat an expert in that, consider creating online courses or online teaching as one of the top hobbies to turn into a business.
The creator economy is booming now, with 48.72% taking up content creation full-time, most of them earning at least $50K a year.
Those figures should give you an idea of how much you can make out of it if you pursue creating courses online.
And, what could possibly be stopping you when you have a platform like FreshLearn makes online course creation a child’s play with the latest features that make teaching and learning fun for everyone?
Try out the platform and start making money from your online teaching hobby today!
(include a list of hobbies that people can earn from with online course creation topping the list)
2. Starting a blog
Did you know that harnessing the power of writing and publishing online has immense potential to give your career a serious boost?
Not only can it help establish yourself as an expert in any field, but also offer opportunities for making money.
With the right skills and know-how content, writers are in hot demand!
From finding freelance gigs on popular platforms like Upwork or Fiverr to creating niche-specific blog posts with targeted audiences - there are lots of ways you can rent out your skills!
3. Shooting and Editing Videos
Have you been scrolling through videos on YouTube, DailyMotion, and other streaming sites?
Then you know the incredible potential of turning your creative talents into an income!
The world of videos is flourishing and with it comes opportunities to turn your hobby into an income source.
Video editors in the US make around $59,500 every year, as per the U.S. Bureau of Labor Statistics.
From creating instructional clips that'll wow viewers to making commercials promoting businesses - there's something out there for everyone wishing to make money from their craft work.
Also, if music is your jam, why not start creating and uploading videos to make some cash?
By setting up a channel, you can earn passive income in no time with Google AdSense.
If your camera is your best friend, we have got some good news for you!
Photography is a unique pastime for those who prefer art over a hobby and can be quite lucrative if you know how.
You take advantage of the many websites such as Flickr or Shutterstock that provide photos to users, by setting up an account yourself and selling directly from there.
It's one way amateur photographers are making their mark!
You could also market yourself directly to potential clients in need of discounted professional photography services - weddings, graduations, etc.
As long as you work hard at building experience and clientele chances are high, your rates will start rising.
5. Graphic Designing
If you've got mad design skills, there's definitely an opportunity to make money with them!
If you think your talent lies in this area, take advantage of ad sites and set up shop online with samples showcasing what makes you stand out from other graphic designers.
You can also try publishing your designs on websites like 99Designs.
Don't let competition discourage you - hone those creative chops and monetize them to get ahead in the game
If you are the go-to baker for every occasion in your family from birthdays to Christmas, there’s a great opportunity to turn it into a money-making hobby.
Have you seen the cost of even half-a-pound theme cakes these days? I mean, a quick visit to your local cake store would give you a fair idea.
And, that should be inspiration enough to start your baking business, as it was for FreshLearn creator Bola Eniola.
”When my son turned one, I got him a Mickey Mouse cake that cost me about £120. It made me think I can actually make this myself.”, says Bola. She adds, “My family and friends love the taste of my cakes so much that they started paying me to make them cakes for all their celebrations.”
She later shifted to making cake toppers as her primary business. Well, you can add that too to your baking business to save some extra costs. And with more people opting for convenience over baking at home these days, there's no better time than now to tap into the online baked goods industry.
With the right ingredients, you could find success selling your goodies at local bake sales and markets. For those looking for an even bigger boost in profits, try reaching out to bed-and-breakfast spots with fresh treats that hit the spot before guests venture off on their day trips.
7. Fitness training
If your idea of a good time involves breaking out into a sweat, why not turn it into cold hard cash?
Become a personal trainer and get paid for the hard work.
While certifications may be needed in some states, don't let that stop your income-earning momentum!
Get started at gyms near you but as word gets out about how awesome of a trainer you are, expect more high-paying clients searching for you.
You can also take to FreshLearn to share your knowledge as a fitness coach via the platforms like other experts in the field have done.
If you've got mad skills on a certain instrument but life didn't give you the chance to be in an A-list band, don't worry.
You can still cash in on your talents by doing session work for local and touring bands!
All it takes is some savvy advertising: post classifieds, hand out flyers or business cards at recording studios - get yourself noticed!
At the same time, you can start giving out music lessons as well.
Parents are always looking for talented teachers and tutors who will help their children learn how to play an instrument.
And, teaching also means more practice time for you!
To make the most out of it, you can start a youtube channel as well as a course on playing your instrument of expertise. That can be one of the best hobbies that make money online.
9. Web Development
If you have the creative know-how to build websites, there's an array of folks that would be more than happy to pay for your services, making web designing one of the most profitable work-from-home hobbies.
Templates like WordPress are popular but often lack the finesse or intricacies some people need from a website - and this is where you can come in!
Start out by targeting local businesses or getting yourself noticed through trade publications; then as your skillset & reputation grows, take on bigger projects with higher rewards.
10. Stand-up comedy
If making people laugh is your passion, why not turn it into a career?
Comedy clubs are always looking for hilarious acts to keep their patrons entertained.
Start small by working one or two nights and get tips from the audience until you can build up enough of an act that they’re willing to pay you upfront!
With time and plenty of practice, you might even be able to become a warm-up act for well-known performers.
And if performing isn't quite what you're after, there are still MCing events where comedy skills are just as valuable.
11. Proofreading and Editing
If Grammar Nazi is the nickname your friends associate you with often, it’s time to take it seriously and start to make money from your hobby of correcting linguistics.
There's an abundance of opportunities out there for proofreading and editing!
With tens of thousands of websites, blogs, and various other written materials from marketing to books needing a keen eye and great grammar skills, the market is huge.
Whether you've got previous experience or simply find joy in it - check your local online classifieds because paid opportunities may be closer than expected.
12. Public Speaking
Public speaking can be a lucrative way to make money from your hobby if you've got a silver tongue.
Having marketable communication skills is certainly in demand! Brands are always on the lookout for confident, dynamic speakers - not just in person but also digitally!
Through videos, you could become an ambassador of sorts: someone who draws viewers attention with eloquent wordplay while introducing groundbreaking innovations or product designs!
If you are someone who struggles with public speaking, FreshLearn creator Kristine Zedek’s course called Mission Communication can be a great help.
“My online course is all about building communication skills & human connection and I found FreshLearn to be the best place to host my course”, says Kristine.
She is an emcee, anchor, and voicing artist who found FreshLearn to be the perfect platform to host all her training materials.
If that isn’t inspiration enough, I don’t know what else is!
And don't worry about starting out small; before long, your confidence will open up doors of opportunity with prime earning potential.
So, to answer your question of if you can make money from your hobby, yes, absolutely. And, we have also discussed how.
Now, if you ask what hobby earns the most money, almost every one of them if you can ace it. Plus, you need to keep in mind the tips I shared earlier.
Overall, if you are willing to put in the time and effort required, it is possible to make money from your hobby and turn it into a thriving business.
Whether you are selling handmade goods or providing consulting services, there is no limit to what you can achieve with the right tools and mindset.
Plus, notwithstanding the hobby you choose to pursue as a career, you can always make the most out of it by sharing your knowledge of the same with the world. And, what better way to do that than by creating online courses?
Professionals from various fields of expertise have taken to FreshLearn to spread the light of knowledge. And you can become one of them too. Get started for free today!