How to turn your hobby into a second income
Hobbies are a wonderful way to relax and add variety to your life and, occasionally, they can also offer a lucrative opportunity to boost your earnings. There are many different ways to monetise your favourite hobby, from offering lessons to selling your wares, and the satisfaction gained from sharing your favourite things can be immense.
That’s not to say that turning your hobby into a second income won’t be hard work. Some pastimes can be a treasure trove but you need to be determined to succeed in transforming your relaxation time into a way to make money
Investigating ways to monetise your hobby
It’s not enough to simply be good at your hobby, you’ll need to find the right way to share it. If you’re thinking of selling the end product – if you’re a crafter, for example – you’ll want to investigate your competitors. Have a look at the products produced by other people who are selling similar items and find out if there’s a space for you in the market. Work Your Way has a useful guide to turning your craft hobby into a functioning business that can help you get your head around the kind of things you need to think about.
On the other hand, if your hobby is dancing, cycling or cooking, you may find that the best way to encourage a second income is to start providing lessons. This is a great way to share the things you love, but you will need to make sure that you are sufficiently experienced to offer advice. You may need to take a course and gain a qualification that will allow you to officially teach other people. Take some advice from the professionals, with an excellent article from Forbes describing one man’s journey from dabbler to professional and have a look at the top tips for making money out of your hobby collected by Moneywise.
Things to think about
Before you make the decision to turn your hobby into a money-spinner, you should have a long, hard think about whether you’re ready for the challenges it might bring. Some people find that they miss the days when they were able to enjoy their hobby purely for leisure reasons while others find that the professional standards required are too hard to attain. On Retire By 40, you’ll find an interesting blog post that lays out five good reasons for not turning your hobby into an income.
There are also some important financial considerations you’ll need to bear in mind. For example, if you are earning a second income, you will need to share the details with the government. On the HM Revenue and Customs website you’ll find information about income tax and how to work out whether you will owe money. You might also want to consider the option of insuring your hobby, especially if it’s something that’s earning you a significant income – find out more at YFS Magazine.
Latest posts by Silversurfer's Editor (see all)
- Iconic Trips for your Bucket List - August 17, 2017
- The “Oops” and Downs at Ideal World TV Shopping - August 17, 2017
- Would you choose a Walnut Whip without the nut? - August 16, 2017
- From Student to Surgeon: training to become a cardiothoracic surgeon - August 15, 2017
- How to Pay for 24/7 Live-in Care - August 14, 2017
Leave a Comment!
Community Terms & Conditions
These content standards apply to any and all material which you contribute to our site (contributions), and to any interactive services associated with it.
You must comply with the spirit of the following standards as well as the letter. The standards apply to each part of any contribution as well as to its whole.
be accurate (where they state facts); be genuinely held (where they state opinions); and comply with applicable law in the UK and in any country from which they are posted.
Contributions must not:
contain any material which is defamatory of any person; or contain any material which is obscene, offensive, hateful or inflammatory; or promote sexually explicit material; or promote violence; promote discrimination based on race, sex, religion, nationality, disability, sexual orientation or age; or infringe any copyright, database right or trade mark of any other person; or be likely to deceive any person; or be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence; or promote any illegal activity; or be threatening, abuse or invade another’s privacy, or cause annoyance, inconvenience or needless anxiety; or be likely to harass, upset, embarrass, alarm or annoy any other person; or be used to impersonate any person, or to misrepresent your identity or affiliation with any person; or give the impression that they emanate from us, if this is not the case; or advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.
Nurturing a safe environment
Our Silversurfers community is designed to foster friendships, based on trust, honesty, integrity and loyalty and is underpinned by these values.
We don't tolerate swearing, and reserve the right to remove any posts which we feel may offend others... let's keep it friendly!