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Make Money with Hobby

Updated on July 7, 2017
Tricia Deed profile image

Tricia Deed is a freelance writer of business opportunities or home based businesses. Here are some ideas to get you started.

First Storefront

Adams General Store.
Adams General Store. | Source

Hobby to Business

Almost any hobby can become a business. How financially successful it becomes will require research before investing and opening front doors to receive customers. For example, fishing may be your hobby. However, if you live in a fishing community where every household supports its family by fishing. Why would you want to sell fish to people who fish for personal meals and occupational income? The business is doomed to fail.

The hobby which is to become a viable business needs to fill a need for the consumer. Gardening may be your hobby and it becomes a successful business because research indicates there is a need for fresh herbs in the community by both specialty shops and restaurants. Your business can fill their needs and in return the business earns its financial rewards.

Select a hobby which has diversity. The many facets of a hobby will collectively balance income. It is usually high risk to do one thing, unless it is an exceptional product.

Idea, Plan, Action

Preparing for the business plan.
Preparing for the business plan. | Source

The Business Plan

Design a business plan as this is the map for a money-making journey. The business plan will have guidelines for a workable hobby which will support the desired income.

Do not be afraid of a business plan. The business plan will be thoughts and ideas which are written to help see the strengths and weaknesses of the selected hobby. As the plan unfolds, questions will develop and will be beneficial as the answers are explored. The business plan is an active ever-changing guide for building a business.

The business plan may be personally designed for your eyes only as it is your personal funds which are being invested and therefore accountable to self. Other business plans will require more structure for the daily, monthly, and yearly operation because monies are needed from investors or securing a loan from a bank. The investors and the bank will want to know how their monies will be spent and if the business can provide profit for investors or loan repayments with interest. Borrowed monies need accountability.

Business plans are available for free online, at local colleges, local libraries, and Small Business Administration at sba.gov/tools/business-plan/1. The plans may also be purchased online and business stores in your community.

Selling Hobbies and Interests

Selling colorful handbags in a retail store.
Selling colorful handbags in a retail store. | Source

Make Money with Your Hobby

It is your creativity and skills which will produce a product or a service which is to be shared with others. Your rewards will be pride in your product or service and financial gains.

Most money making hobbies will be everlasting because the main hobby will have many branches which will also provide an income allowing a business operation for many years. .

For example...perhaps your hobby is collecting sports cards. The profits will come from selling a variety of sports cards; football, basketball, soccer, hockey, and other popular sports. Profits can be gained by fundraising at sport events or consider conducting workshops and seminars answering frequently asked questions about sport cards as a hobby or investment.

Accessories will be another branch of income; file folders, plastic holders, and other storage containers will be needed to store and protect these cards.

Sell information products such as books, magazines, software, and CDs as another outlet for income.

Celebrity and rare cards are highly valued. This can be an additional market.

Make a List

Making a list is crucial for priorities and saving time.
Making a list is crucial for priorities and saving time. | Source

Hobby Analysis

List hobbies and interests and give each a score. Your scoring system may be 1-5 with 1 indicating the top interest. The list will contain hobbies and interests from childhood, current interests, low income and expensive hobbies, and hobbies yet to be pursued.

After you have listed 100 or more hobbies, analyze the list. Is there a pattern forming? This pattern may be indicative of hobby interests that you are naturally attracted to and one or more of these items may be considered for making money.

Rewrite your list with the five highest ranked items and reanalyze.

Perhaps at the top of the list is baking. Baking has been a hobby for which family and friends have complimented you. In fact, there have been occasions when others have asked you to bake a special cake for a birthday or other special event.

Baking may be considered for catering, baking for select restaurants, or opening a bakery of your own. You may talk yourself out of this opportunity because you feel that there would be too much competition. But, you enjoy baking. Consider baking pet treats. Bake cookies and other delights for pets. There are pet bakeries, gift baskets for pets, wholesale markets, and more.

Do the same type of brain storming for the four other hobby interests which you have listed. Then select one which you feel is the winner for making money.

Will Your Hobby Be Profitable?

Perform small selling projects to test your product.
Perform small selling projects to test your product. | Source

Product Testing

Test and sell your product and note results. Begin the business on a small scale to allow time, experience, research, advertising, marketing, and strengthening of personal business knowledge and skills. Lessons learned will benefit the growth for a successful business.

Another test is to work for another company which is similar to your hobby interest and learn from their successes and failures. This type of reality training will be beneficial for your self employment of owning a business.

School of Dance

A children's dance studio
A children's dance studio | Source

Money Making Question

The list of hobbies and interests is completed and each item has been scored. Five hobby interests were selected and reanalyzed. Under each of the five hobbies list what you like about that hobby.

Start another list of personal talents, skills, and positive likes. This list helps to define your 'can do' talents and what you like to maintain 'happiness'.

Here is an example of my friend's list:

  • Research and writing
  • Loves music
  • Loves sports and is athletically inclined*
  • Must be physical
  • Likes challenges
  • Requires high stimulus projects
  • Enjoys theater and movies
  • Is a people person
  • Very creative and an idea person

The Money Making Question...How can I make money from my hobby or passion?

Her list opened her eyes to opening a dance studio and there she is able to put her multi-talents to work. She hated office work and loves dancing, teaching, and performing.

Pursue your passion for a more successful life.

Business Marketing Plans

The operation of a business.
The operation of a business. | Source

Business Ownership

  1. Are you ready to be free of your boss and set hours of employment? Building a business will require many hours of work and a drastic change from working for someone else. You are the boss and your decisions will be critical. You have only yourself to succeed or fail.
  2. Do you truly have the knowledge and skills of your product line? Do you know how to advertise, market, and sell your products?
  3. Are you financially prepared for expected and unexpected expenses?
  4. Have you considered the size of your company and will you be prepared for growth?
  5. There will be legal requirements which are required to operate and maintain a business. There will be unexpected city, county, or federal laws which will need attention. You may consider having an attorney if these situations are beyond your knowledge.
  6. Are you willing to be a chronic researcher, flexible in your thinking, and willing to change according to the marketplace?
  7. Do you have energy and stamina of mind, physical health, and psychological strength to stay in business?
  8. Do you have a product or products which are needed, affordable, and will bring repeat business?
  9. Can you handle money and success?

Lesson 1 - Is Your Crochet a Hobby or Business?

Would you agree or disagree that a hobby can become an occupation?

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Comments Welcomed

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    • yayang0405 lm profile image

      yayang0405 lm 4 years ago

      Thanks for sharing this nice lens.

    • asereht1970 profile image

      asereht1970 4 years ago

      Doing what you enjoy and making money is really great.

    • esmonaco profile image

      Eugene Samuel Monaco 4 years ago from Lakewood New York

      Thanks for sharing your ideas and knowledge here I really enjoyed readin your work :)

    • profile image

      mstcourtjester 4 years ago

      Great lens!

      I can hardly wait until I can do the things I love all the time!

    • profile image

      TheBadCreditGuru 4 years ago

      The satisfaction you get when making money with something you like so much to do must be very rewarding.

    • SavioC profile image

      SavioC 4 years ago

      Its a nice concept to make some money with your hobbies. That will be really great.

    • AmyTK9 profile image

      AmyTK9 4 years ago

      I enjoyed this post, thank you for sharing!

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