Tips on monetising your hobby

If you’re like me and managed to create at least 13 new hobbies throughout lockdown or if you’ve managed to restock your entire wardrobe at the cost of your finances, this article may be of interest to you. Chances are, you’ve accumulated a skill or collection that for the right audience, will become the right customer. We’ve curated some tips on how to take your interest that next step further and gain some cash money along the way.  

Know your worth

Beyond the philosophical, it's important to place a numerical value on your time and skills. How long does it take you to create? What is the cost of your materials, if applicable? Explore how creators at a similar level to you price their time and goods, and you can use this to inform how you should value your own. Price at the level you’re at now and scale over time as your skills develop.

Establish your online portfolio/presence

Seeing is believing after all. Think of your online presence as your storefront or gallery as to what you can provide. This can be as simple as a social media page (e.g. Instagram) or a full-fledged website, depending on what stage you are at in your business development. If you’re just starting out, creating an Instagram account as a professional/business is a great start! Make sure you display quality content as examples of your work to inspire your potential customers and build your audience.

 Consider how it will work into your life

Whether you want to pursue your hobby as a full time business or as a little side hustle, think about how the time commitment will work into your life. This could include setting aside content/product creation days, establishing a schedule to post to your socials, and how much you’re willing to invest in equipment and materials. Don’t lose sight of your work-life balance if that’s what you value, and remember that it is primarily a hobby if you start to get too stressed.

Choose your avenues

Aside from the traditional online store, there’s a myriad of ways you can start earning. Subscription sites such as Patreon allow you to have your customers pay an amount each month to receive different ‘tiers’ of content so you can price according to the quality of content you want to output. This gives you more flexibility for you in terms of creation and your customers for how much they want to spend. If your hobby is more in the realm of teaching or knowledge, you can also upload video content to share your expertise with your audience. If you use a video sharing website like Youtube you can earn revenue based on your views.

Check out your competitors

If you’re not sure where to start, look at your closest competitors for inspiration. Take ideas from how they are managing their own online presence and adapt to work for you! Think about what makes them successful, whether it be their posting schedule or how to present their content, and you can use these ideas to inform how you do business as well.

When it comes to monetising your hobbies and building your business remember to have fun with it and enjoy the process. Remember to go slow and that the process is a marathon not a sprint. While you may not see results overnight, stick with it and do your best. Who knows it might become something incredible!