Do you ever think you can turn a hobby into money? Do you like cooking, gardening, taking photos, taking videos, fixing computers, gaming, taking care of kids or pets, fixing cars, collecting items, or have any other hobby? Could you turn your hobby into a profit? There’s a possibility that you could. Early in my childhood, I had a hobby of collecting old money. 30 years later, I still have my collection. Can I profit from my childhood hobby? Here’s a few things to keep in mind.
Do Your Research
You have a hobby. Do your research and see if there is anyone out there who has the same hobby and made a business out of it. Determine if there’s even a market and people willing to pay. Find out what’s needed to start out. What does the competition look like? Do you need to build a website? Do you need to advertise?
Ask Yourself “Is It Worth It?”
Your hobby is something you enjoy and shouldn’t feel like a job. Is it worth your time, money, and headache to try to profit from you hobby? Because it’s a hobby you enjoy, hopefully it would be worth it. If you rather just keep it as a hobby, that’s ok too. For me, there’s news of a coin shortage which triggered me to bring out my collection. Is it worth looking to get them appraised and sell them? Should I keep them longer?
Develop A Plan
After your research, you’re going to have a sense of what you need to do and where to start. Write out the things that you want to accomplish. Break it out into mini-goals so you can gain a sense of accomplishment when you reach certain milestones. For my coins, I need to figure out how much it costs to appraise them. Can I appraise them myself? Can I sell them easily?
Execute Your Plan
Executing the plan is going to be one of the hardest parts. This is where the rubber meets the road. In the beginning, you’re going to start off strong with excitement and enthusiasm. As you continue your plan execution, you’re going to realize there’s more work involved than first thought. Don’t get discouraged about this. That’s why I suggested to create mini-goals in your plan so you can feel the sense of accomplishment one step at a time. Aside from coins, I always had an interest with sharing my financial journey and I started to do that with this blog. But now that I started, I’m realizing it’s a lot more work than I imagined. From getting your website built, writing topics, to marketing the site, prepare to invest some time into it. Continue to stick with your plan.
You’re going to make mistakes. You’re going to have lessons learned moments. You’re going to figure it out. Make the necessary changes you need and continue executing your plan. You might come into a roadblock and need a detour. Make the adjustments, evaluate if any changes are needed, and continue executing.
I had a hobby when I was little which was collecting old coins and old money. Now I have other hobbies such as writing about my financial habits, videography, and photography. Can I make a profit from them? Only time will tell. If you have a hobby that you want to see if you can profit from it, look into it. Do the research, see if it’s worth it, create a plan and go for it, and make any changes you need to make. If you are interested in following my journey, email subscribe to get alerts of latest posts or follow me on Facebook, Instagram, and Pinterest.
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