In the last post we covered the basics about how to create multiple income streams and the importance of laying a good foundation. In this article, we we’ll look at the power of leveraging your hobbies to build additional income stream inexpensively.
Many hobbies can bring in sizeable income if you polish your skills. Anyone can create a product and provide a service from the hobbies, however, if the quality is poor, no income will be streaming fast. Look at it this way, take the example of a diamond. When it is excavated it is covered in dirt and is rough. With ‘tender loving care’ the diamond is cleaned, cut to size and polished. The final product is almost priceless. So are talents and hobbies.
There are hundreds of various hobbies out there and not all of them will be profitable, however without getting people interested in your products or services, you may never find out. It is important to do it well if you are going to do it at all. Also test it out first with friends and family on a complimentary basis.
Here Are 5 Hobbies from Which You Can Build Multiple Income Streams…
If you have a flair for writing or the written word, there are many ways you can monetize this hobby. With blogging, you choose an area you are passionate about and write about it. One of my ex-colleagues has travelled the world extensively and has built up and incredible following from his travel blogs. It started out with about 10 friends and now his readers are over 100,000.
The pulling power of his blogs was the passion in the written words. He also enjoys sharing his travel experiences immensely. The more he wrote, the better the quality of his posts. So how does he monetize this activity that started off as a hobby?
When you write good blogs and your skills improve, you can become a paid blogger. There are many entrepreneurs who need to write blogs and do not have the time. They are on the lookout for good bloggers thereby leveraging their time.
Even if you are not aspiring to write for someone else, you can still make money by blogging about things you are passionate about as in the example above. When you gain reasonable audience, you can use Google AdSense to advertise in your blogs and earn money if they click on the ads. There are also other ways you can use your blog to earn money, such as affiliates, however this will be covered in detail in future posts.
What does it take to start a blog?
Nothing much other than your passion and flair for writing. If these are covered, then you need a platform for your blogs. Tumblr is free although it is not easily customizable. If you are looking to monetize your blogs in the future, the limitations of this platform may pose a problem.
Blogger is a popular bloggers platform. Owned by Google, it is free and customizable, however, the domain name may not look smart, e.g. yoursite.blogspot.com.
WordPress is another free platform and easy to set up. It has limited customization features but is reasonable. Like the Blogger, the domain name may not look smart for some, e.g. yoursite.wordpress.com
Self-Hosting is the most professional blogging platform from WordPress.org. This is for serious bloggers who are looking to turn their passion into money in the future. It has a little cost attached to it. For the domain name, price ranges from $6-$10 per year, and from $3-$20 per month for hosting. You have the option to choose a domain name you like.
As soon as your platform is set up for blogging, it’s only a matter of time before your start attracting audience. Do note however that this is not a quick money making scheme.
You might have heard this more times than you care to remember about monetizing the art from your lens – photography. The truth is that professional photography is demanding, requires well trained skills and can have high set up and ongoing costs. We are talking about photography as a hobby here; semi-professional or amateurs.
As in any hobby, you have to have a knack and passion for it. Everyone takes photos these days especially digital photography even from their phones. It’s also worth improving your skills because not every snapshot is worth looking at, least of all attracting a payment. Some phones have cracking cameras and acquiring the right skills will make your photos more arty than random shots that nobody would want to buy.
I was watching a program last night and this guy was talking about a short video he took of a landslide from a mountain that demolished the road and the whole area. He has over half a million hits on his website. That kind of traffic for a 50 second shot was worth its weight in gold.
Without doubt, not everyone has the qualities of a professional photographer. On the other hand, not every consumer can afford a professional photographer. You can start with friends’ birthday parties, children’s parties or even nature at its unpredictable moments.
Many bloggers and websites these days use stock photos including free and discounted ones. The better you become, the more money you get paid. Sites like Flickr or discounted stock images are popular.
Remember to get familiar with copyright law in order to protect your work.
If you’ve eaten homemade cookies or cupcakes, you’ll understand how popular home baking is. The question is, do you have the passion and skills to bake those scrumptious creations?
There are children’s parties, birthday parties, small art fayres, school/church fetes, local farmers’ markets that would welcome delicious home baked goodies any time. If you stick with one or two types to begin with and perfect them, your cookies will sell like hot cakes literally!
Once you get noticed and people begin to refer you, consider enquiring about licence and insurance.
The possibilities for baking enthusiasts are endless. In addition to or separate from actually baking, you can take to blogs about all kinds of cookies and cupcakes, diet or allergy snacks, recipe blogs. You can also create YouTube videos of your creations or the baking process.
One of my associates spotted a gap in the market today regards food allergies. There aren’t much available for people who have various allergies. She tapped into this gap and now markets snacks for allergy sufferers and again, this is very popular and has been a winner for her.
If you are a pet lover, you have many options to monetize this hobby. You can start blogging about various aspects of your favourite pets such as:
- Dog training
- Pet allergies
- Pet behaviour
- Pet foods
- Pet species and their characteristics
There are other things pet lovers can do. These include, dog walking, pet sitting, pet grooming. Mobile pet grooming is lucrative, however to get into that, you have to start small and establish your credibility first.
Most dog walkers charge up to $25 per walk depending on location and number of dogs. Different costs apply if it’s daytime or overnight pet sitting.
Many activities come under the heading of crafts, however for this post I am focusing on knitting, stitching, embroidery, patchwork and jewellery. People appreciate quality and sometimes buy the aspect of the artist within the handmade craft. As a result, they are willing to pay the higher price. Moreover they do look amazing.
Most things are mass produced therefore lack that uniqueness that many seek. Special handmade knitted sweaters as an example are in high demand. Christmas sweaters depicting the seasonal characters are now in fashion. Imagine the demand for home knitted ones.
The website etsy.com provides a platform to sell your crafts. You can also sell patterns you created.
There are many more hobbies that pull in money. I highlighted the five above to indicate the endless possibilities that exist when converting your hobbies into cash cows. If you wish to share your hobbies that earn you some income, I’ll be delighted to read your story.Share This: