What are some hobbies that can help improve income?
With the current cost of living crisis, more of us are looking for additional ways to generate income alongside full-time employment. As a result side hustles have become increasingly popular in recent years.
One of the most common ways to do this is by turning an existing hobby into something that also brings in cash.
The following guide will discuss why you should consider this and what you need to think about.
Benefits
There are a whole host of benefits to turning your hobby into a side hustle. Firstly, this can be used to provide you with a safety net and reassurance that should anything happen with your current role, you have something to fall back on.
It also gives you greater opportunities that you may not currently get, whether that be putting money towards a mortgage, or developing a specific skill set.
Prioritising hobbies can be very challenging, especially as an adult. However, once you generate income from it, it can be easier to do so as you have a greater vested interest.
Determining your why
Everyone has their reasons why they may want to save money or earn an extra income stream into their life. It could be wanting to improve your credit score to secure a mortgage, or it could be to allow yourself a greater amount of disposable income in order to travel the world.
With the busy lives we all lead, it can be difficult to remain motivated and so determining your why when it comes to setting up a side hustle is an effective way to avoid procrastination.
Your goal could include anything from earning a certain amount of money within a given period or improve your mental health by giving yourself a new focus.
Examples
The possibilities for what hobby you can generate income from are endless, but some of the most common examples include:
Writing – There is so much scope for earning money from writing. From freelance articles to creating your own blog, this is perfect if you enjoy putting pen to paper. If this is something you are interested in, there are plenty of third-party sites that are made specifically to help freelancers looking for work.
Photography – If you are a skilled photographer and enjoy taking your pictures in your downtime, this is definitely something you can turn into a side hustle. In order to offer these services in exchange for cash, it is important that you are confident in your ability to offer something of high quality. If you want to up your game, consider enrolling in a photography course.
DIY– Are you a dab hand at putting together flat-pack furniture? Similar to writing, there are now dedicated apps and websites where people can advertise these services and be hired for one-off jobs such as building a cabinet or fixing a tap. This is a good option for working around your own schedule and picking up and dropping additional work when required.
With any additional income stream, it is important to check all legalities and ensure correct insurance is obtained before undertaking any work.
