The dream of many hobbyists is to actually make money out of their hobby or interest. It must surely be better to make money from something you enjoy doing rather than working for it. Much depends upon what you perceive to be 'making money from your hobby'. Covering the cost of your hobby by selling a few things at a boot fair, is one thing, but actually having a hobby that can earn you money is quite another.
If simply making money from your hobby is the end game, then you can easily slide into the area of working, instead of enjoying your hobby. That is not to say that you cannot at the same time enjoy it more than you enjoy your current job, which always remember is providing you funds with which to enjoy your hobby!
But, if you want to earn cash from your hobby, read on!
There are certainly hobbies that can make money, but most of them require that you spend some money to acquire the material and equipment required for this particular hobby. Photography is one such hobby that normally requires a considerable outlay, before you can start to earn money from what is undoubtedly a pleasurable pastime. I know from experience that there are declining returns in this particular paying hobby. It is not easy tom simply cover the cost of the initial outlay on equipment, never mind trying to make it earn you money.
Hobbies that can simply cover their costs are easy to find. Hobbies that actually earn money are more difficult, though not impossible. Much depends upon how you value your own time also.
Let’s say that you have a job, where you work 40 hours each week and get paid by your employer in the sum of 2500 gross each month (30,000 pa). After all of those nasty stoppages that the taxman takes, you are left with 1950.00 or thereabouts.
Your employer would have paid for all your working expenses, such as office and equipment, would have paid you at least something by way of benefits if you were sick, and you should have had at least 25 days off from work by way of annual and other public holidays. Your employer would have foot the bill for everything bybway of marketing and the rest of it to keep you employed.
There are always expenses involved in making and selling something. There is always time required, to make your product, sell your product and get it to your customer. There are many other things to be taken into consideration about starting your own business venture, for if you are indeed planning on making money from your hobby, then you will be in business for yourself, with all its foreseeable - and some unforeseeable - expenditure.
If you go to a boot fair, market, or even door to door selling, and get a hundred pounds for your product and trouble, work out exactly how much it has cost you to do that. Take that cost away from your 'takings' which will leave you with a basic gross profit.
Now let’s do the important calculation. Divide that gross profit by how many hours it has taken you to make and sell your hobby. Now deduct 25% from that to cover what you will be giving the dreaded taxman. You do after all, have one of those rare hobbies that can make money, and the inland revenue will certainly want to know about it as well, so they can share in your good fortune.
Are you happy enough making perhaps a couple of pounds an hour for all of your time spent?
Maybe the real job you have doesn't seem too bad after all.
Some low-cost hobbies to consider which can earn cash.
Writing; Reading; Translation; Painting and Drawing; Website Design and SEO; Restoration; Music; Consultancy; Music: