Hobbies are vital for helping to maintain life balance, yet many of us don’t have them.
Nearly 44% of Americans are hobby-less, a low number compared to other parts of the world where more than 90% of people stated they had a life filled with hobbies they regularly enjoy. With rising living costs, it’s unsurprising that of those that actually do practice hobbies have decided to monetize it to generate extra income.
As a 2019 NY Post report points out, a study of 2,000 adults with full-time employment found that more than one-quarter (27%) had turned an extra curricular life activity hobby into a side business. The report also outlines that those monetized hobbies gave them an extra $14,705.16 that year.
With that, how do you know when it’s time to turn your hobby into passive income? Here are some questions to get clear on what that means for you.
Does the hobby carry any responsibility?
Having a side hustle may not be as stressful as your main job, but it can still carry some responsibility. Usually, hobbies do not. When determining whether you’re ready for monetize your hobby, consider that it usually acts a stress reliever and an outlet for the typical anxieties of working.
Is your hobby monetize-able?
Looking for gaps in the market is a great way to determine if it’s even worth trying to monetize your hobby. Do people need what or want what you’re selling? Will your output be worth the potential income generated? Doing a bit of market research may be a great way to gauge your decision. Ask your friends and family their thoughts as well.
