All of us our looking for ways to increase our cash flow. We try to save, budget, reduce our expenses or look for ways to invest our money for a quick and profitable return. Have you considered using your beloved hobby to supplement your income? I did a bit of thinking and came up with 4 hobbies I would consider using to supplement a monthly income.
1. Selling Crafts
Enjoy making creative crafts? People are always looking for unique gifts. With the help of the internet you can promote and sell your products reasonably easy.
You can either use an online store like eBay to open up a store and sell your products thru them. You will however be required to pay them a commission on your sales for using their site.
The alternative to this is to create your own website and sell your products from there. This will eliminate the cost of commission. You can make use of free website software to create your website.
Do you have endless ideas to solve everyday problems? Do you like designing and building those ideas? Maybe you should consider turning these projects into money. There are two routes you can follow to make money with your inventions.
The first route you have is to do everything yourself. This includes the designing, manufacturing, marketing, funding and selling of your invention. In order to make this route a success you will most likely have to start a business to sell and market your product. A business will help gain clients and investors for future inventions.
The second route would be to sell your ideas to directly to a willing company or investor. This will reduce the initial capital you require. You will however be required to present a well thought out presentation describing the invention opportunity you see, the market for this opportunity and a solid business model for the invention.
In my opinion if you are looking to make extra money with your inventions, make use of a company or investor and sell your inventions. I f you are planning on doing this as a full time job, go the extra mile, start a company and do everything thru your business.
3. Sports Coaching
If you have a sport that you are spending endless amount of time on, maybe this is your opportunity to supplement your income.
You can start your own private coaching school, focusing your classes on individual’s needs. I would recommend reading about coaching first to get some valuable tips and tricks on how to present lessons, but ultimately if you have been playing a sport for a number of years, you will be able to coach.
There is also the possibility of finding a school or college that requires a coach. This should be the better option if you are looking to keep the coaching classes per week to a minimum.
4. Vegetable Gardening
Turn your lush greens into some paper greens. With the recent increase in organic markets and organic diets there is certainly an opportunity to turn this hobby in to cash.
If you have a passion for gardening why don’t you start to plant some vegetables as well? If you don’t have any experience on vegetable gardening, it would be better to first do some research on the type of vegetables suitable for your climate and area. This will reduce the risk of losing money on failed crops.
There is another benefit to growing your own vegetables. If you were not able to sell all of your vegetables at a market you can take it home and use it for yourself, decreasing your monthly expenses.
There are 100’s of hobbies out there that you can use to make money from. Some of them even have the potential to become full time job. Think of your interests and skills and start using it to your advantage to start supplementing your income!