Make Money From Your Hobby

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Have you ever wondered what it would be like if you could earn money from doing your hobby? If you really think about it from a financial aspect, it makes good sense. You likely already have all the tools it takes to enjoy your hobby and you probably want to sharpen your skills and get better and better at your hobby. And more likely than not, you’re willing to invest additional money into whatever tools are necessary and the time it takes to practice your cherished activity. Right? Getting paid is just the icing on the cake. Not to mention anything you spend on tools will be tax deductible. Making money from your hobby is a pretty smart thing to do. After all, when you love to do something, you’ll want to do it all the time. If you want to earn money from your hobby, there are some strategies to use to achieve this goal. Selecting the hobby that provides the best chance to earn money, starting small, saving receipts for tax purposes, and developing your skills to perform the hobby are integral strategies to take to make money from your hobby. Let your creativity run wild and consider the following strategies to make money from your hobby...

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MAKE MONEY FROM YOUR HOBBY

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From a financial perspective, making money on something you love simply makes good sense. Getting paid is icing on the cake if you are doing what you love. Making money through a hobby is simply a smart thing to do.

Choose a Hobby:

“I am a very lucky man. I am living my life with my hobby as my profession.“ – Jim Sullivan Choose a Hobby

Choose a Hobby:

Choose a Hobby

Hobby Ideas:

“I do what I did as a hobby as a kid, you know, and make a living at it. And I just feel like I ’ m one of the luckiest guys in the world ’ cuz I get paid to make toys and play with them.”–Rick Baker Hobby Ideas

Outdoor Pursuits:

Outdoor Pursuits

Craft Hobbies:

Craft Hobbies

Online Activities:

Online Activities

Starting Small:

“It was just a hobby. I didn’t expect it to turn into a business.” – Phil Katz Starting Small

Start Small:

Start Small

Save Receipts and Keep Records:

“It feels important to go to school; not necessarily to further my education, but more like a hobby.” – Mandy Moore Save Receipts and Keep Records

Tax Deductible Costs:

Tax Deductible Costs

Tax Deductible Costs:

Tax Deductible Costs Any costs incurred in performing the hobby are tax deductible if your hobby is a business. Keep accurate records of all incomes and costs. Use a spiral notebook and file folders to keep your business records all together. Write everything down. Consult an accountant or tax expert with any questions or uncertainties that you have.

Develop Your Skills:

“I have an expensive hobby; buying homes, redoing them, tearing them down and building them up the way they want to be built. I want to be an architect.” – Sandra Bullock Develop Your Skills

Tax Deductible Costs:

Tax Deductible Costs

Tap Into Your Creativity:

“We ’ ve been doing this for 10 years and it ’ s been a hobby for a lot longer than it ’ s been a job.” – John Campbell Tap Into Your Creativity

Perfect Your Skills:

“Making money is a hobby that will complement any other hobbies you have, beautifully.” –Scott Alexander Perfect Your Skills

Set Your Prices:

“Life ’ s a hobby.” – Joshua Lederberg Set Your Prices

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Look at how other people are pricing similarly designed services and goods. Consider how much time is expended in labor for the production of you products or services. Be meticulous in all aspects of your record keeping. Keep prices low at first to get more business when you first start out. Adjust prices later as needed.

Market Your Abilities:

“Golf isn ’ t just my business, it ’ s my hobby.” – Lee Trevino Market Your Abilities

Market Your Abilities:

Market Your Abilities

Excellent Customer Service:

Excellent Customer Service

Excellent Customer Service:

Excellent Customer Service

Summary:

Summary You can make money from your pastime as a realistic goal. If you enjoy practicing your craft, you could turn it into a small hobby business. Select the right hobby, then start small and work on developing your skills to turn your hobby into an income stream. “Today is life - the only life you are sure of. Make the most of today. Get interested in something. Shake yourself awake. Develop a hobby. Let the winds of enthusiasm sweep through you. Live today with gusto.” – Dale Carnegie

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