An Example of Turning a Hobby into an Income

I've noted that I think turning a hobby into an income is one of the best ways to make extra money. As such, I simply had to share this piece that talks about how craft hobbyists are making a good amount of extra money. The details:

The number of people making a living -- or at least spending money -- from their hobbies in the crafting industry has taken off in the last few years. Etsy.com, a site where small entrepreneurs sell everything from original artwork and greeting cards, to jewelry, bags and clothing, reported $26 million in sales in 2007. Since it launched in 2005, more than 100,000 sellers have set up shop on the site.

Ok, so $25 million isn't a huge number compared to many of the other ways to earn extra money, but it's certainly a start. Plus, these are numbers from just one site. Imagine what the numbers would be if they included eBay sales of crafts that people had made. I'm sure it would be HUGE!!

The piece also lists four steps to making the most with your own crafts:

• Stick to your vision
• Find a core audience
• Use alternative publicity
• Charge a fair price

I have a post coming up in the next few weeks from a reader who took a very unusual hobby and created an income from it. Stay tuned.

And before I end -- any of you out there taken the initiative to make some extra money from your hobby?

Comments

[Eric]

$25 Million is NOT a huge number? Or did you mean the $26M spread across the 100,000 people isn't a huge number? That works out to $260 extra per person using the site - then you are right, it isn't much.

I think the internet is full of stories about people being able to translate a passion for something - like a hobby - into a full-time income. Think about how many bloggers are out there that can subsidize their income with revenue from their blog - often a labor of love, not a 9-5 profession.

[FMF]

Eric --

Both. For comparison sakes, the greeting card industry is worth BILLIONS of dollars -- and it's just a small part of the overall "gift" industry.

Plus, as you've stated, the per seller amounts aren't great either.

[Andrew]

I was a volunteer firefighter for many years; loved it. Then they started paying us $5 a call, now it's $10. Great hobby, turned into a little bit of cash on the side. :)

[karla (threadbndr)]

Working on it. But so far my best 'income' has been trading my items and services with other craftsmen. I've gotten some unique pieces that I'd never have contemplated owning otherwise.

[Lily]

Poker is my hobby, and on average I make a pretty decent hourly "wage." It's like I'm getting paid to have fun! (Not recommended as an alternative income source for most people.)

[Rabbit]

I can make just about any kind of craft out of wood and I would love to be doing that but I don't have the time to put into it right now. I have made a few bucks by selling some of my goods. I enjoy making things and donating them to churches or places like that so they can raffle them off. I know it doesn't make me any money but sometimes its about what you are doing for others.

[Rachel]

"I know it doesn't make me any money but sometimes its about what you are doing for others."

It's nice to hear this for a change. We seem to have lost our perspective a sto the really important things in life.

[Eric]

3 years ago I decided to make all of my hobbies into profitable ventures. I started with internet poker and made a few thousand while enjoying myself for a few hours a week.

After the government shut that down, I began freelance writing. In less than one year, I've made more than 6 thousand dollars writing part time. This calendar year, I anticipate earning in the 10-15 thousand dollar range.

Everyone does something well. Find a way to market it, and it just may pay for an extra house payment, a Roth IRA contribution, or a vacation Maybe all three.

[Mike Smith - Bootstrapping Blog]

Good article. I recently wrote an article about how to turn passion to profit and this fits it perfect. Keep up the good work here.