There’s this famous quote that goes thus:
“Find three hobbies you love: one to make you money, one to keep you in shape, and one to be creative”.
Why is money the first criterion? It’s only logical for you to be happy with your source of income.
When you’re satisfied with it, it becomes a hobby because of the passion you’ve invested in it. Aniekee Tochukwu Ezekiel said,
“When passion meets work, work becomes a hobby”.
In this article, you’ll find reasons why you should convert your hobbies to monetary sources and the benefits, hobbies you could practice to earn a living and how to monetise them, their advantages and shortcomings.
Why should you convert your hobbies to money as a Nigerian?
If you’re thinking financial stability, then you should consider an alternate source of income or side hustle as Nigerians call it.
People mostly engage in hobbies during leisure hours to relax and distract themselves from the various forms of stress faced. While you practice hobbies for these purposes, it will be cooler to acknowledge that these activities you do for fun can reward you monetarily if you put in some seriousness.
As funny as making a living from what you do for fun sounds, the possibilities are amazingly endless.
All you have to do is to channel the right attitude, energy, skills and there you are making money from relaxing or having fun.
Benefits of converting your hobbies into money
Here are some benefits you will enjoy if you know how to convert your hobbies into revenue.
Earning from another source will always come in handy.
Often, Nigerians have spent their salaries or wages even before it lands at their disposal, i.e., people already have a budget and fixed distribution plan, but unforeseen circumstances can sabotage these plans.
Luckily for you, your alternate source or side hustle will be there to bail you out.
Plan B career
As the adage goes, “never put all of your eggs in a basket”. One cannot overemphasise the importance of securing backup plans in life and its stages.
Life always happens, positive and adverse events. And sometimes things don’t go as planned. The Plan B career will be there to save you when unfavourable circumstances hit you.
For example, one may get sacked at work, but the Plan B career gives him/her something to fall back on.
You’d easily enjoy this because you’re motivated and in love with what you do. Making money, therefore comes as easy as reciting ABC. You become immune to stress and work depression.
Guide to monetise your hobby and the applications
Firstly, you need to know that monetising your hobby only works for hobbies that are appealing. No one will want to watch you relaxing under the sun at the beach unless you’re a Kardashian.
Teaching is one of the oldest professions and arguably the world’s most valuable.
Your income depends on your level of professionalism and the content of what you’re teaching.
You work at your convenience – you can give lessons online, or make it a private tutorship in person. Or better still startup a school to take your hobby formal.
Why you should teach
- You get to learn a different skill in teaching.
- Making money at your convenience.
- Monetising existing knowledge.
- Income may be limited, especially when you work under a company. e.g., certain skills and qualities may be required to qualify to teach for a school or own yours. Due to this, you may have to seek alternatives. Like starting privately and locally.
Put your pen to paper
Putting your pen to work won’t automatically make you a professional writer but can make you an earner. The fun part about it is that you don’t have to be a perfect writer. Just a good understanding of grammar and you’re good to go.
A great way to start is freelancing. For example, if you enjoy cooking, you can write cooking-related articles for exciting blogs and get paid.
Freelance writing is one of the most profitable side hustles there are today. There are so many blogs today built on varieties of interests; you just have to find your niche. The pay is usually okay. However, there some gigs are not worth the stress.
There are so many freelancing platforms on the internet where you can sell your articles at your desired rate. e.g., Fiverr, Freelancer and Upwork are friendly start points.
Insight: Learn how to become a Successful Freelancer in Nigeria
Why you should write:
- You get to master the skill of writing.
- Work according to your schedule.
- Quick money.
- Rigid payment rate (the higher your rates, the lesser your possibility of securing gigs).
Start blogging or vlogging:
Just like you have the chance to write whatever topic that interests you; you can also blog or vlog about your hobbies.
Blogging is a form of online journaling where opinions and topics about a particular subject are shared, reflected on, and discussed.
They’re are mostly written in a conversational tone. It’s the same idea for vlogging except that it deals with videos rather than articles.
Blogging is very similar to writing but is much larger.
A blog can be built on a sole topic and can also have multiple topics divided into sections.
Once your blog begins to draw enough audience, you can start to promote products for a fee.
Your audience may be the target of a company, and with this, you could strike partnership deals.
You can also join an ad network to convert your traffic to money.
Why blogging or vlogging?
- Multiple ways to earn.
- Potential earnings are high.
- Takes a lot of time and energy as it requires consistency.
- The flow of income may not be consistent.
Create your podcast channel:
Podcasting may not be so popular compared to blogging, but it is growing massively in this 21st century. Statistics show that 50 billion episodes have been streamed or downloaded from Apple.
What’s interesting is that it’s very easy to start a podcast channel. So far, you have capable equipment and software; you are good to go.
There are so many platforms where you can easily register and begin your podcast journey, e.g., Apple, Spotify, Google etc.
When you’re stable and consistent, you can start your earnings through adverts, sponsorship deals, affiliate marketing and sometimes listener donations.
According to the research, businesses spent $497 million on podcast advertisements in 2018.
Why you should start podcasting.
- There’s very little competition since it’s not so popular and there are varieties of niches.
- Potential earnings are high.
- The audience is usually engaging once interested. Research shows 58% of podcast consumers listen to between 76% and 100% of all the podcasts downloaded on their devices.
- Requires consistency and much energy to secure an active and attentive audience.
- Also requires a lot of creativity in content production.
Create and sell
If you’re trying to monetise your hobby, you should put your creativity to work. It’s about crafting innovative ideas that can make your hobby marketable.
The end-product of your innovative ideas have to be digital or physical.
For example, a workout enthusiast can become a body fitness coach. Or even write an e-book or create courses on how to lose weight, which makes his/her product digital.
Someone who enjoys taking pictures can consider phone or professional photography.
As well as someone who loves the art of carpentry can also create neatly-crafted furniture and sell them.
The only requirement for this method is having the appropriate equipment to visualise your ideas. The cost of a startup varies according to the nature of the business one decides to engage in.
Why you should create:
- Uncapped income flow.
- Production equipment for digital products costs are cheap
- A quick source of income.
- Endless possibilities.
- Equipment for physical production could be high (affecting the cost of the product, which may, in turn, discourage potential customers).
- It’s time-consuming (which may make it difficult to follow up especially if one has demanding responsibilities).
Common hobbies that can earn extra income
Asides from the health benefits, keeping fit is quite fun for some people and has hence been refined to a lifestyle.
As a fitness enthusiast, there are a bunch of ways to make money like; becoming a personal trainer, starting a gym, writing an e-book on fitness, writing for a blog or start yours.
You can also promote products for a company or become an ambassador once you have an engaging audience.
Obviously, this is the most mentioned hobby in this article. It is because of the endless opportunities that come alongside.
Writing isn’t just a hobby; it is also a means of converting your hobbies to money.
What makes it the best is that you can build a career as you grow over time.
There’s no limit to what you can write about – anything at all. Whatever interests you as far as it is relatable (people have to be able to connect to your write-ups to be saleworthy).
Starting up is very easy and almost costless, you can start with creating writing to build a portfolio before going to freelance writing.
Tip: Learn how to join Insight’s writers’ community
If curating meals is your thing, you can definitely earn from it. You already have the skill; starting a business isn’t so complicated. Just some money for utensils and foodstuff will do.
There are money-making ways like; securing a job as a cook in a home or a restaurant, offering catering services, starting cooking shows, teaching people “how-to”, etc.
To stand out, you can focus on a particular food with high demand, target your potential customers. For example, starting a Nigerian dish restaurant in a European country.
Since you love posing in front of the camera, you should consider modelling as a side hustle.
You could go from being a photo freak to modelling for top fashion brands; seeing your face in adverts on the billboard while earning massively.
You can start by joining a modelling agency. There are so many of them. Getting into one is as easy as doing a google search of agencies and their recruitment process.
You can also earn cool money from travelling.
As a travel enthusiast, you can create a blog or own a social media page and stay consistent until you’re reputable and have a lot of audiences.
Your comments and reviews about places can influence people’s choices and decisions.
With your influence, you’ll get money-making deals and freebies from places of destinations like South Africa; cinemas, parks, etc.
Insight: Learn about Tourism in Nigeria.
For some people, dancing is a talent. While others just love to dance though they may be bad at it. Constant practice will make you professional enough to start earning.
As a dancer, you can teach others on a one-on-one situation.
You can also give online lessons. If you wish, you can also join dance agencies to feature in music videos.
Insight: See the 21 fun and exciting hobbies for Nigerian ladies.
Some love to repair broken stuff, so why not do it for a fee?
There’s no particular skill in question when it comes to fixing stuff. It could be carpentry, shoemaking, electronics, auto mechanics, and so many others.
Become a professional makeup artist by making money moves. Stop painting faces for fun and rouse for significant events like; shows, weddings, graduations, etc.
It’s entertaining to create voices. Plus, if you’re so good at it, you can monetise it. Become a voice over artist using your talent for commercials. If you’re amazing at it, you could even feature in movies.
This includes drawing, painting and other forms of visual arts.
Being a Da Vinci is no small deal. Your artwork might be the next most expensive masterpiece if you decide to go commercial.
You don’t even need to attempt creating a masterpiece; you can start by drawing or painting people’s portraits for a fee.
The exciting part is that with most of the hobbies listed here, you can build a new career or become an entrepreneur.
Remember, the goal is to make money at your convenience. If you’re making money at the expense of your happiness, it isn’t a hobby; it’s work.