We’re living in a weird time right now. A lot of us are adjusting to working from home, but others aren’t lucky enough to have that option. If you’re at home and can’t work, you may be looking for other ways to make money. If you’re not willing to spend your day filling out surveys, you might have a hobby that you’re thinking about monetizing. If you’ve considered it, here are a couple of questions you should ask before investing in your side hustle…
Do I have something people will buy?: Whether you’re providing a product or a service, the key to making money is having a product that people want or need. So before you start advertising your product on your Facebook page, you need to ask yourself whether or not your hobby has the potential to be a money-maker or if needs to remain a hobby for you to enjoy as you choose. You may enjoy building rocking chairs, but you may want to line up some buyers before you start crankin’ them out.
Do I have a good plan?: Sometimes a hobby is relaxing but may not be as fun if it’s taking up a ton of your time. If you want to make money off of a hobby, you need to be sure that it’s something you’ll really enjoy spending your time on. You may enjoy helping your son with his math homework, but do you really want to tutor your neighbors kid? Have you figured out how much profit you can make vs. how much time you’re going to end up spending on it? You’ll also need to figure out how you’re going to manage your time so you can bake/create/build and still do the other things that you need to do to continue going about your life.
If money is getting tight, an internet business might help, just make sure it’s going to truly have a positive effect before you start investing all your time and a chunk of your money on it.