Income-positive hobbies have been a go-to for a lot of people trying to diversify their income sources. This was an important financial strategy for a lot of people during the pandemic. Since a lot of businesses had to slow down or completely put their operations on hold, employees were left hanging. A big chunk of the workforce was either let go or put in furlough.
For those that had emergency funds to dip into, the situation was a little easier to manage. Especially for those that had side hustles, they can rely on consistent pay every week. Once you talk about side hustles, many people normally choose to stick to their hobbies. They try and find a way to earn while doing something they love.
And this is a great opportunity since not everyone gets to enjoy doing what they do and getting paid for it at the same time. A lot of times, many workers had to choose the consistency of pay that a job offers regardless if they love what they do or not. This is one of the reasons why income-positive hobbies became a popular option for a lot of people.
More than just getting the extra income every month, people now had the chance to do something they love. It quickly became an outlet of some sort and the biggest reason it picked up steam is that they are getting paid to do it. Along the way, they get to practice their craft and improve on it as well. This can result in higher-paying side hustles down the line.
But in all these, there are also some common pitfalls you have to keep an eye out for if you want to keep doing what you are doing. These bumps on the road might derail you and if you do not take precautions, can throw you off completely. Here are a few of them worth looking into.
Doing too much all at the same time
At the onset, it could feel like you are working on a dream and as a result, try to do a lot of things all at the same time. You begin to squeeze in some side hustles while working on your day job. There might even be instances where you give up lunch breaks or even weekends just to focus on your side hustles and hobbies.
Although admirable, remember that you also need to manage your time wisely. Remember that time management is a crucial component in helping you reach your goals. You have to make sure that as you pursue your passion and hobby, you should not forget about other things in life which could just be as important as your hobby.
For one, your day job could still be bringing the bulk of income to cover your expenses. That being said, it makes sense not to overlook the effort you put into your day job and prioritize your side hustles over it. You could also be trying to multitask so much work that you are not able to accomplish anything substantial. Learn to focus and prioritize work so you put out quality output in all you do.
Burning out of your genuine love for your hobby
Income-positive hobbies are a great way to help you earn extra money all while doing something you already love doing. Imagine if you love taking sports photos and you get the chance to do that for a semipro league on weekends? That would be a big chance to use and improve on a hobby you love and get paid to do it.
But there could be times when you could easily burn out and begin to hate what you do simply because everything seems forced already. You are trying to squeeze in as many opportunities as you can in a day leaving you exhausted at the end of it. Not to mention that you still have to edit all those photos you took and send them over to your client. That will take a lot of time and could start to take up your weekends.
Your excitement in getting as many clients as possible is a good sign that you want to make it work. But at the same time, pay close attention to the time you are putting in. Too much of it where it starts to interfere with other areas of your life could result in burnout. At that point, you could start to second guess what you are doing. What’s worst, you might stop completely because you feel it is not worth it. Take your time and make sure you are not overworking yourself.
Giving up your day job too soon
Once you get started with your income-positive hobbies, you might begin to feel like giving up on your day job. Besides, who does not want to be doing something you already love doing and getting paid for it, right? However, you need to have a clear understanding of what it is you are giving up exactly. Remember that there is still a good chance that your day job still covers the majority of your expenses.
The security of a regular paycheck and the benefits it brings you is a big deal. This is the reason why most people still choose to hold on to their regular jobs than give it all up. This is also the reason why you might want to hold off letting your day job go once you get your side hustle started. The benefits you get from it could be something your side gig cannot provide.
Of course, there is always the possibility of earning more with your side hustles that you can let your day job go. Imagine being able to earn more doing something you love. But this scenario normally takes time to accomplish. So while you are working towards that goal, be cautious about resigning. You couldLose all the benefits you get from your regular job.
Waiting on things to happen
There is a saying that goes “If you build it, they will come.” But in this day and age, this may not be enough. Especially when you are trying to get a side hustle started. It may not be enough to start and wait for things to happen. You need to be proactive and work on your side hustle. Talk to people, reach out to your community, and work your network. This is important since CNBC shared that about 44% of Americans have a side hustle to make ends meet.
If your side hustle is photography, you need to go out and sell your services. Especially to people or businesses that would need them. You could be a freelance designer but if you do not put a portfolio together and send it out to businesses, you will have a hard time. You might not get the clients you need to get your side hustle started.
Income-positive hobbies still need work to help you with your finances. Just because it is a side hustle does not mean you will not put effort into it. If you want to make it work and be a viable source of extra income, you still need to roll up your sleeves and work on it.
Getting started with income-positive hobbies
There could be challenges preventing you from getting your side hustle started. Here are some of the tips to help you jumpstart that side hustle.
A lot of times, we overcomplicate things and it restricts us from even taking that first step. When this happens, most people just go ahead and take the first step. This allows them to get started and find their next step and the next one after that. Soon enough, you can find yourself earning from your side gig.
Find your niche
This is an important piece of advice. Especially if you are trying to get into an industry with a lot of people offering the same service as yours. A way around this is finding your niche. Identify what you can offer exactly and find some additional services to help you stand out. If you are a sports photographer, offer to have printed copies as part of your package. This way, you set yourself apart from average photographers.
Income-positive hobbies are a great way to help you improve your finances with the extra income coming in. But there are also some challenges you have to overcome to make it work. In the end, getting through and working your way through these hurdles can help you improve to be a better version of yourself.