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247Moneybox thoughts 007: the side hustle

Representative Example

Total amount of credit £80, duration of the agreement 29 days, rate of interest 292% per annum (fixed), total amount payable (in one repayment) £98.56. Representative 1281.8% APR.

Payday loan provider 247Moneybox.com has been looking into how people have successfully converted their hobbies into a side hustle to generate a sustainable revenue stream. The conversation sprung up amongst 247Moneybox.com staff over coffee and over a few meetings. Keep reading to discover some of the thoughts and ideas that cropped up during these discussions.

Paint brush and oil colours

Turning your hobby into a side hustle

We would all love to turn a hobby into a profitable side business. According to surveys almost a third of UK residents would like to do so. After all, if you're spending your spare time doing a hobby that you're passionate about, and furthermore have the talent and are good at what you do, then why not try to earn some extra money from it? This is fulfilling and rewarding on a number of levels and we have seen cases where people have eventually turned their full commitment to their side business after the earning potential became greater than their full-time position!

We spoke to one of our dedicated Client Services team members, Sheila, about her artwork:

“Ever since I was young, I've always been interested in art, particularly from the Renaissance period, and painting has always been a passion of mine. It's more than something to just pass the time for me. Plus I find it really relaxing and almost meditative after a day's work, and a better use of my time than watching the tele! I always like to post my work online and one day I was contacted by someone out of the blue asking if they could buy one of my pieces - I'd never really thought about it before because, like I say, my art was just a hobby, really, but when we discussed how much he was willing to pay it felt great to know that somebody actually wanted a painting of mine for their home!"

So what did you do next?

“I think that day something clicked in me, almost like I was vindicated or validated at being good at my hobby, so I started to paint more and post my work online more regularly with some suggested pricing if people were interested. I classed the pricing as “donations" because I did not want people to get the wrong impression that I was doing it full-time, plus I found people were more receptive as it felt like they were supporting me as much as they were buying my work, and more and more of my pieces sold. I don't make a huge amount but it's a nice little earner when I can dedicate the time to it. Even though I don't necessarily want to be a full-time artist, it is extremely rewarding to be able to get a bit of extra cash just for doing something I love!"

Stories like Sheila's are more common than you'd think, and more people are finding ways to capitalise on their hobbies to make some money on the side of their full-time work - there are groups and forums online where you can sign up as a "Side Hustler".

We found some interesting advice and thoughts which we would like to share with you:

  • Don't expect to replace your day job overnight - your side job will take time to build and nurture before it turns over a reasonable amount of money.
  • Use your additional/surplus income to pay off any monthly commitments you have. That way it can feel all the more rewarding knowing you don't need to dip into your actual salary.
  • Jot down a list of your outgoings and cross off how much of your side income is contributing to this every month. This will help you get a sense of purpose and understand whether you might be able to commit to your passion in a full-time capacity as you see your income grow over a longer period.