Hobby vs Side Hustle: How to Know If You Should Go Pro
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Ever since the Great Recession hit over a decade ago, the pressure to turn hobbies into side hustles has intensified.
Between the sharing economy, the gig economy, and the ever expanding freelance landscape, it seems any hobby you do for fun, well, you could and should monetize.
So, is it time your hobby should turn a profit? There are considerations to make before you turn your hobby into your side hustle. In some cases it can be a fulfilling way to earn a supplemental income. But in some cases the experience could lead to burn out and loss of interest in your passion, not to mention the slew of proven benefits that come with embracing a hobby and leisure.
To get clarity on whether you should monetize your passion project or embrace it as a leisure activity, answer these five questions.
Hobby vs Side Hustle: How to Know If You Should Go Pro
Would you resent it if your side hustle didn’t meet your financial needs?
If yes, HOBBY.
Imagine turning your hobby into your work and depending on your gigs, customers, and clients to help you keep the lights on and put food on the table. Now imagine if it got hard. What if you weren’t earning what you need to earn so you had to turn to another part-time job? Would you resent your passion? Would you be frustrated that you couldn’t achieve a certain standard of living? If you have a hunch that the answer would be “yes,” then perhaps you should let your passion be your hobby and earn a paycheck doing something else.Are you ready to make sacrifices to go pro?
If yes, SIDE HUSTLE.
Are you game for spending extra time on work to meet financial needs? You will probably need to say “yes” to clients and projects that aren’t your dream projects. When your hobby becomes your hustle you may have to take on projects that you don’t love. You may have to commit to inflexible deadlines and deliverables. If you don’t mind ramping up your discipline around your hobby and losing some control over deadlines and deliverables, then turning your hobby into a side hustle may work well for you.Does your interest serve as a great escape and outlet for you?
If yes, HOBBY.
Picture yourself in your favorite vacation destination. Then picture yourself picking up and moving to that destination. Maybe it feels great at first, but then you quickly realize you no longer have a favorite vacation destination to get away from it all from time to time. Same principle. If your hobby serves as an amazing stress-reliever and escape for you, you may consider holding that sacred space and letting it be just that.
Is there a gap in the market where your product or skill fills a need?
If yes, SIDE HUSTLE.
This involves some real self-awareness, market research, and gut-level honesty. Is your work or product highly available? Does the market demand show you that you would get consistent work? If your skill is not in high demand, you will likely enjoy using it more as a hobby than as a way to earn a living.Does the idea of getting the approval and input of a manager or client take the wind out of your sails?
If yes, HOBBY.
If you like to work on your own timeline, tinker ‘til you’re happy with a product, and decide for yourself if something is “good” or “finished” then turning your hobby into a hustle will probably squelch your joy.
If limitations and financial pressure don’t make you come alive, then monetizing your passion is probably not a good idea. If you treasure the lack of stress associated with your hobby, then consider that monetizing it will not bring you joy. But if there is a need for your work in the marketplace, if you get energized by doing the work no matter the limitations placed on it, then your hobby may be more than just a hobby--it could be a very successful and meaningful side hustle in the making.