Here are six suggestions Nancy Collamer, author of Second-Act Careers: 50+ Ways to Profit from Your Passions During Semi-Retirement, has on how to monetize your hobby:
1️⃣ Teach others the hobby. Anything can be taught. For example, If you’re a guitar player, then start charging people for lessons.
2️⃣ Teach the business of the hobby. Nancy gives a great example on her book – a man who used to work for Microsoft in marketing. His hobby was magic, and now he teaches marketing to magicians.
3️⃣ Sell, import, invent, or craft a product or accessory for enthusiasts. Sticking with the guitar example. You can create accessories for guitar enthusiasts and sell them online.
4️⃣ Speak or write about your hobby. You can write an ebook about any topic related to your hobby and sell it on amazon for example.
5️⃣ Create a tour or performance series. Let’s say you hobby is wine, you could launch a guided wine tour business or form a wine tasting forum.
6️⃣ Appraise, repair, teach or fix items. If you love computers, then you could start your own PC repair business.