Being paid for your hobby?
Discussion
Firstly please excuse the slightly tardy title, but hopefully it will make sense below..
I've been incredibly fortunate over the last 20 years to have made some good contacts and openings through my chosen sport, allied to that is that I've steadily become an (unpaid) organiser of various competitive events and charity events pertaining to it. It's fairly widespread that you're doing it 'for the love' rather than any financial gain, however..
Over recent weeks/months i'm being approached by various people/businesses asking if I could look at doing similar to the above for them, and also to advise on ways they could look at improving their current events.
The crux is that as mentioned everyone knows it's always been voluntary, however i'm of a mind now that considering it's businesses , cities etc who are asking it's probably entirely reasonable to start charging a consultancy fee, BUT, having never been a sales type person i've no idea what sort of fee structure should be implemented.
I've so far been very guarded in giving away ideas at meetings stage (an interview in a past life where the company were fishing for ideas taught me that), so i'd really appreciate any thoughts on how I should go about structuring fees.
I've no illusions that it may fall flat on its face due to the perceived voluntary role, but hey must be worth a go?
I've been incredibly fortunate over the last 20 years to have made some good contacts and openings through my chosen sport, allied to that is that I've steadily become an (unpaid) organiser of various competitive events and charity events pertaining to it. It's fairly widespread that you're doing it 'for the love' rather than any financial gain, however..
Over recent weeks/months i'm being approached by various people/businesses asking if I could look at doing similar to the above for them, and also to advise on ways they could look at improving their current events.
The crux is that as mentioned everyone knows it's always been voluntary, however i'm of a mind now that considering it's businesses , cities etc who are asking it's probably entirely reasonable to start charging a consultancy fee, BUT, having never been a sales type person i've no idea what sort of fee structure should be implemented.
I've so far been very guarded in giving away ideas at meetings stage (an interview in a past life where the company were fishing for ideas taught me that), so i'd really appreciate any thoughts on how I should go about structuring fees.
I've no illusions that it may fall flat on its face due to the perceived voluntary role, but hey must be worth a go?
Eric Mc said:
If your hobby becomes a business, it can ruin your hobby. Think carefully before you decide to start looking on something you do for fun and relation as a money earner - especially if it involves commitments to deadlines, targets, profit generation etc.
I was just going to type this.I know two people who turned their hobby into a business. Neither of them continue in the hobby but continue the business....
And do they have any hobby at all now?
Some people actually love the fact that what had been a hobby has become a profitable and enjoyable business. It's not all bad. But you have to understand what it is about the activity that you enjoy. If it is because it's a break from the drudgery ad/or pressure of the day job, then turning it into another "day job" may destroy why you liked it in the first place.
Some people actually love the fact that what had been a hobby has become a profitable and enjoyable business. It's not all bad. But you have to understand what it is about the activity that you enjoy. If it is because it's a break from the drudgery ad/or pressure of the day job, then turning it into another "day job" may destroy why you liked it in the first place.
Jasandjules said:
Eric Mc said:
If your hobby becomes a business, it can ruin your hobby. Think carefully before you decide to start looking on something you do for fun and relation as a money earner - especially if it involves commitments to deadlines, targets, profit generation etc.
I was just going to type this.I know two people who turned their hobby into a business. Neither of them continue in the hobby but continue the business....
He's been doing it 10+ years too, so not a flash in the pan.
Each case is different of course, but just to prove that not everyone who makes their hobby their profession loses that hobby
Events Management.
Set your daily rate on what you think the market would pay and what you think your skills are worth.
Be prepared to demonstrate ROI and project management skills once you start charging. Find out what your competitors are charging and then charge a little more; don't undercut as that will become a race to the bottom.
Good luck!
Set your daily rate on what you think the market would pay and what you think your skills are worth.
Be prepared to demonstrate ROI and project management skills once you start charging. Find out what your competitors are charging and then charge a little more; don't undercut as that will become a race to the bottom.
Good luck!
They're right when they say that it can ruin a hobby but it really depends on the hobby. Fitness/sport is my "hobby" but I also now work in the industry and am more passionate than ever about it to the point where I might overshoot the session by 20% (without further charge) if everyone wants to carry on.
The only issue that springs to mind is one of insurance. https://en.wikipedia.org/wiki/Professional_liabili...
If you coach in your sport and have a relevant policy and qualifications then adding corporate events should be fine. If you just arrange events in a sport for which you have no formal qualifications then you may have a problem getting insurance - and when you charge, you put yourself at risk of lawsuits.
The only issue that springs to mind is one of insurance. https://en.wikipedia.org/wiki/Professional_liabili...
If you coach in your sport and have a relevant policy and qualifications then adding corporate events should be fine. If you just arrange events in a sport for which you have no formal qualifications then you may have a problem getting insurance - and when you charge, you put yourself at risk of lawsuits.
Insurance and risk (and the costs involved) are things you need to research carefully. The difference in risk responsibility between a voluntary and professional platform is orders of significant magnitude and even at a voluntary level, they are not exactly 'light'.
A good friend of mine ruined his life pursing a similar endeavour. His thing was off road driving; 4x4 and Enduro Bikes. He started to organise events, his uniqueness being access to MoD land which was highly attractive to those that shared his interest. He went from organising events for a few mates to bi-monthly meetings catering for anything up to 40 bikes and the same number of 4 x 4s. He set up a business whilst still working in his day job and started organising trips to Morocco and the South of France, transporting bikes down in a fleet of vans. It never got close to making enough for him to jack in his day job and as a result, sucked up every single moment of his spare time, costing him his marriage and an absence of even the most basic of business skills drew him perilously close to bankruptcy. And he lost his love of what he previously enjoyed.
Go for it but be careful.
A good friend of mine ruined his life pursing a similar endeavour. His thing was off road driving; 4x4 and Enduro Bikes. He started to organise events, his uniqueness being access to MoD land which was highly attractive to those that shared his interest. He went from organising events for a few mates to bi-monthly meetings catering for anything up to 40 bikes and the same number of 4 x 4s. He set up a business whilst still working in his day job and started organising trips to Morocco and the South of France, transporting bikes down in a fleet of vans. It never got close to making enough for him to jack in his day job and as a result, sucked up every single moment of his spare time, costing him his marriage and an absence of even the most basic of business skills drew him perilously close to bankruptcy. And he lost his love of what he previously enjoyed.
Go for it but be careful.
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