If you know the aisles of Hobby Lobby, Michael's or the local hobby shop as well as your own home - you may have a home based business ready to be born.

Hobby enthusiasts usually pursue their passions for the enjoyment. That's great. Yet there is much opportunity for so much more. Think, how much do you know about your field? How long have you been shopping for products, scouring the net for information, as well as tinkering on projects in your spare time? How much money have you spent attending seminars, classes or craft fairs?

If you've been practicing your hobby for some time (and 'time' is relative), you are a knowledgeable practitioner. My seventh grade teacher Mrs. Beekman used to say "knowledge is power". Well in this case, "knowledge is profits". Take that knowledge and start a journey to the bank.

How to turn a hobby into profits

1. Sell your creations. Offer your stuff up for bids on ebay, launch your own website, or purvey at craft fairs, art shows, and hobby-based exhibition shows.

2. Specialize in creating an aspect of your hobby. For instance, let's say your passion is scrapbooking. Custom design a line of embellishments, papers, or holiday theme packages.

3. Critique others or review hobby based products. Give feedback on the latest products that are coming out or help others by giving tips on how to improve. Offer your great knowledge by way of a simple website, podcast, blog, video-cast or online TV show. Make profits by selling ad space, affiliate marketing, or sponsorship.

4. Write how-to books. Compose a product with great detailed information about your hobby field. Sell the composition as an e-book available for instant download or self-publish using sites like lulu.com or i-universe.com. Don't forget to sell your great read at hobby shows too.

5. Sell your expertise as an expert. Even with basic knowledge on a hobby subject, you can help a beginner out. Conduct one-on-one sessions or group instruction sessions on a topic within your hobby.

6. Start a member's only site. Launch a website in which other same-hobby enthusiasts must pay a (reasonable) fee to have access to great tips, freebies, discounts, and instructional videos.

A hobby can be more than just a spare-time pursuit. It can be a means to bring in additional income. Use the internet as a tool to launch a website, blog, e-books, or podcasts to pitch quality products. So yes-go do what you love to do. Be smart and get paid at the same time.

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