How to turn a hobby into a revenue stream
An enjoyable side hustle can help you plan for the future
At his first auction as a 14-year-old, Isaac Northcott quite literally got hooked on antiques and collectibles.
Five years later, wrought iron hooks are among the upcycled home decor items the Oshawa university student makes and sells in his side business called Green Turtle Salvage.
With 10 to 15 hours a week spent on sourcing materials and creating everything from tree-branch coasters to refinished beam benches, Northcott earns anywhere from $100 to $1,200 weekly in sales online and at a farmers market.
The money goes toward his education, savings and investments so he can eventually buy his own place to live and work, the 19-year-old self-taught entrepreneur says.
Northcott is among the 22 per cent of Canadians who have turned a creative hobby into a side hustle.
Boosting income is the prime motivation, but doing something they enjoy is also a big incentive, according to new research by Vistaprint, an online provider of marketing products and services to small businesses.
The study of almost 2,000 full-time workers revealed that average sideline earnings amount to $1,285 a month, mostly commonly in the IT, financial and creative fields.
Side businesses can be started at any age or stage — Vistaprint’s survey revealed that 70 per cent of those 55 and older have done so or aspire to.
And most millennials expect it to be the norm in the future.
“Canada’s side business economy is booming, as employees increasingly look for financial, professional and personal fulfilment that may not be present in their main job,” says Simon Braier, Vistaprint’s customer strategy and insights director.
More than one-third of survey participants said they’d like their side business to become their primary pursuit if it generated enough income.
Northcott, who’s in his second year of a four-year program in finance at the University of Ontario Institute of Technology (UOIT), aims to turn his parttime gig into a full-time career.
“You have to have good margins to make it worthwhile,” observes the young businessman who’s learned how to adapt to varied and changing markets.
With an initial investment of $2,000 to $3,000 for materials, he produced a sizable inventory that ranges from vintage licence plates for $10, and coat and key hooks mounted on salvaged barn boards for $30 to $80, to refinished-beam benches for $175 to $350.
He also makes planters from reclaimed tire rims, live-edge benches and coffee tables, and does custom orders.
Northcott sells his pieces on Instagram and Facebook as well as at Brooklin Vintage Decor, a Whitby antique store where he learned how to refinish furniture and still has a parttime job. He also works for an auction house.
Making home furnishings and accessories from reclaimed and repurposed materials allows him “to express my creativity,” says Northcott, whose business name is a nod to the environment and a favourite animal.
Trial and error have taught him what sells and what doesn’t, says the craftsman, who sometimes dismantles and recreates pieces.
According to “proud grandma” Linda Fockler, Northcott’s entrepreneurial spirit and artistic talent surfaced as a kid selling homemade greeting cards through a local store.
“He was born that way — he’s been a businessman forever,” she says on a recent visit to the Cobourg farmers market where Northcott appeared every Saturday for three months.
It’s that kind of dedication that will help a side business succeed, according to Braier.
“If you genuinely have a passion for something, you will be able to make some money at it, in theory.”
But taking the plunge can be thwarted by time and money constraints or aversion to risk.
The typical side hustler spends14 hours per week working on their venture, but onequarter of those polled devote more than 20 hours a week.
Braier warns about the downside: potential for fatigue, work overload and interference with family and social life.
But he advises picking something you truly enjoy, then taking a realistic look at how much time you can spend on it.
It’s important to set long-term goals: Saving the down payment for a house, for example, he says.
Success also involves focusing on tasks that generate revenue, networking with other side business owners, and using social media for promotion.
“If you genuinely have a passion for something, you will be able to make some money at it, in theory.” SIMON BRAIER VISTAPRINT