Best vs Favourite Money-Making Method

*Click to read the affiliate disclaimer*

(Last Updated On: )

As someone that used to write a lot about music, I was often faced with a dilemma of “best” vs “favourite”. It’s all well and good me telling people that MJG was the greatest living rapper, but when it’s so difficult to pull up stats to support his quality, consistency and impact on the industry, I’m just talking about preference. When it comes to personal entrepreneurial projects – the favourite vs best dilemma is as much a thing. Your favourite thing to do is very unlikely to be the best.

So how do you choose which to go for?

Why Go with Your Favourite?

The thing with having a favourite way to make money is that it may be something that you did before you even saw the profit potential in it. The reason why it’s dangerous is because it’s likely to be inefficient and take too much time to earn an amount that you’re happy with. These may be things that you got into as hobbies or creative pursuits.

You know what your favourite things are right now, and you probably know how it can be monetised if you apply yourself in a particular way. Over time, it may pay off for you or it might now. What’s bad about choosing your favourite thing is that if it doesn’t work for you, it may deter you from ever participating in that thing you used to love again. Mixing your favourite personal pursuits and business ones is a real risk.

If I stuck to my favourite method of making money, I would be a freelance music journalist. I would actually enjoy the work part of it, but now I’m so far removed from it, I can see that the chasing, amount of moving parts and administration would make it so difficult to actually earn a consistent living from it.

Why Go with the Best?

The best method is something that turns out to be the most fruitful. These are business models that are well-established, safe and you just have to stick with the plan to get your rewards. You’re probably going to need to commit time to learn new skills and acquire knowledge to prospect with this, unlike with your favourite (where you probably had some sort of base level understanding at the beginning).

Don’t get it twisted; it’s not going to be easy to find. If everyone knew what the best method was, they’d all go for it, and the competition would mean that it’s no longer viable. Timing, resource and execution will determine whether or not you create a successful business, even if you’re going with the objectively best option.

Can You Find a Happy Medium?

There are happy mediums out there. Absolutely loads. The most obvious example I see is within the content creator space. People are able to make decent money off their ability to tell their story through photographs and well-crafted captions. There’s plenty that goes on behind-the-scenes, with meetings with PR agencies, dealing with brand guidelines and putting yourself through arduous photoshoots, but ultimately these people are given the chance to have the most amazing experiences and profit from social media.

I would advise everyone to look for something that they enjoy, and actually works for them. More than anything, it should fit your lifestyle the most effectively. It may take a while to find it, but sticking with ‘the best’ thing (that you don’t have fun with) is going to drain you. Shout me if you need inspiration for your next pursuit.