I have this open source project[1] I have been working on for a couple of years. It is relatively popular[2].
Do anyone recommend me to try to turn this into a profitable project instead of just a hobby code project? If yes, what would be a good approach?
[1]: https://github.com/pkhamre/wp-varnish
[2]: http://wordpress.org/plugins/wordpress-varnish/
1) Paid support/install/configuration assistance for users (ie they get priority support but the normal support still continues albeit at perhaps lower priority)
2) Paid consultancy (perhaps there's a certain feature users would like, where you're paid to develop but it gets added to the open-source version
3) Premium version (I'd suggest not removing any features already in the open-source version, but adding new features to the premium version first)
No idea what your uptake would be on any of those ideas but that's the most common ways of monetising something like that I can think of.