Turn Your Hobby Into a Business
July 23rd, 2008, 8:18 am Hobbies And Interests
Many people would like to turn their hobby into a business and the best way to go about this is to start while still working at your day job in the beginning. You can then begin to make your contacts, send out press releases and generally plan for the day you will be able to kiss being an employee goodbye. This way you won’t be losing any income while you are getting things up and running. So unless you have a sizeable chunk of capital to inject into the business at the beginning, this is the best way to start - slow and carefully.
Everyone would love to get paid for doing something they would be doing anyway, so building up a small business from a hobby is the ideal way to make a living. Not only will you be your own boss, you will be doing something you love to do anyway - work isn like work if you enjoy what you are doing. On top of this, if you are marketing your own products and designs you are far more likely to work harder and have a belief in your product. Also, the love you put into producing your work will shine through, not like if you were promoting someone else s wares.
If you are planning on beginning a business, your best bet is to start out part-time while you are still earning a full-time income at your present job. If you are like most people who are existing from payday to payday, you don’t have a lot of money to invest in a full-time business. No need to worry! Just use your favorite hobby as your business base and grow from there!
There are many ways to turn a hobby into a business. It doesn necessarily have to be something you make to sell. If you like cooking, why not start a recipe newsletter for other like minded chefs. Or if your forte is fancy cakes or cheesecakes, why not try to get one or two regular customers, in the way of coffee bars or sandwich shops, to buy your extravagant confections to sell in slices to customers. Obviously if you are going to do something like this you will have to comply with health and safety regulations, but it is definitely worth considering.
If you enjoy making crafts, why not sell them via mail order, rather than going down the usual route of selling through craft fairs. What about sewing? Are you a good quilter? Could you make exclusive cot quilts and bumpers? Cuddly toys, clothes alterations, soft furnishings? All these pastimes can be turned into lucrative businesses, especially on a part-time basis. By working as many hours, or taking as many or as few orders as you like, you can control how big your business grows and at what rate.
When you have decided to take the plunge, it is worth reading up on how other people have started up home based businesses. You can get plenty of books from the library which will not only give you inspiration, but inform you of tax, insurance and accounting. Also statutory rules and regulations you may have to comply with.
With jobs we dislike there is no way we can give it 110% of our abilities because we procrastinate getting through it and just want to get it over with. That’s why it is vitally important to dearly love the product or service you have chosen to build your business around.
Do you like cooking? Start a recipe newsletter for others who like the same thing and sell your recipes by publishing a simple booklet. Do you enjoy making crafts? Sell them online. (be sure and mark up the price for shipping and handling).
Do you enjoy writing? Write a small booklet or how-to manual and sell it as an ebook. Do you enjoy computer programming? Write a program and sell through shareware groups or even thru your own affiliate program. Just about anything you love doing can be magically transformed into a business opportunity for you. Start educating yourself by reading and researching other home-based businesses.
Businesses that claim to put you in business overnight should never demand a large amount of money from you. On the contrary, legitimate businesses have nothing to hide and should invite you to learn the “whole” story behind their claims.
These days, you can get magazines on any subject under the sun, from miniatures, through to everything British, family trees through to card making. They re all there if you just go out and find them. Also it is worthwhile looking in trade magazines too, which refer to the field you will be entering into. Many useful contacts and associations can be found in the pages and you will need all the information and help you can get at the beginning.
The next stop is to find out if there are grants or bursaries available to the small business person. If you feel confident and your research tells you that it would be safe to give up employment and go the whole hog straight away, contact your local employment centre to find out if there are any allowances to help the new business person. When I started freelancing designing knitting patterns for magazines many years ago, I got something called The Enterprise Allowance Scheme which gave me 40 per week for a certain length of time in order to get my business off the ground.
How many companies are all ready selling a similar product. If the market is inundated, you will have a more difficult time carving out your niche. You will need to see if there are ways that you can do the same thing more efficiently or offer them at a better price before you meet with failure. You need to be aware of certain tax implications that you may be facing. If your hobby is merely a way to make a little extra money on the side, do not plan on deducting expenses or using the loss to offset other income.
If you intend to turn your hobby into a profitable venture, you need to show a “profit motive” in order to deduct expenses and any losses you may encounter as you are starting your business. The IRS has specific guidelines that you should familiarize with as part of your business planning process. You need to figure how a means of distribution for your items. EBay has offered many hobbyists an opportunity to sell their products to people all over the world. If you can create something useful, chances are you can sell it on eBay.
On the other hand, if you are going to have to advertise nationally, then you will have to have at least some budget put aside for this purpose before you start. Advertising can be expensive - but doesn have to be. It depends on the publication. Why not try contacting magazines relevant to your product with a press release telling your story or advertising what you have to offer.
In summary, turning your hobby into a part-time business is the ideal way to be your own boss, work at something which you are doing - and get paid for it, be in complete control of your working life and have the opportunity of working from home. You have to do your research before you start though. Never jump in before you are confident that there is a market for your product and that you have enough financial reserves to keep you going during the early days of your business.
Tags: business base, chefs, coffee bars, fancy cakes, full time business, health and safety, part time, recipe newsletter, safety regulations, sandwich shops, sizeable chunk, small business, time income, waresRelated posts
