With so many people being made redundant in this economic climate its no wonder that more and more people are starting their own businesses and oh yes I have personal experience of this having gone from a two salaried household to a two business household.
It seems that turning your hobby into your business is a popular choice, much as Brett my husband did with his photography. We knew it wasn’t going to be easy and of course mistakes get made along the way, but here are my 5 top tips for turning your hobby into your business.
- Before you even think about investing in it, you need to figure out whether its the right choice for you. So get serious about your hobby, but put a framework about it. Set yourself some goals and see what it feels like. Still enjoying it? Great – then it could be for you.
- Go out and do a bit of market research – is there a market for your product. If you don’t know where to start with this enrol on a start up business course. Some organisations offer this for free others charge a small fee. Check out WIRE, business initiative and the chamber of commerce but availability varies according to area so get googling.
- Unless you’re forced to leave work, then stick with it and have a go at your business part time – but do be official about it and register with the tax man. It’ll save you money in fines later on AND if you’re already paying tax you may be able to offset some of your possible losses. Plus you’ll have the security of the income coming in.
- Start to network. There are some great books and blogs out there to help. Check out this blog. You’ll find lots of people willing to share ideas and support.
- Have some fun. It you stop enjoying it – you won’t put as much into it. – And remember its within anyone’s capabilities – you just have to start somewhere.
Related articles
- Turning your talent or hobby into a business (Infographic) (sme-blog.com)
- 15 Step Plan In Turning Your Hobby Into A Business (bizsugar.com)
- Tips for Starting Your Own Business (turbotax.intuit.com)
5 Responses
Great advice. Having moved to a different area of the country I am re-assessing my business!
[…] Turning Your Hobby Into A Business. […]
A wonderfully inspirational post. I have pressed this as I think it’s very relevant to my blog readers at http://www.beatredundancyblues.wordpesss.com Thanks for sharing it with us.
Thanks – glad you liked it and want to share it
You are very welcome. Keep up the great blogging.