It’s always an attractive prospect to think that you can turn a beloved hobby into a viable means of making money. Especially as a parent, the idea of forming a new business from the comfort of your home and being able to work around family time is very appealing, and can also help to teach your children about how hard work and dedication can pay off.
So, where exactly do you start?
Decide What You Want to Do
You may already have a lifelong hobby that you wish to upgrade, or perhaps you’re looking to research into the best craft and hobby areas which can earn you the most cash. If the latter, you need to spend time and money honing your craft, but the pay off will be worth it if it’s something you’re passionate about. Whether it’s restoring old furniture, buying and selling cars or writing blogs, do what you love.
Make Sure You Research Legal Requirements
It’s not just about declaring self-employed income for tax purposes; it’s also about knowing whether there are any other legal requirements for your specific business. For example, buying, restoring and then selling cars becomes official motor trading over a certain number of vehicles, which means you are required to take out a motor trade insurance policy to cover your work. You can get Motor Trade Insurance from Tradex in this circumstance, and know that you’re safely covered.
Fully Understand Your Goal
In order to know exactly what you’re aiming for and to get the best out of the opportunity, you need to set a relevant goal for your business. Are you looking for an easy side-line which will provide a little extra income alongside your day job? Or are you looking to eventually do this full time and quit your current job? Perhaps you’re looking for a business all the family can help with, and perhaps have your kids continue it for you in the future?
Whatever your intent, make sure you fully understand it before starting your business.
Adopt a Business Mindset
Although the goal is to do something which you love as a business, an enjoyable hobby stops being a hobby when you decide to make money from it. You need to adjust your thinking to accommodate that. Where before you might have made craft pieces that you enjoy or which suit your home, you now need to think about a target market and marketability of items. This means you may need to create things that aren’t to your taste or which you don’t enjoy making as much as other items.
You also need to think about deadlines and finishing work to a specific schedule, when your hobby might have just found you being creative whenever you felt like it.
Turning a hobby into a business is definitely doable if you have the right skillset, research and means to do so. It’s important to get your family fully on board with what you’re doing, especially if your work is going to be home-based and you may need privacy to concentrate at certain times. Most importantly: have fun!