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If you already have something you love and spend a lot of time doing, setting up a business would mean you get paid for it too. Win Win!
If you have a hobby you love doing, why not make a career out of it? Well, one reason is that you might not enjoy it so much once your hobby becomes a job. You should think carefully before you start because the last thing you want is an enjoyable hobby to turn into a burden. If you like a challenge and you’re prepared to sell yourself, then it could be the right option for you. The kind of business you might set up depends very much on the hobby you have. Will you be selling something you have made, such as clothes or art? Or will you be teaching your area of expertise, maybe offering piano lessons or cookery classes? These are the two most common types of business although there are lots of variations. For example, you might set up a business fixing things for people. Once you’re ready to set up your business, start by doing lots of research into the industry you’ve chosen. Develop a business plan and figure out exactly what you’ll need to implement it. Will you need to hire other people? Will you need premises? How will you market your product or service? Whatever the answers to these questions, be sure to seek out as much expert help and opinion as you can.
Aside from making money, making a business from your hobby is a great way to share your passion and teach others why you love what you love.
Who is it for?
Making a business from a hobby is for anyone who has a hobby or a passion they’d like to share with the rest of the world.
Are there any prerequisites?
The only prerequisite really is having something you do to a sufficiently high standard and the desire to share that thing with other people. Plus, the willingness to work hard.
What are the benefits?
The benefits of starting a business from your hobby is that you not only get to share your skills, talent and experience with other people, but you also get paid for it.
How much will it cost?
This depends on your business. You can set up a shop online (with Etsy for example) for free, or you can spend thousands setting yourself up. The average cost of setting up a UK business, however, is estimated at around £350.
Can I take it to another level?
In reality, the sky’s the limit. Obviously, it depends what your business is based on, but if it turns out to be something that people want, then your business could take off and within a few years, you could be Richard Branson!
What Equipment do I need?
Again, this depends on your business. Selling products online, for example, requires no equipment at all outside of a computer and internet connection. Setting up a website to promote what you do will probably be a good idea.
Where can I take part?
You can set up a business at your computer at home or if you need to room to expand or hold stock, you can rent your own premises somewhere.
- Make sure you’re fully compliant with the law — speak to someone at HMRC about whether you need to register a company or if you can just set yourself up as self-employed. Start here maybe: https://www.gov.uk/working-for-yourself
- Do as much research as you can before you start. The more planning you do, the more chance of success you have.
- Take the time to learn how to create an effective business plan. http://articles.bplans.com/how-to-write-a-business-plan/
Facts & Stats
More people than ever before are setting up new businesses. In the first half of 2016, there were as many as 80 new businesses set up every hour.
The UK is ranked 6th in the world for ease of doing business by the World Economic Forum and World Bank. http://fruitworks.co/10-facts-about-uk-businesses/
The combined annual turnover of Small & Medium Enterprises was £1.8 trillion, 47% of all private sector turnover in the UK. https://www.fsb.org.uk/media-centre/small-business-statistics
Did you know…
You can teach what you know from the comfort of your own home by creating your own online course. Check out Udemy to see how to set yourself up. https://teach.udemy.com/?ref=teach_header
NOTTOT RELATED LINKS…
Entrepreneurs Who Turned Hobbies into Million-Dollar Businesses: