When you're suddenly faced with some extra free time on your hands it can be an exciting, but sometimes daunting, experience. Whether your children have just started school, or you've quit your job to focus on some more me-time, it can be difficult to reclaim a sense of purpose away from your role as a parent or employee.
Using your skills to create a business you love will allow you to take back a sense of independence that still provides you with the flexibility to fulfil your other commitments. Running a business you're passionate about, instantly provides more satisfaction than many other roles, plus you get all the benefits of being your own boss.
In honor of National Hobby Month, you'll discover a series of blog posts over the upcoming weeks that will talk you through the best ways to get involved and get serious about your hobby!
Pick a Hobby
Almost any hobby can be turned into a business as long as you're producing something that other people may want. That means making the most of your skills and being able to produce something that other people can't or don't' have the time to do. Think about the last time you had guests round, did they admire your homemade cushions or your clever storage solution in the kitchen? Everyone has a talent so identify the one that you enjoy the most, that you think will also be able to be taken to market.
Costs
Now it's time to crunch numbers. Here you need to consider what materials you will need. If this is a long term hobby you might already be aware of these, but to build a successful business you will need to order them at a higher volume. The internet is full of resources and you may be able to get a discount if you buy in bulk. When you've determined how long it will take to make each product, you will be able to set a price. It's important to be realistic when setting your goals, especially at first, and as your customer base grows you'll be able to make more profit. Think of your business as a child, one that will grow and develop as you invest more time into it. It's important to be realistic when setting your goals, especially at first, and as your customer base grows you'll be able to make more profit. Think of your business as a child, one that will grow and develop as you invest more time into it.
Where to advertise
The world of marketing can be intimidating, and it's easy to get caught up in a wealth of advertising strategies. It's important to maintain a balance, so that you have products to sell and crucially, people to sell them to. Using your local connections is a great start. Reach out to friends and ask them if they'd be interested in buying your product and if they could spread the news of your business. With your child starting school, it's a great opportunity to connect with other parents and gauge their interest. School events and fairs can also be a great way to earn more custom. It's important to be realistic when setting your goals, especially at first, and as your customer base grows you'll be able to make more profit. Think of your business as a child, one that will grow and develop as you invest more time into it.
Selling online
Limiting your outreach to where you are based will also limit your custom, and by going online you can reach a larger group of people who are shopping for your product. Using an online marketplace such as Etsy, which is the go-to for hobbyists looking to make money from homemade items, takes the hassle out of selling products and does all the hard work for you. Simply add a photo and description and you're set! It's also worth mentioning the power of social networks. Consider setting up social media accounts to promote your business. Gaining shares will give you more exposure and potential for sales.
Packaging
The appearance of your product is so important in making sales. You need to present your product so that it looks professional and attractive. It's the attention to detail here that will also make sure customers remember your brand and come back to purchase again and again.
How often have you received a package so beautifully wrapped or with that personal extra touch that you've taken a picture and shown a friend? Investing the time into this from the start will help your business grow through referrals too.
Consider attaching it to a beautiful label adorned with your logo and decorating with ribbons. Your label defines your brand and is crucial to your success. Take the time to design something using your logo and a clear description of the product, then get them printed onto a high quality plain label suitable for what you're applying it too. For example, if you're making jams that are best kept in the fridge you need to ensure the label remains sticky even when cold. You can find out more about picking labels by application here.
What to do if you have a problem
Limiting your outreach to where you are based will also limit your custom, and by going online you can reach a larger group of people who are shopping for your product. Using an online marketplace such as Etsy, which is the go-to for hobbyists looking to make money from homemade items, takes the hassle out of selling products and does all the hard work for you. Simply add a photo and description and you're set! It's also worth mentioning the power of social networks. Consider setting up social media accounts to promote your business. Gaining shares will give you more exposure and potential for sales.
Where you can get legal/tax advice
Once your business is up and running, you'll need to inform HMRC as you'll have to pay tax. As you'll be a sole trader, you need to register as self-employed within 3 months of making your first penny. The amount of tax you'll pay will depend on your earnings, but isn't a huge concern when you first start out as you'll pay the same amount as an employee, meaning you'll get a tax free allowance on earnings up to £10,600.
Creating your own business from your hobby can be hard work, but it's worth the effort because of the freedom it provides you. By using quality materials and building a brand you are more likely to be successful in your new venture.
