Whether you’re stuck in a job that you hate or you’d just rather be doing something you love every day of your life, you’ve probably already thought about turning your hobbies into a business opportunity. Whether a fleeting thought or you’ve already committed to the idea, setting off on the right foot can be the difference between a successful business venture and a temporary or unsustainable idea.
Most hobbies can be turned into something profitable, whether you’re crafty with knitting needles, a whizz with a musical instrument, have an eye for the perfect shot or you have a passion for all things exercise – the trick is finding the perfect way to get it making money. Our handy infographic is here to help.
Make Sure It’s Right For You
Setting up a business that relies heavily on you doing your hobby potentially all day every day can sound like bliss in theory, but the reality can often be different. It can be a great way to get you enjoying your career, but you need to stop and think about whether you could really do your hobby all day every day for the foreseeable future and be content. If the answer is yes, carry on! If you have any doubts, you may need to think it through a little more. Are there alternatives? Are there ways to make the hobby a more sustainable task?
Have A Business Plan
Even hobby-based businesses need business plans! In order to successfully turn a hobby into a business, you need a plan. Everything from your marketing goals and budgets to your finances for stock, packaging and more, there are a number of things you need to plan before putting yourself out there. You need to work out when and where you’ll sell your products or services, your brand and how you want to present yourself and any risk assessments to ensure that you are ready to take on the market with your best foot forward.
Be Prepared
A business plan will go a long way to preparing you for the world of business, but running your own business, small or otherwise, can be intense. You need to make sure you’re prepared. This can include making sure you meet any legal requirements for your industry, researching any potential fees, registering your company with the UK government and, of course, looking into the right insurance for your business.
We cover a wide range of trades and hobbies under our insurance policies, including public liability insurance to ensure that you and your business are protected in the case of injury or illness to third parties as a result of your products or services.
Develop Your Brand
Creating a brand and developing it are two different processes and both are as important as each other! You need to do more than just create and market your business to gain customers in today’s competitive markets – you need to build on your goals, your company beliefs, how you want to be perceived by the public and, of course, your reputation as a whole. A plan for your customer service goals, your appearance online and on social media and how you handle problems can all go a long way to ensuring that you are perceived in the right way.
Get Informed
Running a business is difficult and if you’ve never done it before, it can be difficult to get started or keep on track without help. Doing your research ahead of time and making a conscious effort to keep on top of changes in everything from legal requirements and finances to expected costs, what you can charge and more, can ensure that you are always ahead of the curve. If there are areas you know you’ll struggle with, whether that’s marketing, finances or something else entirely, you could consider bringing someone in and working the cost of an outside hire into your business plan.
There are a number of things you need to think about when it comes to setting up your hobby as a business and while it can seem daunting to begin with, once you’ve done all the hard work to get set up and going, you can settle into a job that you love. There’ll always be hard work to consider, but it can be rewarding in a unique way!
For more information about our insurance policies for your business to provide you with protection, simply get in touch with Ashburnham Insurance.