How to turn your hobby into a business

We all have hobbies and, in this day and age, it’s easy to turn those hobbies into businesses.

Whether you’re creating things for people to purchase, offering services or even just want to teach others how they too can take up your hobby, there’s always a way to turn your hobby into your dream job.

Strategize, Research & SWOT

The first step to turning your passion into a viable business is figuring out how you can make it profitable. This requires quite a lot of strategizing to figure out what your business will offer other people, something that they will be able to exchange for money to keep your business up and running. Fortunately, this is often easier than it sounds. For example, if your hobby involves creating something physical, such as knitting or pottery, then you can simply start by selling your products. As for services, this can be a little bit trickier, but offering classes is often a good way to go.

Whatever you come up with, the next step is to research the area of business that you’re planning to go into. Is there a demand or an opening for your business? Who would be your biggest competitors and what’s the pricing like in the industry? Once you’ve got all the answers to the big questions, then it’s time to analyze your research by conducting a business SWOT analysis. This will help you determine the strengths, weaknesses, opportunities, and threats in your business.

Make Sure You’re Legally Covered

So, you’ve got all the ideas, strategies and research in place to create a business out of your hobby, now it’s time to make it legal. Congratulations, the HMRC website is about to become a staple on your web browser, as you’re required to let them know everything that’s ever happened with your business. That is, if you’re a sole trader anyway, as the HMRC requires you to register and fill out annual Self Assessment tax returns. Alternatively, if you’re setting up a limited company, you’ll need to inform Companies House, or you can go through an intermediary.

Regardless of which type of business you’re starting, you’ll also need insurance. Of course, the type you require will depend on the nature of your new business. There are several forms of business insurance that most people should consider, including public liability insurance, business contents insurance, employers’ liability insurance, and professional indemnity insurance. There are also business specific insurance plans available, so whether you’re a yogi looking to find cheapest yoga insurance, an artist after singer insurance or an author after writer’s insurance, there’s definitely a plan out there to look at.

Network & Optimise Your Online Presence

As well as selling your goods, services or expertise, you also need to sell yourself. Marketing is absolutely the key to getting your first sale and keeping your business afloat, so you’ll need to advertise your business as much as possible. Look for different places you can drum up business, not only locally but online as well. Spread the message among friends, family and amongst local businesses, and ensure you’re listed on Google My Business. These are the easiest steps to take towards creating a profitable business but you can take it up a notch by creating a website and creating social media profiles.

Once you get to this point, there’s no stopping you! Your hobby has officially become your business, and you’ll be truly living the dream.