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Turning Your Hobby Into a Home Business

A guest post by Maria Cannon.

Turning Your Hobby Into a Home Business

From painting, crafting, or writing stories, we all have things we do for fun. For many, these hobbies stem from long-time passions and are activities you’ve always dreamed to make a living off of.

Well, what if you could? What if your hobby could sustain itself, pay the bills, and become your career? You may be hesitant, but turning your hobby into a profession isn’t as much of a pipe dream as you might think. Here’s how you can make the transition all from the comfort of home.

Choosing the Right Hobby

The first thing you’ll need to figure out is whether or not your hobby can turn a profit. Some hobbies naturally bring in cash more readily than others. If your hobby results in a finished product that people will want such as art, accessories, or clothing, then you have a productive hobby.

Productive hobbies like sewing, knitting, and crafting can produce things people will want to buy, and these items can all be made and sold from your home. Before choosing a home business, ask yourself the following:

1. What’s the demand for my product?

Just because you can sell your product doesn’t mean everyone will automatically buy in. You will want to consider the market for your product. What’s the competition? Are there many different businesses selling the same thing you are? What sets you apart from them?

2. What is the cost for making your product?

Your hobby may not be too much of a financial burden now, but will that change once it takes on the form of a business?

For example, you may be an excellent guitar player, but if you want to record a homemade album, you may be missing some essential gear to produce a desirable product. You might need better recording equipment, and this will cost you before you even begin to earn money from your passion.

Starting a Small Business From Home

Once you determine whether or not your hobby can turn a profit, you will need to establish the infrastructure to sell your product. This will be the groundwork of your small business.

You will want to create a business model that fits the constraints of your home. You need to consider how you will sell your product and how you will reach potential buyers.

Fortunately, with today’s technology, there are tons of options to reach potential buyers from your own home. All you need to get started is internet connection and a dedicated workspace.

1. Where do I sell?

Depending on your product, there might already be an online marketplace where you can sell your goods. In exchange for a small cut of the profit, the website will host your products and make it easier for potential buyers to find and purchase your goods.

If your particular hobby doesn’t fit any niche or if you want to avoid sharing any of your profit, you could always start your own website. Of course, you will still need to sort out how to deliver your product and receive payment.

2. I’ve sold something, now what?

Once you start selling things you’ve made and start generating some interest, you will want to do a few things. First, you will want to get organized and keep track of your inventory and also keep track of what it costs to make and sell your product.

These records will be vital for you to understand how your small business is truly running, and you’ll need to report your earnings come tax season. Fortunately, running a business from your home leads to some additional tax deductions that can help you get started.

Want more details? For additional information on successfully running a business from your home, see Redfin’s guide here. Find more information on small business tax deductions here, and for additional information on delivering your products, read on here.

It was Confucius who said, “Choose a job you love, and you will never have to work a day in your life.” If you have a passion for something and your current job doesn’t feel fulfilling, then it may be time to capitalize on your hobby.

Even just selling your craft on the side for some extra cash can be extremely rewarding. The important thing is to just take that first small step.

Photo Credit: Pixabay

Choosing the Right Hobby

The first thing you’ll need to figure out is whether or not your hobby can turn a profit. Some hobbies naturally bring in cash more readily than others. If your hobby results in a finished product that people will want such as art, accessories, or clothing, then you have a productive hobby.

Productive hobbies like sewing, knitting, and crafting can produce things people will want to buy, and these items can all be made and sold from your home. Before choosing a home business, ask yourself the following:

1. What’s the demand for my product?

Just because you can sell your product doesn’t mean everyone will automatically buy in. You will want to consider the market for your product. What’s the competition? Are there many different businesses selling the same thing you are? What sets you apart from them?

2. What is the cost for making your product?

Your hobby may not be too much of a financial burden now, but will that change once it takes on the form of a business?

For example, you may be an excellent guitar player, but if you want to record a homemade album, you may be missing some essential gear to produce a desirable product. You might need better recording equipment, and this will cost you before you even begin to earn money from your passion.

Starting a Small Business From Home

Once you determine whether or not your hobby can turn a profit, you will need to establish the infrastructure to sell your product. This will be the groundwork of your small business.

You will want to create a business model that fits the constraints of your home. You need to consider how you will sell your product and how you will reach potential buyers.

Fortunately, with today’s technology, there are tons of options to reach potential buyers from your own home. All you need to get started is internet connection and a dedicated workspace.

1. Where do I sell?

Depending on your product, there might already be an online marketplace where you can sell your goods. In exchange for a small cut of the profit, the website will host your products and make it easier for potential buyers to find and purchase your goods.

If your particular hobby doesn’t fit any niche or if you want to avoid sharing any of your profit, you could always start your own website. Of course, you will still need to sort out how to deliver your product and receive payment.

2. I’ve sold something, now what?

Once you start selling things you’ve made and start generating some interest, you will want to do a few things. First, you will want to get organized and keep track of your inventory and also keep track of what it costs to make and sell your product.

These records will be vital for you to understand how your small business is truly running, and you’ll need to report your earnings come tax season. Fortunately, running a business from your home leads to some additional tax deductions that can help you get started.

Want more details? For additional information on successfully running a business from your home, see Redfin’s guide here. Find more information on small business tax deductions here, and for additional information on delivering your products, read on here.

It was Confucius who said, “Choose a job you love, and you will never have to work a day in your life.” If you have a passion for something and your current job doesn’t feel fulfilling, then it may be time to capitalize on your hobby.

Even just selling your craft on the side for some extra cash can be extremely rewarding. The important thing is to just take that first small step.

Photo Credit: Pixabay

About Me

lindee crafsy ovalHi, I’m Lindee Goodall, a machine embroidery designer, digitizer, and educator  in Tucson, AZ.

It’s pretty accurate to say that I’m addicted to digitizing and I have a major fondness for cats, all things Mac, and Filemaker Pro. It’s my passion to help keep you in stitches—embroidery stitches, that is!

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To inspire and nurture personal creativity and productivity by connecting embroiderers and digitizers with innovative, high-quality products and information that significantly elevate their enjoyment and experience while maximizing the use of technology. In other words, more toys and more fun!

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