Do You Want to Turn Your Hobby into a Business?

Sell yourself 

If you are confident about your idea and you’re all set up to sell it, you must ensure it reaches your desired audience through marketing. Give it a unique name, think about branding, develop an aesthetic look so that your product stands out from the crowd.

Also think about what platform you plan to use to grow your business – you may start with your family, friends, relatives.

Local directories can also be a good place to begin with as can some e-commerce sites (e.g. Etsy). Have a look at what other established businesses use within your industry and see if you could use the same.

Build an online presence 

The Internet is a vast network and provides various ways by which young businesses can display their skills/talents. Setting up your presence online may take a bit of time, but it will pay you dividends later. There are a wide range of tools which can make the presence of your online business stronger:

1) List your business on Google my business.

2) Go for social media marketing across various channels like Facebook, YouTube, Twitter, Instagram, etc.

Understand your legal responsibilities 

Be aware of your legal obligations before starting a business.

• If you are planning to set up a Limited company, you have to go through Companies’ House or use an intermediary.

• If you want to set up as a Sole Trader, you will need to inform HMRC, and you will need to complete an annual Self-Assessment tax return.

• You also need to apply for insurance depending upon your business nature. There are lots of insurance plans available to choose from so it is worth spending some time researching this.
  

Be creative with your time 

Time is your most valuable commodity so make sure you use it wisely.  Divide your time sensibly; give your business admin the attention it deserves don’t just focus on your product/service, but make sure you leave some time for yourself.  You may have to sacrifice your early morning or late nights to get the business off the ground, but hopefully it will pay off as you transform your hobby into a profitable career.

Think like a business owner 

Finally, if you really want to make your hobby profitable, change your mindset and start thinking like a business owner. Try to represent yourself professionally in every activity of your business. Self-belief should not be underestimated. If you are confident and good at what you are selling, your halfway to succeeding already.

How can Limelight help?

Limelight Accountancy was started in 1993 and become a subsidiary of DNS Accountants in 2016. We started as a spare-room business and have grown into the company we are today, so we know what you are going through.  We specialise in dealing with small owner-managed businesses like sole traders, Freelancers, partnerships, or small limited companies and offer a comprehensive range of accountancy and tax services tailored to your needs - from start-up to final accounts, including bookkeeping, payroll, VAT, and tax returns. Give us a call and let us help you get off to the right start.