So you want to turn that hobby into a business?

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So you have had one of those “eureka” moments that prompt you think about starting your own business

For many people the first gem of an idea or hobby might prompt you to become an entrepreneur.  For example, you make your own greetings cards at Christmas and for birthdays and your friends and family say “you should do this for a living you are so talented”.   

Take that popular hobby:  making greetings cards. 

The figures might look good!!!  Say only £1.00 per card for materials – if you sold them for £2.50 each that is £1.50 profit for each card!!!   If you sold them at £3.50 each that is even better.  £2.50 profit for each card.  Wonderful!!!!

But before you even start to consider the idea there are 3 things you should think about:

  1. How much time will it take to produce enough goods to make a living?
  2. How much time to market and sell?
  3. Is there a demand?

So let us look at the card making and think about the practicalities:

  • How long did it take you to make each card? 
  • How many cards could you make each week?
  • How many cards would you need to sell each week to make a living?

So let us say that it takes ½ hour to make each card,

  • 20 hours a week making cards would produce 40 cards
  • £2.50 profit per card that would be an income of £100.00!!

Is that enough to make a living?

Don’t forget, you also have to sell all of the cards to make £100.00 – so there is the time spent attending markets/boot sales/e-bay selling etc. and you would have to sell all of the cards each week, could you do it?  Is the demand there?  Do you have storage capacity for whatever you are selling?

So for those budding entrepreneurs I would suggest that you take those 3 points into consideration before you explore the idea further. 

Having said all of that, I started with a eureka moment a long time ago and I love being my own boss, long hours and hard work but worth it.  Best of luck to you all.

cheers

Maggie