How To Turn Your Hobby Into A Business

January 15th, 2016

Everybody has a hobby, it could be anything from simple ones like reading, sewing, gardening, baking to more complicated ones like antique collecting, records collecting etc. Many of us already spend considerable amounts of time for hobbies, so why not turn it in to a business. Here are few steps to make your hobby a money making side job.
Understand the potential
Not all hobbies can be turned to a golden goose. Before thinking of a business setup in Dubai you need to figure out the potential of the hobby. Hobbies such as baking could be a money making factor. If you really good at baking, you can start a home baking store and make orders. If you love gardening, why not start a small gardening business, where you can plant spices, vegetables and sell pot wise. This could bring you some extra cash.
Make sure you can manage a business
Starting a business is easy; managing one is the hard part. Whether it’s a home based small business or a large scale one, burden of managing is unavoidable. Make sure you have enough time to take up on a side business if you are already employed or if you are housewife make sure you can commit to managing a business with all the other house work and kids.
Do the math
Once you have figured out what you are going to do, perform a bit of a research to see how much you can make and how much it will cost for the start up. A business setup has several startup costs. For example if you are to start a home baking business, you may need to purchase new baking pans and other bake ware. And it may cost for advertising, whether you chose to do social media advertising on facebook and twitter or if you plan to put up adverts on the local newspaper it could cost. So it’s better to do a simple math and see whether you have enough money for the start up costs. Lot of home based businesses fail due to lack of understanding of the concept of the break even. You need to first make enough money to cover your initial expenses before making profits.
Apply for a loan
Once you have calculated the start up costs and how much you may need, you can apply for a loan to get the amount you need. Many countries support start up businesses. You should be able to apply for a loan at a lower rate. Most banks allow a grace period as well, till you make enough money to repay the loan. Make sure you have a comprehensive business plan to show the bank your earning potential.

Comments are closed.