{"id":472,"date":"2017-12-20T14:50:23","date_gmt":"2017-12-20T14:50:23","guid":{"rendered":"https:\/\/www.insurancebee.com\/blog\/?p=472"},"modified":"2024-05-29T09:07:27","modified_gmt":"2024-05-29T09:07:27","slug":"turn-hobby-micro-business","status":"publish","type":"post","link":"https:\/\/www.insurancebee.com\/blog\/turn-hobby-micro-business","title":{"rendered":"Turning your hobby into a micro business – what you need to know"},"content":{"rendered":"

\"Turning<\/p>\n

Ever thought about turning your hobby into a micro business?<\/p>\n

Home-based craft businesses are popular, thanks to online marketplaces like Etsy<\/a> and eBay<\/a>. But more and more people are successfully turning their part-time passion into a full-time profession. Starting up micro-businesses in gardening, design, decorating and photography, to name a few.<\/p>\n

If you want to make money from a hobby, it\u2019s important to have a clear strategy from day one.<\/p>\n

Do your research<\/h2>\n

Before you quit your day job, make sure that there’s enough demand for what you’re offering. And at the right price. Spend time getting feedback, and develop your pricing model from there.<\/p>\n

It\u2019s also a good idea to identify your target demographic.\u00a0<\/a>\u00a0This’ll help you market your product, or service, more effectively. Check out the competition too – you can learn a lot from your rivals.<\/p>\n

Have a really good think about the right channels to use to market your business. Set up social media profiles – and a website, if you need one – so\u00a0 your customers can find you online and get in touch with you easily.<\/p>\n

SCORE is a non-profit organization\u00a0offering free business advice<\/a> through its network of volunteer mentors.\u00a0 It’s a really useful resource if you need help in a specific area of your business.<\/p>\n

How much can you invest?<\/h2>\n

Investing in a business is not just about money.<\/p>\n

Do you have the time you’ll need to run a company? And are you willing to invest in learning new skills to grow your business?<\/p>\n

The cost of starting a business<\/a> will vary wildly\u00a0 depending on what’s needed to get it up and running.<\/p>\n

Obviously, opening a store selling furniture you’ve made is going to need more investment than a setting yourself up as a web designer. As they’re likely to already have the hardware and software they need to offer a professional service.<\/p>\n

Of course, when you’re starting up a business finance is key.\u00a0 But if you’re confused about funding options there’s plenty of information available to help you at websites like\u00a0USA.gov website.<\/p>\n

There’s also some alternative ways to fund your start-up.\u00a0 Check out crowdfunding platforms, like Kickstarter.<\/p>\n

Or, if you’ve saved up some money in a retirement fund, you might want to\u00a0look into a Rollover for Business Startups (ROBS)<\/a>.<\/p>\n

Getting your micro business up and running<\/h2>\n

A robust business plan in place and funding sorted, it doesn’t matter whether your new micro business is offering a service, or selling products, you need small business insurance.<\/p>\n

If you don\u2019t think you need insurance, here’s a few scenarios that might change your mind:<\/p>\n