If you’re thinking about turning your hobby into a business, there’s a variety of things you can do. In this writing, we’ll be running through them, so read ahead.
Get Yourself Registered
The moment your hobby turns into a business, you’ll need to get yourself registered. If you live in Australia, this means you’ll have to get registered for ABN. Thankfully, this is easy as you can get it done online – through, https://www.abnassist.com.au.
You get registered so that you create an ID that your taxes would be marked against, which as you can imagine, is pretty important.
Get Your First Customers
The shift from a hobby to a business is huge. You probably made some cash here and there working on your hobby, but now, you’ll be making much more. As your focus is to create a lot of revenue, you need to create a portfolio.
This is why you should work with people, even for free. This would help you create a major portfolio that you can use to attract customers. The truth is, the things you worked on before your hobby was a business may not have been your best work, or you may have not taken enough photographs to create a thorough portfolio.
Adopt A Business Mindset
Face it, life’s different now. You’re not going to be working on small projects, but focusing on making a lot of money. You won’t be able to do this if your head isn’t in the right place. You should think about speaking to people in your life who’ve started successful businesses and get to know how they did it. This’ll inspire you to reach their heights, which is what you need.
Be Really Good
You’re probably juggling your job while focusing on your hobby. If your hobby becomes your full time job, you need to make sure you know what you’re doing. If you’re not that great at time management and start a catering company, it’s going to fail and you’ll be in debt- sounds, good?
As your focus was not making a profit, you probably didn’t care about money. Since you made your hobby into a business, you want to make as much cash as possible. Capital would help you excel at your work and put out better products.
It’s not easy to get a hold of capital which is why you’ll have to meet investors. They’ll funnel cash to you, helping you grow. This means you’ll have to socialize and go to a range of networking events.
Figure Out Your Taxes
When you had a hobby, you didn’t have to worry about taxes. Unfortunately, you do now. This can be a headache as depending on your business structure, you may have a range of things to pay. You should speak to a lawyer as he’ll run you through the taxes that you should pay attention to. If you don’t, you’re risking your business as not only will you be fined, you could face some serious jail time.
As you see, a multitude of things should be done, and kept in mind when thinking about turning your hobby into a business. Hopefully, you enjoyed our article!