Considering the frequent moves, months spent without your spouse and an overall lack of temporary jobs, the military spouse’s lifestyle isn’t always conducive to full-time work.
With the help of the Internet, many spouses like Sabrieth Stormscribe are turning their spare-time hobbies into profits. As a successful businesswoman, her advice is to be passionate about what you’re doing before you try to make money off of it. Here are some other tips to consider when turning your own hobby into a business.
Some people find that once they begin selling their hobby to others, the passion fades. What used to be joyful recreation is now a stressful obligation. You don’t want that.
Be sure to search yourself and your desire for business. While Sabrieth Stormscribe found success with her jewelry, Trent from TheSimpleDollar found the opposite and realized he was better off keeping his gaming a hobby. Talk to others and gauge their experiences to determine what you can expect for your own.
See what’s out there. Check your hobby’s products, the people buying them, how much they are paying and where they are located. This will help you determine your own earning potential based on the competition.
Also, talk to the people around you, especially those who have commented on your hobby skills. See if they’d be willing to purchase your product and for how much. Once you get a feel for how much you can charge, make sure it will cover your expenses.
According to Bankrate, the Internal Revenue Service considers any activity intended to make money a business. That means you’ve got to consider whether you need a permit or an occupational license. Most cities require small businesses, even home-based ones, to have a business license for tax certification.
Do you want to keep it local and on base? Do you want to travel to craft and hobby shows? Would you prefer all exchanges to be online? Some businesses just sell at local flea and farmer’s markets, while others list items on craft sites like Etsy.
Sites typically charge a small fee to list items as well as a transaction fee, so be sure to look into the details before you register. You can also start a page on Facebook and attempt your sales that way.
Set the word of mouth in motion with friends and neighbors, Facebook, blogs, fliers, newspaper ads, craft parties, craft shows, visiting markets and other local businesses.
While you may think it’s a simple hobby, others love the work you do and are paying for it. Give your business some credit and be sure to have a bookkeeping system to keep records and gauge goals and expectations.
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