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25% Could Turn Hobby into Self Employment

A new survey by a web design service for the self employed shows that 25% of those asked believe they could turn their hobby into a business.

How much would they expect to earn from becoming their own boss and doing what they enjoy? When asked, the majority of people said that £50,000 a year is more than enough for them to able to quit their job.

I think this is common among many self employed, freelancers and contractors, who might be making more working for someone else, but ultimately they don’t mind making less money if it means they get to call the shots and do what they want.

At the end of the day, which would you prefer? £100,000 a year in a job that really doesn’t interest you…or £50,000 a year doing something that excites you which means you look forward to starting the day? I know which one I would choose.

Let’s not forget that £50,000 is just a starting point, and once many entrepreneurs and self employed people get into the swing of things, they very often end up making a lot more money.

50% of those surveyed were in the 25 to 34 age bracket, so it just goes to show that experience doesn’t have to be a factor when starting your own business. It’s not uncommon for people to start their own business as soon as they leave school or college.

This all comes at a time when self employment is really taking off. Recent government statistics have showed that 4.6 million people in 2015 were working for themselves, compared to 3.8 million in 2008.

Interestingly, not all of those 4.6 million work full time, with many choosing to be their own boss with part time hours. This allows them a better balance I think, where they can bring in the money while at the same time having more free time to do things they enjoy.

So what kind of hobbies are being turned into businesses? The survey discovered that baking, cooking, sports and photography were the top choices, with many people answering they would be getting the majority of customers and clients through internet channels such as paid advertising, social media, and search engines.

However, when it comes to having a successful business, don’t underestimate the power of doing offline marketing, especially when you are offering a product or service that many people want. Advertising in the local newspaper or delivering leaflets is always a good idea, as well as giving existing customers an incentive to refer their family and friends to you.

I think it’s great that more people believe they can turn their hobby into a business. Just don’t expect overnight success if you are planning to go into self employment, as it can take a while until you start getting customers and making a profit.

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