When A Hobby Become A Business? Hobbies often result in the creation of valuable products, like clothing, food, or furniture. Some hobbies can even give the hobbyist a marketable skill. A person whose hobby is photography may have the opportunity to sell their photographic services for a profit!
There’s nothing quite like the excitement of owning your business. But often it also involves plenty of challenges you need to understand and be prepared to handle. Here are six common small business problems and suggestions for how to deal with them.
Currently there are two million plus businesses actively trading in Australia and a huge 96% of these are small businesses. It is common for these to consist of a husband and wife team or just a handful of staff. Owning your own business can be a hugely rewarding experience, allowing the freedom of ‘running your own show’ as well as potential financial benefits. However, with your business and personal finances so closely linked, the unfortunate reality is that if something were to happen to the business, it could significantly impact your personal life and family. Therefore, it is imperative to be prepared.
Some people are destined to be entrepreneurs while for others starting a business is an option they do not wish to contemplate. But why so many of us want to start our own business, why put yourself through the misery of worry, uncertainty, lack of regular paycheck, long working hours and often sacrificing own family-time and life-style quality (at least at the beginning of a new venture).