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Hobby to Market Stallholder
Want to turn your hobby into a profitable business but don’t know where to start?
We hope this article gives you some great insight into how to take your Hobby to market stallholder.
Maybe you make handmade body creams or sew handmade cat toys as a hobby. However, you have caught the attention of quite a few people who are willing to buy your end product. Could be the perfect time to take your talents to the next level and share it with more and more people, and what better way to do so than becoming a market stallholder.
What makes it classed as a hobby?
As stated on the business.gov.au website a hobby is a pastime activity where you would either gift or sell your work (product) for the cost of materials. If you are selling for a profit, it falls under a business.
Now before you start organising your insurance, permits or licenses required you need to set up the foundation starting with a business name! Choosing a business name sounds easier said than done, but it is one of the most important things you do as you begin your new business.
Running under the guise that this is a one-person show, business.gov.au says you will not be required to apply for a business tax file number, you can use your own, but you will need a apply for an ABN (Australian Business Number) and organise your insurance, permits or licenses as required.
Business branding is a marketing strategy that gives you a competitive advantage, but if you do not build the right brand, you could be driving potential customers into your competitor’s hands without even realising. Whereas correctly branding your business will create a positive perception in the minds of target customers. A recommended first step in creating your brand would be to start with a logo!
Lastly, build an online presence!
Having a website is a successful way of giving your customers or potential customers 24/7 access to you & your product. As a stepping stone social media is a great place to showcase your products and let potential customers know which market they can catch you at next.