my hobby : 'I turned my hobby into a business'

Liz O'Hanlon always felt like a fish out of water at work.

She had a successful career as a recruitment consultant, but felt more at home helping out during weekends in her husband John's pub in London's Clerkenwell.

When the opportunity came up to turn their brewing sideline into a full-scale business, she jumped at the chance.

Seven years later, after countless sleepless nights, rows with the bank manager and a relocation to Devon, she insists she has no regrets.

Although, ask her if she has any advice for people thinking of turning their hobby into a business, and she says "don't go into brewing".

And she is only half-joking.

Passion

Running a small business can be hard enough at the best of times.

But when you are dealing with a product or service you care about passionately, the problems can multiply.

It is difficult to retain the sense of detachment vital for sensible business decisions when all you can really focus on is the quality of the product.

It can also blind you to advice from professionals, especially when they tell you it will never work.

The plus side is that you will be likely to devote even more passion and commitment into making sure you get it right.

By Brian Wheeler

my hobby : Is Selling On eBay Just A Hobby

Q: I made extra money selling things on eBay last year. These
were items I picked up at yardsales mostly. My husband says I
am responsible for paying income tax on the money I made, but
I disagree. This is just my hobby, not a business. What do you
think?
-- Gladys A.

A: With so many people selling on eBay these days this is a
question I get all the time. To many eBay sellers the thought of
running an actual business is about as appealing as getting
negative feedback, so they go out of their way to convince
themselves that selling on eBay is really "just a hobby" and
therefore, should not be susceptible to income tax laws.

While you might think selling on eBay is just a hobby and the
extra money you're making is not reportable as income, depending
on the circumstances, the IRS just might disagree with you.

The IRS rules are clear: you must pay taxes on all personal and
business income and that includes money you make selling on eBay.

In its most basic sense, the IRS rules mean that if you buy a
vase at a garage sale for $10 and sell it on eBay (or elsewhere)
for $20 you made a $10 profit and therefore must report it as
income and pay Uncle Sam his fair share.

In reality, if you are a casual seller who only sells a few
items on eBay every now and then it's doubtful the IRS is going
to lose much sleep over the few bucks you make.

However, if you consistently sell on eBay the IRS may deem your
activities to be business oriented and you will be required to
file a Schedule C and claim the income.

The IRS uses a number of factors to determine if a hobby
is really a business. These factors include
1. Do you carry on the activity in a business-like manner?

If you conduct your eBay activities in a business-like manner,
i.e. you keep business records, track profit and loss, keep a
separate checking account, etc. then whether you think so or
not, your hobby is really a business.

2. Do you spend considerable time working on your hobby?

If you put considerable time and effort into your eBay sales, the
IRS may contend that you do so for profit and not fun. It seems
the folks at the IRS don't believe in doing things strictly for
pleasure. My guess is, neither do you. If you weren't making
money selling on eBay I doubt you'd bother getting up at
4 a.m. to hit all those yardsales.

Then again, maybe you would... :o)

3. If you depend on income from your eBay activities for your
livelihood?

If so, it's a business, not a hobby.

by Nicholas Dixon

my hobby : Should I Turn My Hobby into a Career?

We're supposed to enjoy our work, right? So why not turn something we already enjoy into our career?
Here are some reasons for and against the idea of turning your hobby into your full-time job.

The Pros

1. You know you enjoy it

Whether you're into quilting, painting, or building furniture, you know you lose track of time and feel proud of the results of your efforts.

2. It's more fun than real work

If you don't like what you're doing now, this can seem very attractive.

3. It makes you think work can be fun

Many people have a tough time imagining truly enjoying work. Fantasizing about how you could make a living at your hobby can help you overcome the doubt that work can be gratifying.

Those are some of the pros. Maybe you have thought of others. Now, here come the cons.

The Cons

1. Your hobby can become "work"

Gratia Hardy, of Pasadena, points out that "...being required to do something regularly and well is very different from the no-pressure, no-expectation levels of our recreational activities." When you have to crank out 90,000 of those adorable (fill in the blank with your product) each year, WILL YOU STILL ENJOY IT?

2. Your hobby may not be worthy of a business

Your relatives and friends' assurances that THEY'LL buy your adorable (fill in the blank with your product) doesn't count as market research. If you're serious, write a business plan. And use REAL numbers. It just may work, and you'll make smarter decisions if you have a plan.

3. Your hobby may become mundane

A hobby may not be deep enough to provide the ongoing potential that you'll need to tap to find it fascinating, challenging, and meaningful 15 or 20 years from now. Of course it depends on your hobby, but if you are brainstorming ideas for your new career path, I recommend you list lots of ideas and choose one or two to explore that have the most potential, as well as those that really draw you in.

The Bottom Line

I don't think you should eliminate from your career search the idea of turning your hobby into a business. But you should explore the concept as you would any other business idea and consider what your day-to-day worklife would look like.

If your idea keeps looking better the more light you shine on it, you should have a promising path ahead.

There is one very positive aspect of doing a business plan based on your hobby. You may be highly motivated to do some planning and research, since this relates to an activity you know well and enjoy, and you therefore may be more likely to do the necessary planning. This is a big plus! (And once you see how to do this research, you may be more likely to do it for other ideas you will come up with.)

Something I've learned coaching over the years is that creating a business out of the first few ideas you come up with isn't a good goal. The best careers come from exploring the first ideas and finding out what will, and what won't, work for you.

The evolution of your ideas are the best reason to further explore those first ideas. If creating a business plan based on your hobby gets you to see that you can plan a business that you will enjoy and that will add to your quality of life, then starting with a hobby is a great idea. So start with your hobby, and enjoy the adventure of finding out where you will end up!

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my hobby : Collecting Stickers

Most of us have the collecting instinct. That is why we have to keep certain objects just for the fun of it. Many children collect stamps, stickers, coins erasers and cards.

My hobby is collecting stickers. It is also one of the most popular hobbies among children. Children can enjoy this pastime because it is not an expensive hobby. I started collecting stickers since I was four years old. My hobby began through the influence of my neighbour, Wilfred. One day when I was playing in his house, he showed me his stacks of sticker albums. I was amazed to see so many colourful stickers of all shapes and sizes. He gave me a few pieces from his collection. My interest in stickers started from that day.

I kept my first set of stickers in a scrapbook but my subsequent collections were kept in beautiful boxes. I was quite reluctant to paste them on sticker albums which my mother has bought for me because I think some of the stickers could not be removed easily when pasted onto the albums. By keeping the stickers in boxes, I can exchange some of my stickers with my friends conveniently without damaging them.

Ever since my family members came to know of my interest in stickers, they will buy stickers for me whenever they come across nice ones. I love those stickers from my auntie who is an air-hostess. She bought them from different countries around the world. Some of the unique ones were from the airline that she is working for.

During me free time, I will bring out all my lovely collections, lay them on the ground and admire them. I really enjoy doing this as it will help me recall who gave them, where and when I got them.

Some of my friends are jealous of my collections as I will not exchange my unique stickers with them. Unfortunately, Wilfred shifted away a few years ago and we had lost contact with each other. Otherwise, I would love to share my collections with him. I must really thank Wilfred for his little gift which started my hobby

by Sooi Min Ling