Turning a hobby into cold hard cash.

[Micky89]

Hello gents,

Have any of you turned your back shed projects into a money maker?

I'm constantly thinking of a product that's relatively easy to produce and will sell relatively easy. But I can't think past Furniture and obvious things. Do you think it is something that you just stumble upon? A eureka Moment.

Id like to hear from anyone who have thought about or tried to be an entrepreneur. Any of you guys made a good go of it?

Cheers,

Micky.

 

[penfold]

There plenty of folk on here doing gate/fence/general fabrication for pocket money, and a few doing it professionally. There's also a few doing sculpture of various kinds; Chunkolini of this parish does it for a living and there are others who sell their work.

 

[cumbriasteve]

Trailers, gates and railings always made me some money, smaller stuff can also be made during the week and sold at a Sunday market, it's also worth approaching market traders and the smaller garden centres selling plants and similar, you can supply them with ornamental stuff and give them a percentage of the sale price, they get the stock to look good on their stall, they make a few quid and you don't stand freezing your wotsits off all day.

Be careful though..those friendly people at HMRC soon catch on or some jealous neighbour reports you and you end up with a nice big fine and their estimation of how much tax you owe them, there are many other pitfalls.. home and liability insurance, national insurance, change of use of property etc etc.

I registered and completed a self assessment at the year end, it was easier to be 'legal' than worry who was seeing me putting gates up etc.

I think it's always best to read up on it all, you only pay tax if you make a profit and there are benefits too when setting yourself up.

There is even a free day course offered by HMRC for new businesses..worth going to.

Your final decision is: Are you going to be a run of the mill producer of what is little more than mass produced items, competing with the imported cheap products or be known as someone who produces top of the range and hence costly products, it's better to sell a quality gate for £300 than 6 cheapies for £50 each.

I think there is a big difference in enjoyment between the two and know which I would prefer to choose.

 

[Chickenjohn]

I used to restore/work on classic cars as a hobby. This year I took out a lease on a workshop and am making a go at it as a business, having been made redundant three years ago and not in work since then.

Beats doing nothing!

 

[hareng]

Wise words by Steve and just to add to that theres a big difference between hobby and doing it for money.
In this instance you want it done as quick as possible and have to build in machine costs, breakdowns, repairs, tooling, premises, electric, postage and so on.

I dare say theres an abundance of run of the mill, cut throat and or copying products.
Luckily i am in a different league recognised as, i wont say it, worldwide, i dont even need to advertise or tout for work, people find me. There is some competition but a lot lower quality and know how, they soon pack in after one or two products done. Probably best way to sum up is provide the best quality whilst retaining a pure one off cottage industry feel of a price that sells and you are happy to spend that amount of time in doing so. By that a certain cnc producer that copied my basic stuff cannot produce at my retail price yet alone trade price and at that laughing all the way to the bank.
Reminds me must submit last years SA, 19 months a long time.

 

[MattF]

I dare say theres an abundance of run of the mill, cut throat and or copying products.

That's the truth. Generally, if someone can think of it, there's a good chance it's already out there and cheap to boot.

Luckily i am in a different league recognised as, i wont say it, worldwide, i dont even need to advertise or tout for work, people find me. There is some competition but a lot lower quality and know how, they soon pack in after one or two products done. Probably best way to sum up is provide the best quality whilst retaining a pure one off cottage industry feel of a price that sells and you are happy to spend that amount of time in doing so. By that a certain cnc producer that copied my basic stuff cannot produce at my retail price yet alone trade price and at that laughing all the way to the bank.

How did you come across what you do now? Was it something you were already doing generally and then realised that some specialisation in the area could be worthwhile, or just some idea which came to you and you decided to try it?

 

[hareng]

To be honest in my field i was one of the instigators. Not the first maybe 2nd but at half price. Knocked better designs that offered better useabilty and feel than pure engineering companies that have no understanding of the requirements.

Lost one large client 6 weeks ago, theyre having a product i designed made in china, seen my piccies sent to make from. Havent told them theres a massive blunder akin to engineering producing what they want rather than what customer wants.

 

[Micky89]

Thanks guys. Some very good advice there. I see what you mean about the mass production items, theyre all over the web for less than the price of materials. I think I'm going to have to think of something and try my hand at it for fun and see if i think it may be good enough for someone else to want! I do like the idea of making some extra money ad. Sunday market, there's some food for thought.

Thanks gentlemen,

 

[theoss]

Way I understand it from my recent meeting with HRMC is you can earn up to 8 grand self employed alongside your full time employment. It still must be declared as income though, and records kept.

Anyone more knowledgeable please correct- above just my interpritation.

 

[rtbcomp]

I would have thought you could earn as much as you like as long as you declare it. Don't see why there should be a limit.

 

[tab]

I see what you mean about the mass production items, theyre all over the web for less than the price of materials.

i had this a while back making some squat racks, i was going to sell them on ebay but there were some on ebay already for silly money, materials cost me £70 there were some on ebay for £120 with free delivery and they were powder coated, once i added on carriage ebay fees paypal fees to mine i wouldn't make a thing never mind if i was to powder coat them as well.

I did make mine from a bit thicker material but i wouldnt want to risk using thin materials on something holding that amount of weight, i know these companies spend a lot of time and money into what materials they can get away with but still i personally wouldnt want my products to fail and its not really a great saving to make me go for it.

I think if you make something quality then people who apprieciate quality will buy it, of course you'll still get people out for a bargain so they'll go for the cheaper option. But its the same old "you get what you pay for" and "buy cheap, buy twice" scenarios.

 

[theoss]

I would have thought you could earn as much as you like as long as you declare it. Don't see why there should be a limit.

true- but i think 8k is non taxable.

 

[rtbcomp]

8K is the single person's allowance. If your combined earnings exceed that you pay income tax.

This means if your job pays more than 8k you pay tax on all your business profit.

 

[MattF]

I think if you make something quality then people who apprieciate quality will buy it, of course you'll still get people out for a bargain so they'll go for the cheaper option. But its the same old "you get what you pay for" and "buy cheap, buy twice" scenarios.

That's about it. You would sell some, but the problem is, how many? Unfortunately, most people seem quite happy to buy tat these days, and especially if one is dependant on the income, hoping there will be a few who go the quality route doesn't guarantee food on the table and bills being paid. Trying to compete against the mass produced tat these days is a losing battle. More specialised or niche things stand a chance, however.

 

[Micky89]

I think I may have a go at making some decorative planters out of oil drums which I should e able to get for free from comPanies who pay tO get rid of them. I will just cut them down the vertical to give me two troughs and then has the up with decorative legs and give them a nice coat of paint. Should be cheap to make and if j could sell them I'm sure I'd make a bit of profit?

What do you guys think?

Micky

 

[Robotstar5]

Don't forget to fold the cut edges over for safety.

 

[rtbcomp]

I think I may have a go at making some decorative planters out of oil drums ......

That may be worth a shot. So-called upcycling is becoming popular.

I think the biggest problem would be protecting the inside form going rusty.

 

[Micky89]

Don't forget to fold the cut edges over for safety.

Ah cheers I wont. What is the best way to do it and what tools would you say I'd need? Would I need a plasma cutter to cut the drum?

 

[Micky89]

That may be worth a shot. So-called upcycling is becoming popular.

I think the biggest problem would be protecting the inside form going rusty.

Could I not use galv spray? Or a type of paint in the inside?

Cheers.

 

[rtbcomp]

I'm sure you could, it would have to be safe for plants