Top 5 Tips posts from the SME Blog are always full of hints and tips for small, home & micro business owners.
1. They often say running a small business should be something you love doing. For many people the ideal situation would be to turn something that they do as a hobby into a full-time business. But remember it can be risky turning your passion into a business in case you fall out of love with it.
2. Make sure that the purchases you make for your hobby business are informed on logic and not passion. With a business that grows from a hobby you need to draw the line between being an enthusiast making purchases on emotion and being a serious businessperson.
3. Build relationships with suppliers in the industry so that you can get special rates, as opposed to what you would pay for things when it was simply your hobby.
4. Don’t forget that your marketing will be very important if you are to attract fellow enthusiasts like yourself and turn them into paying customers.
5. You will need to keep a very tight reign over your finances – in particular your cashflow – so that you can justify your business as a valid concern.