I love to see businesses where the owner has started to make money from a hobby and then has a problem with how much they are earning. This passion seems to always turn into a bigger income that they never imagined as they turn what they love into a business with great rewards. Many have that “mate I just was making a few for friends and then wow it went crazy” type of reaction.

You see this developing – if you have been to any craft markets run by councils lately, you can see some pretty cool stuff.

Monocle magazine put it this way, “Cities used to be places where people made things. But as the service sector grew and the number of white collar jobs increased, people soon lost interest in the handmade and the real. Now the tide is turning, with the made movement rekindling and the desire for artisan goods and reminding us what it is that cities are actually for.”

If your income from your hobby business is less than $18,200 and if you’re certain your total annual income from all payers will be less than $18,200 – you can claim the tax-free threshold from each payer. Of course as you develop this and it’s on top of other business income then it’s time to understand how your income fits in and is taxed.

Apple was built by Steve Jobs understanding Steve Woznick’s passion and turning it into the world’s first trillion-dollar business.

Have a look at your hobby and think about where you could take it.  Want to discuss where to take your passion? Give us a call at Your Business Angels / Fresh Numbers and we can take you through how we can help turn your passion into a fun business.