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Making a hobby into a self employed business

September 29, 2020 6:08 am

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Businesses based on people’s hobbies and creative skills and increasing year after year. This is in part due to the rise of ways in which people can sell items that they have made themselves such as Etsy shops and the expansion of social media channels to include shopping facilities such as on Facebook and Instagram.

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When setting up a self employed business based on a hobby such as sewing or woodwork there are a number of different things that you need to think about.

 

Space – if you are used to making your items from a small space in your home it might be time to think about moving to a bigger space such as a garage that you aren’t using. If you want to be able to easily access this space then you might want to contact a Garage door installation Dunstable company such as Garage Doors R US who can come and sort out a garage door for you.

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Accounts – when you set yourself up as self employed you will need to ensure that you are keeping proper business finance records and that you file your self assessments at the end of each financial year. If you decide to set up a limited company you will need to file extra accounts and if you are unsure of which legal set up will be best for your new venture, you can always talk to a financial adviser or an accountant who will be able to give you the advantages and disadvantages of each business entity type.

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