Growth of hobbies becoming businesses

Posted by Ben Ryland in Personal Finance on 4 January 2017 - Ben is a Senior Credit Analyst at checkmyfile.

If you have an interesting variety of hobbies that keep you busy, you may just have the right hobby that could make you millions…or £48,000, according to 25% of Brits.

Wix.com have surveyed 2,000 Brits, and found that a high number of us think our hobbies could turn us a profit, with as much as £48,000 a year being estimated for some.

While it’s maybe no surprise that a lot us would prefer to be our own boss, and think that our hobbies could be a money spinner, a high 32% of those surveyed believed they were a lot better at their hobby than their actual job.

Following on from the winner of The Apprentice this year and the ever popular Great British Bake Off, cooking hobbies were seen as the most likely to tempt us into the hobby-business world. According to Wix.com, 19% of those with a cooking hobby could see their hobby becoming an online business in 2017, while baking hobby enthusiasts were just behind on 18%.

Photography was another hobby which could easily lead into a business prospect in the New Year. 18% of those surveyed believed their photography hobby could become a viable business.

The results were broken down further to reveal that among the 25 to 34 age bracket, half of respondents said they had considered doing their hobby as a proper business, while one in ten of those surveyed said they had already taken the plunge and switched their hobby to a business.

With any new business comes the capital required to start it and get it going. This is often what puts a lot of those off, leaving them happy to just continue enjoying the activity as a hobby. Though according to Wix.com’s survey, almost 70% said they would fund their business-hobby dream through their own money.

With all these money-making possibilities just remember, hobbies are to be enjoyed and a way to forget about the stresses of modern life. What you enjoy as a hobby, you may not enjoy as a full-fledged, highly demanding business.

Check Your Multi-Agency Credit Report

30 Day Free Trial

The Limitation Act 1980 and Debt Time limits

The majority of credit consumers believe that once a debt has been acquired, that debt will remain until the full balance has been cleared regardless of the length of time passed. This may not be the case though, thanks to a little-known piece of legislation known as the Limitation Act 1980.

Published on 19 Sep 2018 by Erika Bone

Full Article

UK Households More Likely to be Borrowers Than Savers

UK Households are now more likely to be borrowers than savers, with savings at their lowest since 1963, according to a study by the Office for National Statistics. Households are increasingly borrowing more – by taking out loans, mobile phones, car finance, and mortgages – than they are actively depositing into savings accounts.

Published on 3 Sep 2018 by Sam Griffin

Full Article

Wonga Administration: What it Means For You

On Thursday 30th August the payday lender Wonga filed for Administration, following a spike in compensation claims and increased pressure on the payday loans industry. This follows a steady decline in this form of lending since the FCA began introducing stricter regulations 2013 in the name of protecting consumers.

Published on 31 Aug 2018 by Jamie Mackenzie Smith

Full Article

How a Baby Name Can Affect Creditworthiness

A lot of preparation (and usually arguing) goes into choosing a baby name – books, ‘top 100’ lists, place names, family names – the list of possibilities is endless. The trouble is, most parents don’t give much thought to the long-term impact of the name they decide on, beyond checking to make sure it doesn’t sound ridiculous when paired with the last name or that when put into initials it doesn’t spell something unfortunate.

Published on 19 Aug 2018 by Jamie Mackenzie Smith

Full Article

The Advantages & Disadvantages of Store Cards

There are a number of reasons you might take out a store card: whether you’re just waiting in-line at the shop and find out you can save on today’s shopping or they offer the promise of making money in the future, these cards regularly find their way into wallets (or phones via an app). Most big retailers offer their own cards, which allow you to take your purchases home – often with a nice discount applied – without having to part with a penny at the till.

Published on 10 Jul 2018 by Tom Blandford

Full Article

What Happens To Your Credit Report When You Move Country?

Moving from one country to another results in a lot of changes and new things – a new place and culture, new job, new people and in some cases even a new language. However, one thing lots of people do not realise is that you will also be starting afresh when it comes to your Credit Report. Credit Reports and the information they contain are country-specific and do not follow you from one country to another.

Published on 27 Jun 2018 by Kirstie Day

Full Article

What To Do If You’re a Victim of Data Breach

Another day, another high-profile data breach, with the morning news bringing word of another leak of personal information that affects millions of consumers. This time it’s the turn of Dixons Carphone - the company behind PC World, Currys and Carphone Warehouse.

Published on 14 Jun 2018 by Jamie Mackenzie Smith

Full Article

What Does Bongo Know About You?

“What does Bongo know about you?” A slightly off-the-wall question I’ll grant you, but one that you might have been asked at some point in time.

Published on 7 Jun 2018 by Richard Catlin

Full Article

Why Don’t Millennials Take Out Credit?

As a millennial, it can feel like my generation is besieged with criticisms on a daily basis, and not all of them are entirely fair (though lots are). We are frequently told that as a generation we are entitled, we have it so much easier than our elders and arguably, worst of all: we buy too many avocados. While I don’t buy avocados, I do have access to credit, which makes me a minority among my age group.

Published on 16 May 2018 by Beth Jennings

Full Article

Why Is My Loan Balance Wrong On My Credit Report?

One of the single most important pieces of information to appear on your credit file is the information relating to your credit agreements and how you repay them - with this information lenders can see your borrowing history across the last six years and use it to help them decide whether or not to offer you finance.

Published on 7 May 2018 by George Coburn

Full Article
keyboard_arrow_left

keyboard_arrow_right

We have loads of great customer reviews