From the Nolo Business & Human Resources Center
Home & Hobby Businesses: Overview
Improve your chances of success when your hobby turns
into a business.
Home businesses are booming, and craft and hobby businesses are flourishing
as well. Craftwork is a $13 billion dollar industry in the United States, and
crafts artisans now average $76,000 in annual sales. That’s great news for
artisans, entrepreneurs, and even Uncle Sam, who also makes money when you do.
And when it comes to taxes, the tax code is full of deductions for businesses --
and you are entitled to take them whether you work from home or from a studio
space.
Besides the financial opportunities, there are many reasons to pursue a home
or hobby business. Perhaps you seek artistic freedom or are driven by a desire
to love what you do. Maybe your family obligations require you to have a
flexible schedule or to travel less. Possibly there’s just no more shelf space
for your ceramic creations and your spouse thinks it is time for you to start
sharing them with the world.
Whatever your goals, there are some basic things you can do to improve your
chances of success, and make sure you’re running a safe and legal business.
|
