This week is Global Entrepreneurship Week, and a new report from Visa Europe has discovered that 59% of women have a hobby or business idea that they believe could or does earn them extra income.
8% of women make money out of their hobby
With 8% of women already making money out of their hobby, there's a further 61% of those planning to turn their hobbies into a full-time job.
Women on average are making £1913 from their part-time businesses, and 23% of those who run their own business do so because they wanted flexibility in their working lives.
22% made the move because they wanted to do something they were passionate about, and 21% wanted the chance to become their own boss.
Managing Director UK & Ireland at Visa Europe Kevin Jenkins has now offered five things to consider for would-be entrepreneurs:
- What to do: 9% of UK adults are already making money from their hobby. Most of us have at least one hobby, so it's worth considering whether that could make you money. If you don't think it can, then think about another product or service, the likely demand for it and the type of customer you would sell to. This is a vital first step.
- When to do it: It can be hard to juggle a day job with running a small business on the side, particularly if it involves making things, like jewellery, to sell. Before you start your venture, commit to setting aside certain times during the week for running your hobby business - that way you'll quickly get into a routine as you would with any other activity you take on.
- Where to sell: 20 years ago there were two routes for hobby entrepreneurs - selling to friends and family, and selling at street fairs and markets. Today, the internet opens up a whole new world of opportunities, allowing hobby entrepreneurs to sell to people across the UK and indeed the world. Setting up a website is definitely worth considering so you can promote and sell your products and services to a far wider group of customers.
- Which way to pay: The internet leads to the fourth point to consider - how can people pay you. Cash would traditionally have been the primary payment to accept, but more and more people are using cards over cash so this is worth thinking about. New payment technologies are in and are making it simpler, faster, and safer than ever to accept electronic payments. For example, mobile point of sale (mPOS) gives hobby entrepreneurs a safe and easy way to accept payments using their smartphone. Likewise, if you're going to setup a website you should think about how to accept payments over the internet too.
- How to promote: Publicity can drive your sales and there are several ways to do it, from online advertising to raising your profile in the local media. Another channel worth considering is social media - 56% of the hobby entrepreneurs we spoke with told us they now use Facebook and Twitter to raise awareness of their business and drive sales.
You can now find out what kind of entrepreneur you would be, by taking Visa Europe's new interactive quiz at http://www.entrepreneurs.visaeurope.com/.
Tagged in Women At Work