gnf_ireland
Registered User
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Two friends recently asked me about how I think they should go about monetising hobbies - which of course got me thinking of how it should be done
I suggested both should register their business name with the CRO (fee 20 euro) to formalise the name and allow them better access to website domains and protection in the future, if needed. That said, it is unlikely either venture is going to make millions
In both cases, there is likely to be some initial outlays and they are unlikely to break even in the first year or two. It is likely it will be a number of years before they make any money from their ideas.
One of the friends only income is from PAYE - they supply a Form 12 each year done by themselves, and that is it. They are looking to set up a series of niche walking/cycling/photography tours where they are from, and combine this with some blogging/social media to see if they can make a small footprint for themselves. Their initial outlays would be on websites/promotional material and potentially insurances etc.
The second friend is a little more complex, having PAYE, director of a company, rental and investment/deposit incomes from different sources. The have a keen interest in organic gardening, and wish to sell some of their produce. Initial outlays include seeds, fertiliser, allotment costs, materials etc. They will only know if they make any money in the autumn when they go to sell the produce. In some ways its similar to a farming sideline ...
Both of their questions were the same - should they set up as a sole trader, or just track all income/expenditure and at the end of the year record any loss/profit on the form 11/12. They realise that any loss can only be used against future profits in this area and not against the other income. What would the experts on here advise?
I suggested both should register their business name with the CRO (fee 20 euro) to formalise the name and allow them better access to website domains and protection in the future, if needed. That said, it is unlikely either venture is going to make millions
In both cases, there is likely to be some initial outlays and they are unlikely to break even in the first year or two. It is likely it will be a number of years before they make any money from their ideas.
One of the friends only income is from PAYE - they supply a Form 12 each year done by themselves, and that is it. They are looking to set up a series of niche walking/cycling/photography tours where they are from, and combine this with some blogging/social media to see if they can make a small footprint for themselves. Their initial outlays would be on websites/promotional material and potentially insurances etc.
The second friend is a little more complex, having PAYE, director of a company, rental and investment/deposit incomes from different sources. The have a keen interest in organic gardening, and wish to sell some of their produce. Initial outlays include seeds, fertiliser, allotment costs, materials etc. They will only know if they make any money in the autumn when they go to sell the produce. In some ways its similar to a farming sideline ...
Both of their questions were the same - should they set up as a sole trader, or just track all income/expenditure and at the end of the year record any loss/profit on the form 11/12. They realise that any loss can only be used against future profits in this area and not against the other income. What would the experts on here advise?
