Millions of people started a “side hustle” to make some extra cash during the pandemic, but how can you judge if it’s possible to scale yours up into a fully-fledged business?
On Money Clinic podcast this week, presenter Claer Barrett travels to Norwich to meet 24-year-old Evvia. She works as a full-time care assistant, but in her spare time, is a fledgling fashion designer.
A year ago, she started a vintage knitwear business from her bedroom. Today, her Loupy Studio label has over 40,000 followers on Instagram, and she is receiving orders from all over the world.
Evvia’s creations are in such hot demand, she will have to scale back her hours at work to keep up — but she wonders how this might knit together financially.
Jo Ellison, editor of How to Spend It, gives her verdict on whether Evvia should increase her prices, and talks about the financial challenges facing young designers.
Plus, chartered accountant Deborah Edwards from Raised Up Finance unravels important questions about tax, different company structures and how entrepreneurs like Evvia can develop a growth mindset for their businesses.
To listen, click on the link above, or search for Money Clinic wherever you get your podcasts.
If you would like to be a future guest on the show, please email money@ft.com or follow Claer on social media @ClaerB.
