Olympic gold medallist, Tom Daley, isn’t the only person using his hobby for knitting and crocheting to relax and reduce stress. During the last couple of years, people have had more time to enjoy developing their hobbies and artistic talents, often turning them into business opportunities whilst furloughed or working from home.
Interior design and landscape gardening are two of the services now in much demand, whilst creating works of art, from jewellery and sculpture to pottery, creating tapestries (and knitted items) hand-finished cushions and throws, oil paintings and watercolours, as well as photography not only benefit wellbeing, but also attract buyers. Facebook and fairs are helpful in promoting the public’s interest but bringing all this expertise together in a shared space increases access across a broader community.
Developing a partnership with colleges and a range of talent, to create an attractive gallery outlet, selling both works of art and specialist design services, with a communal cafe area, offers huge potential for people of all ages and abilities to inspire each other’s creativity, sharing the financial benefits of a healthy customer base whilst rebuilding social engagement.
With town centres in decline, a fresh approach to raising footfall is needed, and there are any number of retail units available, whether individual shops on the high street, within former department stores and shopping centres, or closed pubs just waiting to be repurposed. In villages and rural areas, redundant outbuildings could be transformed into cultural hubs, including ‘Repair Shop’ style skills, flower arranging, and even ironing services, supporting job training and mental health.
Establishing a social enterprise, maximising profit for community benefit by selling goods and services to consumers could be the ideal option, targeting investment to meet local need. For information, check out the Government website: www.gov.uk/set-up-a-social-enterprise.
Equity release could be the initial funding solution for partners interested in setting up such a business. As with any investment, it is essential to create a detailed business/marketing plan, agreed with all parties, with arrangements for regular events to showcase specific items, encouraging attendance from a cross-section of the public.
Premier Equity Release would be delighted to advise on the most appropriate options for your borrowing needs in regard to such an enterprise.