Go Back  Bike Forums > Bike Forums > Classic & Vintage
Reload this Page >

Anybody monetize their hobby ?

Notices
Classic & Vintage This forum is to discuss the many aspects of classic and vintage bicycles, including musclebikes, lightweights, middleweights, hi-wheelers, bone-shakers, safety bikes and much more.

Anybody monetize their hobby ?

Old 05-15-16, 11:23 AM
  #1  
DMC707 
Senior Member
Thread Starter
 
DMC707's Avatar
 
Join Date: Jan 2013
Location: Oklahoma City
Posts: 4,131

Bikes: Too many to list

Mentioned: 33 Post(s)
Tagged: 0 Thread(s)
Quoted: 992 Post(s)
Liked 312 Times in 213 Posts
Anybody monetize their hobby ?

Anybody monetize their hobby ?

By this, I mean registering as a licensed small business --- I know several of you keep spreadsheets on how much profit you make on a flip or a re-sell,

Maybe it would make things more complicated , --- but since I have started buying, re-furbishing and occasionally re-selling , I've spent thousands (over and above my "Daily drivers " )

I'm not sure if I have re-couped all of it with my sales (likely not even close) , ---- but do any of you have a little garage business set up to offset some of the tax burden or anything?

I'm self employed in my primary profession and I write off everything.
DMC707 is offline  
Old 05-15-16, 02:28 PM
  #2  
Oldairhead
RUSA #3100
 
Oldairhead's Avatar
 
Join Date: Feb 2012
Location: Oregon City
Posts: 620

Bikes: Yes

Mentioned: 15 Post(s)
Tagged: 0 Thread(s)
Quoted: 127 Post(s)
Liked 129 Times in 58 Posts
I was advised years ago to never turn your hobby into a job. It takes all of the fun out of it!

I think most of us probably try NOT to keep track of the money spent. It will likely never pencil out in the positive.
Oldairhead is offline  
Old 05-15-16, 02:50 PM
  #3  
iab
Senior Member
 
iab's Avatar
 
Join Date: Jun 2006
Location: NW Burbs, Chicago
Posts: 10,661
Mentioned: 146 Post(s)
Tagged: 0 Thread(s)
Quoted: 2138 Post(s)
Liked 1,239 Times in 577 Posts
There are a few folks on these boards who do.

But as Oldairhead indicated, making something you like a job makes it, a job. Not for me. But if it floats your boat, more power to you.

As for the money part, I don't wring my hands if I wear out a tire, I'm not going to do so if I wear out a bike.
iab is offline  
Old 05-15-16, 04:18 PM
  #4  
gugie 
Dilberteur at large
 
gugie's Avatar
 
Join Date: Jul 2014
Location: Portland, OR
Posts: 9,059

Bikes: It's complicated.

Mentioned: 990 Post(s)
Tagged: 0 Thread(s)
Quoted: 3181 Post(s)
Liked 1,420 Times in 725 Posts
I sell some stuff to justify buying more stuff. I've done a few side braze jobs, mostly for forum members. I only do it because I enjoy it.
__________________
If someone tells you that you have enough bicycles and you don't need any more, stop talking to them. You don't need that kind of negativity in your life.
gugie is offline  
Old 05-15-16, 04:26 PM
  #5  
jimmuller 
What??? Only 2 wheels?
 
jimmuller's Avatar
 
Join Date: Apr 2010
Location: Boston-ish, MA
Posts: 13,305

Bikes: 73 Raleigh Carlton Gran Sport, 72 Peugeot UO-8, 82 Peugeot TH8, 87 Bianchi Brava, 76? Masi Grand Criterium, 87 Centurion Ironman Expert, 74 Motobecane Champion Team, 86 & 77 Gazelle champion mondial, 81? Grandis, 82? Tommasini, 83 Peugeot PF10

Mentioned: 182 Post(s)
Tagged: 0 Thread(s)
Quoted: 1179 Post(s)
Liked 228 Times in 122 Posts
If I did it would be decidedly non-profit.
__________________
Real cyclists use toe clips.
With great bikes comes great responsibility.
jimmuller
jimmuller is offline  
Old 05-15-16, 04:34 PM
  #6  
SteelIsRealHevy
Senior Member
 
Join Date: Jul 2015
Posts: 80
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Likes: 0
Liked 0 Times in 0 Posts
I have, but not cycling.
SteelIsRealHevy is offline  
Old 05-15-16, 04:46 PM
  #7  
mstateglfr 
Sunshine
 
mstateglfr's Avatar
 
Join Date: Aug 2014
Location: Des Moines, IA
Posts: 12,340

Bikes: '18 class built steel roadbike, '19 Fairlight Secan, '88 Schwinn Premis , Black Mountain Cycles Monstercross V4, '89 Novara Trionfo

Mentioned: 97 Post(s)
Tagged: 0 Thread(s)
Quoted: 5059 Post(s)
Liked 2,373 Times in 1,390 Posts
Turn it into a company and legal/insurance changes.
Cant even imagine going down that rabbit hole. My hobby would turn lame quickly.
mstateglfr is offline  
Old 05-15-16, 04:55 PM
  #8  
CliffordK
Senior Member
 
CliffordK's Avatar
 
Join Date: Nov 2014
Location: Eugene, Oregon, USA
Posts: 24,969
Mentioned: 202 Post(s)
Tagged: 0 Thread(s)
Quoted: 13354 Post(s)
Liked 1,785 Times in 1,350 Posts
I started going down that route last year. Got the business license and all.

Then I discovered that major vendors refused to sell to me because I was too small

It turns out that Chinese and Taiwanese companies are much less concerned about who they sell to than the big name brands. I'll probably do some more work on getting things rolling this spring/summer. But, price competition could be fierce unless I build my own niche.

I think it is important to try out everything that I sell/review/make/buy. I'm not sure what the IRS thinks about that, but the more unique experiences and time on the bike, the better.
CliffordK is offline  
Old 05-15-16, 04:57 PM
  #9  
Darth Lefty 
Disco Infiltrator
 
Darth Lefty's Avatar
 
Join Date: May 2013
Location: Folsom CA
Posts: 11,638

Bikes: Stormchaser, Paramount, Timberjack, Expert TG, Samba tandem

Mentioned: 66 Post(s)
Tagged: 0 Thread(s)
Quoted: 2267 Post(s)
Liked 941 Times in 621 Posts
I have tried (not bicycles, but model airplanes) and hated it.
__________________
Genesis 49:16-17
Darth Lefty is offline  
Old 05-15-16, 05:24 PM
  #10  
OldsCOOL
Senior Member
 
OldsCOOL's Avatar
 
Join Date: Jul 2004
Location: northern michigan
Posts: 13,193

Bikes: '77 Colnago Super, '76 Fuji The Finest, '88 Cannondale Criterium, '86 Trek 760, '87 Miyata 712

Mentioned: 19 Post(s)
Tagged: 0 Thread(s)
Quoted: 634 Post(s)
Liked 459 Times in 252 Posts
Each year I become a bit more involved in the hobby. Things are simple by choice and that's the secret of my enjoyment.
OldsCOOL is offline  
Old 05-15-16, 05:32 PM
  #11  
bbattle
.
 
bbattle's Avatar
 
Join Date: Aug 2005
Location: Rocket City, No'ala
Posts: 12,737

Bikes: 2014 Trek Domane 5.2, 1985 Pinarello Trevisio, 1990 Gardin Shred, 2006 Bianchi San Jose

Mentioned: 3 Post(s)
Tagged: 0 Thread(s)
Quoted: 51 Post(s)
Likes: 0
Liked 3 Times in 3 Posts
I've built up bicycles then sold them later to make room for new additions to my stable. I've broken even on a few and lost a bit on others; never made a profit. But then, I wasn't doing this to make money, only to have fun.

Mostly I've been tasked with finding a certain type of bicycle for a friend and because they are my friend I'll tune it up and replace a few necessary parts gratis just because I'd rather they ride a nice old bicycle than some piece of junk from an x-mart store.

I entertained the idea years ago of yard-sailing and cherry-picking CL for gem bicycles to flip but my region is like the Sahara Desert for suitable old bicycles. I'd need to spend way too much time searching to earn too little money to make it an enjoyable pursuit.

I still slow down at yard sales; never know when some Colnago garage queen is on the block.
__________________
Bicycle Pictures
bbattle is offline  
Old 05-15-16, 05:44 PM
  #12  
qcpmsame 
Semper Fi
 
qcpmsame's Avatar
 
Join Date: Jan 2008
Location: Barrineau Park, Florida
Posts: 12,788

Bikes: 1980 Medici Pro Strada, 1984 Tommasini Prestige, 2012 Cannondale CAAD 10 Ultegra

Mentioned: 88 Post(s)
Tagged: 0 Thread(s)
Quoted: 1134 Post(s)
Liked 192 Times in 151 Posts
Debated doing it, but as said in several replies, it would take all the fun out of the one thing I can truly enjoy, and that made such a positive difference in my life. Started keeping a spread sheet on my first C&V build, and after a few days it was showing me just how much I got into the cash supply. Ended that one really fast. I still keep track but no spread sheets, and not planning to make it into a business. then I would have to be serious about it.

Bill
__________________
Semper Fi, USMC, 1975-1977

I Can Do All Things Through Him, Who Gives Me Strength. Philippians 4:13


qcpmsame is offline  
Old 05-15-16, 05:52 PM
  #13  
Ed.
Senior Member
 
Ed.'s Avatar
 
Join Date: Mar 2014
Location: Hopkinton, MA
Posts: 1,539

Bikes: 1938 Raleigh Record Ace (2), 1938 Schwinn Paramount, 1961 Torpado, 1964? Frejus, 1980 Raleigh 753 Team Pro, Moulton, other stuff...

Mentioned: 11 Post(s)
Tagged: 0 Thread(s)
Quoted: 26 Post(s)
Likes: 0
Liked 8 Times in 8 Posts
Organized as a DBA 'The Plastic Pig'



Maybe I'll figure out how to make money out of it!
Ed. is offline  
Old 05-15-16, 05:54 PM
  #14  
satbuilder 
Senior Member
 
Join Date: May 2005
Location: Southern Maryland
Posts: 1,313

Bikes: 1969/70 Legnano Roma, 1971 Guerciotti, 1972 Cinelli SC, 1973 Bianchi Team, 173 Colnago Super, 1974 Marnati Corsa, 1974 ish Motobecane CT, 1971 Mercier 300, 1977/78 Colnago Mexico, 1982 Pinarello Italia,Tesch S-22, 1983 Peugeot Mixte

Mentioned: 13 Post(s)
Tagged: 0 Thread(s)
Quoted: 209 Post(s)
Liked 51 Times in 33 Posts
Never. Receipts are thrown out as soon as I get them. Have to destroy the evidence.
satbuilder is offline  
Old 05-15-16, 06:03 PM
  #15  
Chrome Molly 
Senior Member
 
Chrome Molly's Avatar
 
Join Date: Jan 2012
Location: Forksbent, MN
Posts: 3,271

Bikes: Yes

Mentioned: 29 Post(s)
Tagged: 0 Thread(s)
Quoted: 301 Post(s)
Likes: 0
Liked 12 Times in 12 Posts
In my job I monetize everything. In my hobbies I try not to.
Chrome Molly is offline  
Old 05-15-16, 09:55 PM
  #16  
Miele Man
Senior Member
 
Join Date: Jun 2014
Location: Ontario, Canada
Posts: 4,288

Bikes: iele Latina, Miele Suprema, Miele Uno LS, Miele Miele Beta, MMTB, Bianchi Model Unknown, Fiori Venezia, Fiori Napoli, VeloSport Adamas AX

Mentioned: 12 Post(s)
Tagged: 0 Thread(s)
Quoted: 1165 Post(s)
Liked 730 Times in 508 Posts
Originally Posted by Oldairhead View Post
I was advised years ago to never turn your hobby into a job. It takes all of the fun out of it!

I think most of us probably try NOT to keep track of the money spent. It will likely never pencil out in the positive.
So very true! If your hobby becomes a part-time job you then need a new hobby.

Cheers
Miele Man is offline  
Old 05-15-16, 10:56 PM
  #17  
lasauge 
Pedalin' Erry Day
 
lasauge's Avatar
 
Join Date: Jun 2011
Location: Chico, CA
Posts: 1,015
Mentioned: 15 Post(s)
Tagged: 0 Thread(s)
Quoted: 598 Post(s)
Liked 101 Times in 60 Posts
My hobby literally turned into a full-time job: I quit something that paid better and found employment as a bike mechanic. My interest in the fixing-and-flip-hobby has certainly fallen off as a result, but that's freed my attention to focus more on my bike-riding hobby, and I'm totally okay with this change.
__________________
Reach me faster by email.

Last edited by lasauge; 05-15-16 at 11:06 PM.
lasauge is offline  
Old 05-16-16, 06:47 AM
  #18  
Hoss Cartright
Senior Member
 
Hoss Cartright's Avatar
 
Join Date: Dec 2011
Location: Mid N/W Indiana
Posts: 465

Bikes: Schwinns, lots of them. Some Paramounts

Mentioned: 1 Post(s)
Tagged: 0 Thread(s)
Quoted: 18 Post(s)
Likes: 0
Liked 1 Time in 1 Post
I did it 25 years ago (in 1991) to legitimize my road trip expenses of racing motorcycles on the Regional and National Championship circuit. I've never looked back. (True that hobby to business tends to ruin the hobby aspect, as I retired from racing in 1997 to concentrate on the business side.)

For many years now, I spend three weeks to one month each year in Catalonia (Spain) doing business, and all of the traveling expenses are legitimately tax deductible as the cost of doing my business.

It is true that it may take some time for a person to actually turn a profit as the legitimate costs of the start-up often exceed the profits until you establish clientele and get sales off the ground. In my case, it was a couple of years before we saw "the black"...

My business started at the very beginning of the Internet, and I saw no real Internet-based sales until about 2005 or thereabouts. In about 1992 I bought my first computer and started doing some email. In 2009 it began to rapidly shift to a primarily Internet-based (Website and email) type of business. In the past several years, we had only one customer left who used the FAX machine, and we have him now using email. Our FAX machine is still operating, but our clients know that when this one breaks-down the '24/7 FAX line' will close forever.

Today, we are about 75% wholesale to our dealer network. About 80% of our sales invoices are email generated. The rest are telephone.
We do not sell directly off of our website as there are a lot of variables and we prefer to communicate details before finalizing a sale. This policy reduces merchandise returns to almost zero, and in the end, as the racing motorcycle business is almost always time sensitive, our clients prefer that they receive the correct materials the first time.
Hoss Cartright is offline  
Old 05-27-16, 11:07 AM
  #19  
DMC707 
Senior Member
Thread Starter
 
DMC707's Avatar
 
Join Date: Jan 2013
Location: Oklahoma City
Posts: 4,131

Bikes: Too many to list

Mentioned: 33 Post(s)
Tagged: 0 Thread(s)
Quoted: 992 Post(s)
Liked 312 Times in 213 Posts
Originally Posted by Hoss Cartright View Post
I did it 25 years ago (in 1991) to legitimize my road trip expenses of racing motorcycles on the Regional and National Championship circuit. I've never looked back. (True that hobby to business tends to ruin the hobby aspect, as I retired from racing in 1997 to concentrate on the business side.)

For many years now, I spend three weeks to one month each year in Catalonia (Spain) doing business, and all of the traveling expenses are legitimately tax deductible as the cost of doing my business.

It is true that it may take some time for a person to actually turn a profit as the legitimate costs of the start-up often exceed the profits until you establish clientele and get sales off the ground. In my case, it was a couple of years before we saw "the black"...

My business started at the very beginning of the Internet, and I saw no real Internet-based sales until about 2005 or thereabouts. In about 1992 I bought my first computer and started doing some email. In 2009 it began to rapidly shift to a primarily Internet-based (Website and email) type of business. In the past several years, we had only one customer left who used the FAX machine, and we have him now using email. Our FAX machine is still operating, but our clients know that when this one breaks-down the '24/7 FAX line' will close forever.

Today, we are about 75% wholesale to our dealer network. About 80% of our sales invoices are email generated. The rest are telephone.
We do not sell directly off of our website as there are a lot of variables and we prefer to communicate details before finalizing a sale. This policy reduces merchandise returns to almost zero, and in the end, as the racing motorcycle business is almost always time sensitive, our clients prefer that they receive the correct materials the first time.

Thanks Hoss, this is exactly the input I was looking for --- I am self employed in my primary occupation and I write off everything related (and I still pay tons in taxes ) --- a small side business - maybe even have somebody set up a table at the races , could legitimize some of my travel expenses. It shouldn't be enough to raise any alarm bells at the .Gov, -- and like your moto business, - may take off, who knows
DMC707 is offline  
Old 05-27-16, 11:14 AM
  #20  
fietsbob
Banned
 
Join Date: Jun 2010
Location: NW,Oregon Coast
Posts: 43,599

Bikes: 8

Mentioned: 197 Post(s)
Tagged: 0 Thread(s)
Quoted: 7607 Post(s)
Liked 1,309 Times in 822 Posts
Nah just My Labor & experience .. for wages and parts at 10% over cost.
fietsbob is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


Thread Tools
Search this Thread

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright 2021 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.