Earn Profit from a Side BusinessNovember 22, 2013
In dire straits, money can seem like an unobtainable enemy. Conversely, when all is well and you are comfortably provided for, money feels like a dear and dependable friend. In order to make peace with your relationship with money, it is advisable to have multiple sources of income. Experts suggest that relying solely on one income provider can put you in a financially vulnerable position. Obtaining the ability to earn money from various sources is a failsafe method of insuring your financial security in the days and years to come.
As a word of caution, it may seem daunting or nearly impossible to maintain two jobs at this point in your life. However, when you can strike a balance between a regular source of income and an additional (perhaps slightly more sporadic) source of revenue, this can be a match made in heaven, financially speaking. Even if your regular paycheck comes from a part-time job right now, as long as it is enough to cover your expenses, this could be enough for you, as long as you integrate another money generating plan into your weekly routine.
Here are some examples to get you started on your path to multiple incomes. Have an eye for vintage valuables? Turn your eye for underpriced antiques into a resale dream! Love to clean? Start a service business cleaning homes in your area! Always fixing your neighbors car? Offer mobile mechanic services for a fee! Adore interacting with dogs? Become a bather, groomer, pet sitter or dog walker in your spare time!
It is literally impossible to list all of the possibilities for side businesses. What you choose to do is very personal and it is a big decision. Consulting an expert or mentor can help you to clarify what your own personal business destiny may entail.
Once you have come up with your idea and plan, registering your business in your state of residence is easier than you might think. Simply do an internet search on your state name and “register a new business.” This will lead you to an official state site with all of the pertinent information you need. Doing this allows you to open up a business checking and/or savings account and apply for business loans or credit cards as well. You will also receive an Employer Identification Number (EIN) from the IRS which will enable you to make some business related purchases tax free and to deduct some business expenses from your taxes.
It is worthwhile to hire a small business accountant to keep you organized and informed of current tax laws and practices. Making a comprehensive spreadsheet containing both your personal and business budgets is also highly recommended. This can be done on software such as Quicken, Quick Books, Business-In-A-Box, Excel or it can be even a simple chart in Word or a handwritten table on graph paper. The trick is to find the method that you are most likely to use and the one which feels the most natural to you.