If you are like many you are in need of extra income. Maybe it is to help pay down debt, to add to retirement savings, to help pay college tuition bills or just to be able to afford those little extras. Consider starting your own small business.
Take a hobby or interest that you have and turn it into a money making opportunity. Ideally you will start a business that requires little upfront start-up costs. Consider some of the following:
The list could go on and on. Ideally, you want a service type of business since the start-up costs should be minimal. You want to find something that you will enjoy doing. If you are going to be doing this in addition to your regular 9-5 job, you have to be willing to put in those extra hours even after a long day at work.
You may need to file a doing business as form with your local government if you are going to use a business name other than your own. Do you need to register as a sales tax vendor? You will need to get some business cards and advertising flyers. You will need initial supplies. You need to open a separate business bank account.
Many of the get rich quick businesses advertised only get the person selling the information rich. You do not need to start big. You do not need to invest hundreds or thousands of dollars to start a business. Start small and with what you have. As the income starts coming in you can expand, purchase updated and new equipment and increase your marketing budget.
There is all kinds of help available to for starting a small business. Go to your local library and you will find hundreds of books are starting a small business. Go to www.irs.gov and look in the ?Business? section and you will find lots of information. Most state websites also contain business information. Go to www.Score.org and find lots of information. If you are lucky enough to have a local chapter, make an appointment to see a local SCORE counselor. Many community colleges have one or two day classes in starting your own business. At www.FinancesforEveryday.com there are several special reports about starting a business.
Especially important, talk with your tax preparer about what records you need to maintain for tax purposes. If you are going to be a sole-proprietor you will be paying income taxes and self-employment taxes. You want to be sure to claim all expenses you are eligible for to keep the tax burden low.
Good luck and get that entrepreneurial spirit going!
Take a hobby or interest that you have and turn it into a money making opportunity. Ideally you will start a business that requires little upfront start-up costs. Consider some of the following:
- If you like going to garage sales and flea markets - consider starting a business selling items on e-bay, Craig?s List or any number of auction sites.
- If you like surfing the net - consider affiliate marketing.
- If you like writing ? consider creating e-books or using a self-publishing website to sell your own books.
- If you like being outdoors ? consider a lawn mowing, landscaping or garden maintenance business.
- If you like children ? consider being a second/third shift or weekend child care provider during the hours you normally are not at work.
- If you have teaching skills ? consider becoming a tutor or teach continuing education mini-courses at the local community college.
- If you like reading ? consider starting a business as a proofreader.
The list could go on and on. Ideally, you want a service type of business since the start-up costs should be minimal. You want to find something that you will enjoy doing. If you are going to be doing this in addition to your regular 9-5 job, you have to be willing to put in those extra hours even after a long day at work.
You may need to file a doing business as form with your local government if you are going to use a business name other than your own. Do you need to register as a sales tax vendor? You will need to get some business cards and advertising flyers. You will need initial supplies. You need to open a separate business bank account.
Many of the get rich quick businesses advertised only get the person selling the information rich. You do not need to start big. You do not need to invest hundreds or thousands of dollars to start a business. Start small and with what you have. As the income starts coming in you can expand, purchase updated and new equipment and increase your marketing budget.
There is all kinds of help available to for starting a small business. Go to your local library and you will find hundreds of books are starting a small business. Go to www.irs.gov and look in the ?Business? section and you will find lots of information. Most state websites also contain business information. Go to www.Score.org and find lots of information. If you are lucky enough to have a local chapter, make an appointment to see a local SCORE counselor. Many community colleges have one or two day classes in starting your own business. At www.FinancesforEveryday.com there are several special reports about starting a business.
Especially important, talk with your tax preparer about what records you need to maintain for tax purposes. If you are going to be a sole-proprietor you will be paying income taxes and self-employment taxes. You want to be sure to claim all expenses you are eligible for to keep the tax burden low.
Good luck and get that entrepreneurial spirit going!
