| There's Gold in Those Hobbies. Almost any hobby can become a business, providing you with additional income. The criteria for starting any business is for it to make money. And you would be surprised how many hobbies can actually become businesses. All it takes is effort and understanding. You need to know who your market is, how you are going to reach the people of your market, and what you are going to offer them, either cheaper than anyone else, or with more service, or a better product than others do.
Criteria for a Business to Meet IRS Rulings. For any business, whether once a hobby or not, the criteria needed to qualify for the tax deductions businesses receive, is for your business to be started for the purpose of making money. And who starts a business not to make money? A hobby becomes a business the minute you place a profit motive into the effort--even if you do not make money, or sufficient income, right away. If the purpose of the enterprise is to earn a profit, then you have a business.
Protecting Personal Assets. It's smart to protect personal assets from business debts and liabilities. Both owners of S Corporations and LLC's enjoy limited personal liability, whereas sole proprietors and partners have unlimited personal risk.
For Those Who Want Business Earnings to Pass-Through to Their Personal Tax Return. In the past, business owners who chose to form an entity to protect personal assets but allow income/losses to be reported on a personal tax return had to create an S Corporation. Today, that can also be accomplished with an LLC. All 50 states and District of Columbia recognize LLC's, and their popularity has soared. Nolo's Legal Guide for Starting and Running a Small Business states, "For the majority of small businesses, the relative simplicity and flexibility of the LLC make it the better choice. This is especially true if your business will hold property, such as real estate, that's likely to increase in value." | |
| Take a look at your hobbies, your talents, your abilities. What have you made or serviced that people have found interesting and valuable? Consider your abilities and interests and see if one or more might not make a possible business. If you are stumped or unsure, take a look at the special offer below. | |
| $427-Billion is Generated Annually from Home-Based Businesses
THE ADVANTAGES OF A HOME-BASED BUSINESS In the current economic climate of constant downsizing, a noticeable movement towards homebased businesses is sweeping the nation. As more and more workers continue to be thrown into an already over-crowded and hostile job market, increasing numbers of individuals are looking at establishing businesses of their own to create income and security for themselves.
Homebased businesses have emerged as a definite trend in the area of new business starts. In fact, since 1989, the number of homebased businesses in the US and Canada has increased by more than an astounding 50% and experts predict that the next ten years will see even more dramatic increases. Homebased businesses are currently the most rapidly growing segment of the American and Canadian economies, reports the Homebased Business Network, an association for homebased business owners.
The homebased business concept is gaining popularity in rural areas and small communities, too, where fewer job opportunities are available. As well, many parents with young families are looking to homebased businesses as a viable way to juggle staying at home with the children without sacrificing income.
Gone is the concept of the homebased business as a "hobby business". A great deal of very serious, highly respected and legitimate business is now done by homebased businesses. In fact, figures for the U.S. show that a whopping $427 billion in revenues are generated annually by homebased businesses.
Working from home offers numerous advantages, which include zero commuting time or transportation costs, optimum time management and flexibility, the ability to stay home with young children, a variety of tax benefits and, of course, the convenience of being able to earn a living without leaving the comfort of home.
Many homebased businesses can be operated on either a full or part time basis. Even if you are currently employed it is completely feasible to operate a homebased business on a part time basis for extra income, and then convert it to full time as it grows.
Homebased businesses are typically relatively easy and inexpensive to start, making the goal of owning a business attainable for anyone with a good idea and a little know-how. Because of the low overhead involved with operating a business from home, risk is minimized and profitability can be realized far more quickly than in businesses of other forms. Here are just a few ideas of a home-based business:
In-home tutoring
Teaching Piano, Guitar, etc.
Medical billing
Secretarial work
Records keeping
Proof-reading Writers work
Writing
Selling on e-Bay
Import-Export
Making children's toys
Data entry work
Conducting on-line surveys
Catering services
Cleaning services
Wedding consultant
Business consultant
Day care center
Gardening, lawn care
Scrapbooking instruction
Telemarketing
Computer tutoring
Computer repair
Sewing and alteration
Life coaching services
Tax accounting, auditing
Interior decorating
Wallpaper, painting
Emergency preparedness kits
Conference planning
Taxidermy
Business, management training
There is no end to the list of potential businesses
For more ideas and a complete understanding of how to get started in a home-based business
get our book
The Home-Based Business Explosion
 
for more information on booklet
click here | | |
