Turning a side hustle into a business - Hustler Daily Thumbs Up - May 28

Hello fellow Encore Hustlers

At some point while pursuing your Encore Hustle there will come a time when you have to make a decision whether you want to continue your hustle on a casual basis or do you want to grow this into a business.

Most encore businesses consist of a single person but that does not preclude it operating as a real business that needs a structure for banking and taxation purposes.

I would recommend reading this article from Business.com on setting up a one-person business. The piece will get you thinking what you need to do to successful launch.

For example:

• Draw up a business plan
• Consider if will this business be a sole proprietorship, an LLC, an S Corp
• What skills do you have to run the business and sort of team do you need to help with legal, accounting, billing, taxes, website support. Determine what administrative chores you can do and what can be outsourced.
• Develop the mindset that this is business and you have to develop time management skills that allow you to focus the limited time you have.
• How to network with other small business owners and how to tap resources like the Federal Small Business Administration.

If this article has been useful to you I would love to have your feedback and comments.

Cheers
Mr EH