Although a lot of people are in full-time employment, many of those individuals are actually paid a pretty low salary; at least, too low to comfortably cover all of their monthly bills and have a bit of extra cash spare each month.
To make up for such a shortfall, lots of people tend to take on a second job that is completed in the evening or on the weekends, but the major issues with such endeavours are that you will often get taxed more and you will have less time to spend with your loved ones, not to mention being completely exhausted most of the time!
But did you know that there is a better way of earning some extra cash without breaking your back or having very little to show for it? No, I’m not talking about becoming a drug dealer! What I am talking about is starting up your very own business!
The great thing about running a business is that you can work the hours to suit you. Of course, you can’t expect your customers to fit themselves around your working hours, so the type of business you set up will probably have to be one where your customers will only typically buy from you at certain times.
Alternatively, what you could do is set up an Internet-based business. The beauty about setting up such an enterprise is that your website acts as your virtual shop front, and is open for business 24 hours a day, 7 days a week – even if you are not physically there to ‘man’ it!
Before you get stuck right in with setting up your sideline business, there are a few important steps that you will need to be aware of; failure to adhere to them properly could result not only in fewer sales than expected, but also legal trouble from a tax point of view.
Here is what you need to add to your business setup checklist:
Business name – it doesn’t matter whether you trade under your own name or have a specific brand name, your business needs to have some kind of name. Consider getting a registered trademark to protect your brand name;
Business plan – if you have an awesome idea for a product or service, you will need to figure out how to plan your sales and marketing, as well as determine what money you are likely to make and how much your costs will be. A business plan will ensure that you have everything “mapped out” for the future;
Tax compliance – you will need to register with your local tax authority as self-employed, so that you pay the correct taxes on anything you earn through the business;
Insurance – unless you have a bottomless bank balance, you will need insurance to cover you in case things go wrong and someone decides to sue you.
Protecting your inventions
If your business idea involves physically making something that no-one else has thought of or created before, you should think about applying for a patent to protect your invention. Check out some patent attorney info websites to guide you through the process, so that you are fully aware of what’s involved, how much it is likely to cost you, and what your chances of being approved for a patent are going to be.