Running a Side Business: How to Create a Second Income

Overview

Turn your hobby into a profitable business and enjoy a second income.

In a troubled economy, you've discovered that a single source of income just isn't enough. But how do you start and manage your new venture — and make a profit to boot?

From crafting to home repair to website design and more, if you've ever wanted to turn your hobby into a business and watch your passion generate cash, Running a Side Business is the book for you. Packed with ...

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Running a Side Business: How to Create a Second Income

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Overview

Turn your hobby into a profitable business and enjoy a second income.

In a troubled economy, you've discovered that a single source of income just isn't enough. But how do you start and manage your new venture — and make a profit to boot?

From crafting to home repair to website design and more, if you've ever wanted to turn your hobby into a business and watch your passion generate cash, Running a Side Business is the book for you. Packed with tips, legal resources, start-up success stories and USA TODAY snapshots and infographics, you'll learn the life cycle of a business and get answers to important questions along the way. Find out how to:

. choose a side business that will succeed
. manage a full-time job while running your side business
. protect your personal assets
. keep it legal: how and where to obtain and file permits, licenses, contracts, and trademarks
. manage your home-based business
. market your new business
. file taxes and take deductions

Plus, Running a Side Business offers guidance on selecting the right side business for you, with information about some of the most popular side businesses that have gained popularity in the last decade, including sales through eBay and Amazon, web design, blogging, Google AdSense business models, and podcasting models.

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Editorial Reviews

From the Publisher
"One of the only books written specifically for the part-time entrepreneur, this title from a legal professional is full of practical advice. Detailed information about the differences between a side business and a hobby, especially in the eyes of the IRS, clarifies issues for the interested novice."  Library Journal
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Product Details

  • ISBN-13: 9781413310672
  • Publisher: NOLO
  • Publication date: 11/1/2009
  • Pages: 271
  • Sales rank: 934,953
  • Product dimensions: 5.90 (w) x 8.90 (h) x 0.60 (d)

Meet the Author

Lisa Guerin, an editor and author specializing in employment law, is author or co-author of several Nolo books, including The Manager's Legal Handbook, Dealing with Problem Employees, The Essential Guide to Federal Employment Laws, Workplace Investigations, Create Your Own Employee Handbook, and Nolo's Guide to California Law. Guerin has practiced employment law in government, public interest, and private practice where she represented clients at all levels of state and federal courts and in agency proceedings. She is a graduate of Boalt Hall School of Law at the University of California at Berkeley. Guerin's blog on lessons learned by employers and HR professionals on everything from hiring and firing to performance and discipline can be found at Nolo's Employment Law Blog.

Attorney Richard Stim specializes in small business, copyright, patents, and trademark issues at Nolo. He practices law in San Francisco and has represented photographers, software developers, craftspeople, publishers, musicians, and toy designers. He is the author of many books, including Music Law: How to Run Your Band's Business Patent, Copyright & Trademark: An Intellectual Property Desk Reference, and Profit From Your Idea. Stim regularly answers readers' intellectual property questions at Dear Rich: Nolo's Patent, Copyright & Trademark Blog. Rich is also an author on Intellectual Property Law Firms. Stim also produces audiobooks, such as Nolo's Crash Course in Small Business Basics, and performs and records with two bands, MX-80 and angel corpus christi.  You can also find Rich on Google Plus.

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Table of Contents

I Your Business Companion 1

1 Starting the Right Side Business 3

Before You Start: Nine Things to Consider 5

Can You Really Maintain Your Full-Time Job and Your Side Business? 8

Common Side Businesses 10

Do You Need a Business Plan? 23

Avoid Side-Business Scams 24

What If... ? Should You Consider Quitting Your Day Job? 26

2 If You Go Online 31

Free Stuff 33

Invoice Customers and Get Paid Online 37

Sell Stuff via Amazon or eBay 39

Earn Money With Ads and Affiliates 43

The (Very) Basics of Driving Traffic to Your Site 44

How to Build a Website in 24 Hours 48

Basic Legal Rules When Going Online 51

3 Managing Your Money 55

Record Keeping and Bookkeepings 57

Accounting Methods 59

What Is Cash Flow and Why Is It Essential? 61

Five Accounting Principles You Need To Know 63

What Is Forecasting? 65

Should You Separate Business and Personal? 67

Raising Money for Your Business 67

What's the Difference? Equity vs. Debt 68

Borrowing With Credit Cards 68

Bank Loans 69

SBA Loans 70

Borrowing From Family and Friends 71

Social Lending Networks 72

Getting Paid 73

Invoiced Accounts 74

Checks 75

Getting Paid With Credit Cards 76

Ten Tips for Collecting Accounts Receivable 77

4 Protecting Personal Assets 83

Using Business Entities to Limit Liability 85

What Are You? Sole Proprietorship or Partnership? 86

What's the Difference? LLC vs. Corporation 89

How to Convert to an LLC or a Corporation 92

An Interview With LLC and Corporations Expert Anthony Mancuso 94

Insurance 97

Basic Coverage 97

Package Deals 102

Insurance for Employees 103

Ten Tips for Saving Money on Insurance 105

Reduce Your Risks 108

5 Avoid theLawyers 111

Ten Common Contract Problems and How to Solve Them 114

Drafting and Formatting an Agreement 119

Who Signs the Agreement? 121

When You Have to Review a Contract 121

Maintaining Paperwork 123

Are You Afraid of Negotiating Contracts? 123

Avoiding Legal Problems With Names and Trademarks 124

Perform a Simple "Knockout" Search 125

Federally Registering a Trademark 126

Staying Out of Trademark Trouble 128

Four Steps to Legally Protecting Your Business Ideas 130

What Ideas Do You Have? 132

Ensuring Rights: Registration and Other Measures 134

Chasing People Who Rip Off Your Ideas 138

Licensing or Selling Your Rights 139

What If You Copy Somebody Else's Ideas? 139

Ideas Created by Your Employees or Contractors 140

Ten Ways to Save on Legal Fees 142

Evaluate Your Attorney's Services 147

6 Licenses, Permits, and Other Paperwork 149

Basic Registration Requirements 150

Register Your Fictitious Business Name 153

If You Sell Goods, Get a Seller's Permit 155

Permits and Licenses for Specialized Fields 156

7 Working From Home 157

Ten Tips for Maximum Home Office Efficiency 159

Self-Assessment: When Should You Move Your Side Business Out of Your Home? 163

Studios and Storage: When You Need More Space 168

8 Working With Others 171

Employee vs. Independent Contractor: What's the Difference? 173

Five Reasons Why Hiring an IC Is Usually a Better Choice For Your Side Business 176

Legal and Paperwork Requirements: ICs 177

Legal and Paperwork Requirements: Employees 179

Ten Tips When Hiring Family Members 182

9 Marketing Basics 189

What's the Difference? Marketing vs. Advertising 192

Ten Marketing Tips 192

Your Marketing Toolbox 198

Do You Need a Marketing Plan? 207

10 Taxes and Deductions 211

What's the Difference? Hobby vs. Business 213

How the IRS judges Your Business 213

Proving a Profit Motive 214

Classic Hobby Loss Abuse 216

Paying Taxes 219

Will You Get Audited? 219

How Businesses Are Taxed 220

What Taxes Your Business Will Have to Pay 222

Paying Estimated Taxes 224

Preparing Your Taxes 227

Keeping Records for the IRS 229

Tax Deductions 232

What's a Tax Deduction Worth? 232

Tax Deduction Basics 236

Deducting Home Office Expenses 237

Qualifying for the Home Office Deduction 238

What You Can Deduct 241

Five Home Office Deduction Tips 243

Deducting Long-Term Assets 245

Immediate Deduction Using Section 179 245

Depreciation 246

Deducting Vehicle Expenses 247

Deducting Travel Expenses 249

Deducting Meals and Entertainment 251

An Interview with Attorney Stephen Fishman 252

Index 257

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  • Anonymous

    Posted October 13, 2011

    Obiz

    Put me n da right direction

    1 out of 1 people found this review helpful.

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