How To Turn Hobbies Into Money Making Source

Posted by Bimbita on January-3-2012 under Make Money

Here are some ways on how to turn hobbies into money making source. Successful people love their profession. They treat their work as a hobby unlike others that treat their professions as just a job that has to be finished. Therefore, you must love your hobby to make money through it. Turning your hobby into profession, will give you creativity and present you with endless possibilities.

Any kind of hobby can be turned into a business

A business can be created from any hobby whether it’s organizing parties, photography, flower arrangement or any other. The possibilities are endless. A business is more a way of thinking and organizing for resources, planning, executing and learning from the mistakes. The first step is to have a name that will instantly connect you with your customers. It should be generic and have a catchy name.

Also, check out our post on Ten Businesses to work from home.

Opening a bank account, creating a website and an Email ID

Now open a bank personal account which will be totally designated for your business expenses, costs and income. This kind of account has the maximum flexibility and the minimum legal accountability and regulations. Payments from customers need to be made to this account and, therefore, should have the name that s mentioned in the personal account. Create an email address specifically for business and a website that will state the exact business that you are in.

Now get some stationery printed, that should include visiting cards, letterheads, envelopes etc. The stationery should mention your address, telephone no, fax no, email and website address.

To begin with designate a room or an area in your home that will function as your office. According to the law, ¼ or mortgage or rent payment can be treated as business expenses. This will help you save a lot of tax dollars.

Buying supplies and deducting the expenses

Supplies that include electronic equipment, office supplies, and purchase of car, computers, and cellphones should be charged as business expenses. Keep all receipts and the bills as they can be used for tax deduction purposes and can be counted as business expenses. Therefore in the future, restaurant bills, gasoline bills, vacation bills etc. can also be clubbed as business expenses that can be used for deduction purposes.

Maintaining good records and accounts are extremely crucial to the business. Select a professional that understand the IRS policy and can help you with filing and saving tax legally.

Advertising for the business

Advertise your business through your website, newsletters and flyers to get customers. With paying customers, you will never be able to take off. Business will be slow; however, it will pick up sooner or later.

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