Many entrepreneurs end up as small business owners because they loved doing something and they realized they could make money doing it, but making money off something isn’t enough to qualify it as a business. Nor does it have to be your main source of income in order to be considered a business. If you have a day job and a side hustle that’s making you money, that side hustle can still be considered a business… if you treat it like a business. The question is where is the line that determines when a hobby stops being a hobby and starts being a business?
Are You Making a Profit?
Incorporating your business is one of the best ways to demonstrate how serious you are. Even if you’re not working on your business full time and it’s not your main source of income, incorporating is a way to show you’re serious about growing it into a viable business. It’s also a way to protect your personal assets if something goes wrong in your business and you become liable for losses and/or damages.
Leave a Reply.
Please tell me how you found me