![]() Sole trader – This is the simplest structure available and gives you full control of your business.There are a number of business structures you can select from, including: You’ll need to choose a business structure that protects you against litigation and determines how you’ll be taxed. Choose your business structureĬhoosing the right business structure is important since it will dictate how you’ll trade, determine your rights and lay out your responsibilities. Related: 25 side hustle jobs to make money 1. ![]() If you follow these steps in order beforehand, you’ll have an easier time fine-tuning the rest of the work later. Put your side job together: Once you have your idea and you’ve decided which direction you’d like to go, then it’s time to consider the finer details.If you like doing it as a business (and not just for fun), then you may be ready to fully commit to the venture. Do a trial run: See if your idea fits in with your lifestyle.Your side business will have a better chance of success if you love what you do and are good at it. Make a list of ideas: Do your research and take your time before you make your decision.Here are three steps you should take before getting started: It’s best to work out what you would like to earn and how much time you can put towards your idea before getting started. Require start-up costs (think licensing, permits, training, inventory or capital purchases). ![]()
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