Running a Side Business: How to Create a Second Income

Web Resources......Page 0
Table of Contents......Page 8
Your Business Companion......Page 14
1. Starting the Right Side Business......Page 16
Before You Start: Nine Things to Consider......Page 18
Can You Really Maintain Your Full-Time Job and Your Side Business?......Page 21
Common Side Businesses......Page 23
Do You Need a Business Plan?......Page 36
Avoid Side-Business Scams......Page 37
What If … ? Should You Consider Quitting Your Day Job?......Page 39
2. If You Go Online......Page 44
Free Stuff......Page 46
Invoice Customers and Get Paid Online......Page 50
Sell Stuff via Amazon or eBay......Page 52
Earn Money With Ads and Affiliates......Page 56
The (Very) Basics of Driving Traffic to Your Site......Page 57
How to Build a Website in 24 Hours......Page 61
Basic Legal Rules When Going Online......Page 64
3. Managing Your Money......Page 68
Record Keeping and Bookkeeping......Page 70
Accounting Methods......Page 72
What Is Cash Flow and Why Is It Essential?......Page 74
Five Accounting Principles You Need to Know......Page 76
What Is Forecasting?......Page 78
Raising Money for Your Business......Page 80
Borrowing With Credit Cards......Page 81
Bank Loans......Page 82
SBA Loans......Page 83
Borrowing From Family and Friends......Page 84
Social Lending Networks......Page 85
Getting Paid......Page 86
Invoiced Accounts......Page 87
Checks......Page 88
Getting Paid With Credit Cards......Page 89
Ten Tips for Collecting Accounts Receivable......Page 90
4. Protecting Personal Assets......Page 96
Using Business Entities to Limit Liability......Page 98
What Are You? Sole Proprietorship or Partnership?......Page 99
What’s the Difference? LLC vs. Corporation......Page 102
How to Convert to an LLC or a Corporation......Page 105
An Interview With LLC and Corporations Expert Anthony Mancuso......Page 107
Basic Coverage......Page 110
Package Deals......Page 115
Insurance for Employees......Page 116
Ten Tips for Saving Money on Insurance......Page 118
Reduce Your Risks......Page 121
5. Avoid the Lawyers......Page 124
Ten Common Contract Problems and How to Solve Them......Page 127
Drafting and Formatting an Agreement......Page 132
When You Have to Review a Contract......Page 134
Are You Afraid of Negotiating Contracts?......Page 136
Avoiding Legal Problems With Names and Trademarks......Page 137
Perform a Simple “Knockout” Search......Page 138
Federally Registering a Trademark......Page 139
Staying Out of Trademark Trouble......Page 141
Four Steps to Legally Protecting Your Business Ideas......Page 143
What Ideas Do You Have?......Page 145
Ensuring Rights: Registration and Other Measures......Page 147
Chasing People Who Rip Off Your Ideas......Page 151
What If You Copy Somebody Else’s Ideas?......Page 152
Ideas Created by Your Employees or Contractors......Page 153
Ten Ways to Save on Legal Fees......Page 155
Evaluate Your Attorney’s Services......Page 160
6. Licenses, Permits, and Other Paperwork......Page 162
Basic Registration Requirements......Page 163
Register Your Fictitious Business Name......Page 166
If You Sell Goods, Get a Seller’s Permit......Page 168
Permits and Licenses for Specialized Fields......Page 169
7. Working From Home......Page 170
Ten Tips for Maximum Home Office Efficiency......Page 172
Self-Assessment: When Should You Move Your Side Business Out of Your Home?......Page 176
Studios and Storage: When You Need More Space......Page 181
8. Working With Others......Page 184
Employee vs. Independent Contractor: What’s the Difference?......Page 186
Five Reasons Why Hiring an IC Is Usually a  Better Choice For Your Side Business......Page 189
Legal and Paperwork Requirements: ICs......Page 190
Legal and Paperwork Requirements: Employees......Page 192
Ten Tips When Hiring Family Members......Page 195
9. Marketing Basics......Page 202
Ten Marketing Tips......Page 205
Your Marketing Toolbox......Page 211
Do You Need a Marketing Plan?......Page 220
10. Taxes and Deductions......Page 224
How the IRS Judges Your Business......Page 226
Proving a Profit Motive......Page 227
Classic Hobby Loss Abuse......Page 229
Will You Get Audited?......Page 232
How Businesses Are Taxed......Page 233
What Taxes Your Business Will Have to Pay......Page 235
Paying Estimated Taxes......Page 237
Preparing Your Taxes......Page 240
Keeping Records for the IRS......Page 242
What’s a Tax Deduction Worth?......Page 245
Tax Deduction Basics......Page 249
Deducting Home Office Expenses......Page 250
Qualifying for the Home Office Deduction......Page 251
What You Can Deduct......Page 254
Five Home Office Deduction Tips......Page 256
Immediate Deduction Using Section 179......Page 258
Depreciation......Page 259
Deducting Vehicle Expenses......Page 260
Deducting Travel Expenses......Page 262
Deducting Meals and Entertainment......Page 264
An Interview with Attorney Stephen Fishman......Page 265
A......Page 270
B......Page 271
C......Page 272
E......Page 273
F......Page 274
I......Page 275
J......Page 276
M......Page 277
O......Page 278
P......Page 279
S......Page 280
T......Page 282
W......Page 283
Z......Page 284
Related Products......Page 289