At the beginning of the year, many people have their eyes set on goals. Some of these goals may include increasing your income, starting a dream business, or both if you’re reaching for the stars.
AT the beginning of the year, many people have their eyes set on goals. Some of these goals may include increasing your income, starting a dream business, or both if you’re reaching for the stars. Before you get your hands dirty in the sometimes chaotic combination of formal employment and entrepreneurship, here are a few pitfalls to avoid.PEOPLE get side hustles for different reasons.
Eric Nisall, an accountant in Coral Springs, Florida, suggests having what he calls a “failure fund” if your goal is to eventually transition into full-time entrepreneurship. It’s something he developed when he began the journey of full-time employment and building a business. “I think that people need to realize all of their income is going to be taxed,” she says. “So, if they’re starting a side hustle, they need to get organized so that they don’t miss any income that needs to be reported, because then the interest and penalties are going to pile on.”
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