A few preliminary thoughts.
You're looking for a way
to make money, right? Good for you. But before you get too
excited, there are a few things to think of.
What do you expect from this project? Are you looking for a few
extra dollars a month or do you need a full-time income? Be realistic with your expectations here.
How much time do you plan to spend on this? Will you work at it
occasionally, when there's nothing good on television, or will you
devote several hours or more each day to increasing your income?
Obviously, the more time you have to work on this, the better your
chances are to make some serious money. You might be one of the
lucky few who discover an untapped market just waiting to throw money
at your offering, but I wouldn't go sign the papers for a new car just
yet, at least not until the bank account is growing nicely. If
you have only a few hours a week to work at your income-producing
project, that's fine, too. It might take a bit longer to reach
your goal, but you can enjoy the trip.
Will you have customers or clients visiting your home? This
raises all sorts of issues such as zoning regulations, home owners
associations, parking, insurance, and neighborhood complaints.
Take the time to investigate the legalities, including local ordinances
and licensing requirements. You certainly don't want to invest
your time, money, and hopes into something that could be closed down
with a telephone call to the authorities.
And speaking of the authorities, don't forget about the tax
collectors. Keep good records of your expenses and your income,
and seek the services of a good tax preparer, if necessary, when the
time comes. As it will. There are some great software programs to
help with this part, but you can keep your information in a notebook,
too, until the time comes when you want to do more with it. Just
be sure to keep good records, whatever method you use.
When all is said and done, you should enjoy your money-making efforts. After all, isn't that what a hobby is about?