#incomegeneratingideas

You might be thinking that to start a business will require countless hours of work and years of dedication. Well, the reality is that most businesses do require lots of effort. But there are a lot of other form of businesses that you can start on the side or part-time, and get up and running in a number of days. Most of these business ideas require a small funding; lots of them require little if any expertise; and many of them you can operate from your home. Unfortunately, so many of them never start a business because they put up barricades in their own mind. One of those barricades is that they think “starting a business” is a difficult task that will take them months and months, if not years, of planning and preparation. In reality, the paperwork of starting a business is almost trivial in comparison to everything else you’ll need to do to begin and run a business. But before you embark on filing anything, MAKE ONE SALE. 

Make One Sale

Before you go down the route of “starting” a side business, make a sale. Just one. If you wanted to start an advertising service, would you start by incorporating your business, getting insurance, paying for marketing, or opening a bank account? No, that’s senseless. You would find a printing agency and contact businesses who can pay you for advertising. That’s what you should be doing with whatever business you’re considering. Make One Sale. You will learn a tremendous amount about your market by selling your product or service to one person. After you make one sale, sell it to a second. After you’ve made the first dozen sales, you’ll know whether you have a business on your hands, a nice hobby, or a dream that can’t be realized. It’s valuable to do this before you waste time and money doing the paperwork of forming a business.

2.  Startup Paperwork

So you’ve made a few sales and you’re ready to make it official. You need to do some paperwork

3.   Don’t Waste your time on Business Plan (for now).

Do you need a business plan eventually? Yes, especially when it comes to courting and securing investors. Do you need a business plan now? Probably not.

4.   Business Registration & Business Accounts

If you’re starting a simple business that has no licensing, bonding, or major insurance requirements, the rest is easy. It’s a three step process: Register your company as LLC/ Pvt Ltd/ or ProprietorshipObtain GST, EINOpen a Business Account Do you need to incorporate? It depends. Incorporating is a must if there are any potential liabilities associated with your business because it shields you from your business, if set up properly. You are often not required to incorporate and can operate as a sole proprietor. As is the case with any type of legal advice, check with a professional and with the requirements of your state.

5.  Now Go Back to Selling

Once you do above steps, you’re officially a business. Don’t forget to file the necessary tax forms and get back to the important part of business, getting more of it. Good luck! 

(adsbygoogle = window.adsbygoogle || ).push({}); Turning your current home into an additional revenue stream can be an easy way to cover part of the cost of your loan. Letting out your property is a great idea whether you are looking to buy a second home, or earn an extra income off your largest asset. You don’t need a large or expensive property to make this happen. But there may be few things you can consider.  1. Buy a home that offers flexibility  If you are looking at buying a home just to generate rental income, try to find a property with a detached or semi detached apartment. Having two rent incomes is never a bad thing! Look for the following characteristics when choosing a home: Large driveway / parking space. Semi Detached area of house. Multiple entrances (one for you, one for tenants). (adsbygoogle = window.adsbygoogle || ).push({}); Preferably have multiple bathrooms, one per guest room.  Room for growth, look for a house with space to expand and with rooms that can serve as both living areas and sleeping areas.  Related Article: Which is more attractive: Rental income from residential or commercial property?

2. Short term or long term rentals?  If you’re considering a part of your own house, for this most people opt for the Company guest house for short term approach. Short term renting offers you a way to keep the rental space available should you have the in laws visiting or guests from out of town. Also, if you’re living in a small home you might not want the commitment of having a long term tenant living in your space. Consider long term renting if you have a detached section of your home or if you are buying into a new area to expand your property portfolio. Long term renting is often seen as the safe option, you can secure an income for a long period of time and not have to worry about the daily upkeep of a short term rental. Although long term can be an attractive option, home owners still need to manage their property efficiently. Maintenance, rent collection and finding trustworthy tenants are just some of the things you will need to deal with. Hiring a property consultant can go a long way in helping maintain your property and collect rent on time. A well written rental agreement is essential when putting someone on your property. Seek the help of professionals to make sure you have covered everything there is when letting your place long term.  Related Article: Types of Commercial Leases & its Rent Variation

3. Make it worth your while.  What’s the point of going through all the hassle of dealing with tenants, changing bedding, maintaining a second home and chasing up rent money? Ask yourself what is it you hope to achieve by putting your rental on the market. Find out what other properties in the area are priced at, check to see how many are occupied and work out a price that you wish to receive and that your potential tenants would be willing to pay. (adsbygoogle = window.adsbygoogle || ).push({}); Make sure your rental income will cover any and all expenses relating to the rental. More often than not rent prices can cover your mortgage, provided you had a decent down payment when you got financing. Whether renting is worth your while is a personal question that you will have to answer. Some of the things most homeowners seek when letting their properties. Paying for the mortgage (or a portion) of the home. Covering household expenditure and living costs. Saving this additional income for; College funds Vacations More property purchases.  Related Article: 8 Tips to Quickly Sell Your Commercial Property

4. Area’s to buy and rent your second home. When buying a home with the intention of renting it out, look to buy in the following types of areas. These are all areas with strong rent potential. Popular Vacation Spot. Student Town. Central Business District. Up and coming area. One of the obvious issues of owning a rental is not having a tenant in your house. It leaves you with a property that isn’t generating an income and means you have to pick up the mortgage while you find another tenant. That’s why you should always stick to areas with a lot of tenants needing places to stay. A sure way of ensuring you always have a tenant, is to hire a professional property consultant.

Turning your current home into an additional revenue stream can be an easy way to cover part of the cost of your mortgage. Letting out your property is a great idea whether you are looking to buy a second home, or earn an extra income off your largest asset. You don’t need a huge property to make this happen. But there are a few things to consider.  1. Buy a home that offers flexibility  If you are looking at buying a home with the sole purpose of letting it out, try to find a property with a detached or semi detached apartment. Having two rent incomes is never a bad thing! Look for the following characteristics when choosing a home: Large driveway / parking space. Semi Detatched area of house. Multiple entrances (one for you, one for tenants). (adsbygoogle = window.adsbygoogle || ).push({}); Preferably have multiple bathrooms, one per guest room.  Room for growth, look for a house with space to expand and with rooms that can serve as both living areas and sleeping areas.  Related Article: Which is more attractive: Rental income from residential or commercial property?

2. Short term or long term rentals?  If you’re considering living on the same property as your rental, a lot of people opt for the Company guest house for short term approach. Short term renting offers you a way to keep the rental space available should you have the in laws visiting or guests from out of town. Also, if you’re living in a small home you might not want the commitment of having a long term tenant living in your space. Consider long term renting if you have a detached section of your home or if you are buying into a new area to expand your property portfolio. Long term renting is often seen as the safe option, you can secure an income for a long period of time and not have to worry about the daily upkeep of a short term rental. Although long term can be an attractive option, home owners still need to manage their property efficiently. Maintenance, rent collection and finding trustworthy tenants are just some of the things you will need to deal with. Hiring a property consultant can go a long way in helping maintain your property and collect rent on time. A well written rental agreement is essential when putting someone on your property. Seek the help of professionals to make sure you have covered everything there is when letting your place long term.  Related Article: Types of Commercial Leases & its Rent Variation

3. Make it worth your while.  What’s the point of going through all the hassle of dealing with tenants, changing bedding, maintaining a second home and chasing up rent money? Ask yourself what is it you hope to achieve by putting your rental on the market. Find out what other properties in the area are priced at, check to see how many are occupied and work out a price that you wish to receive and that your potential tenants would be willing to pay. (adsbygoogle = window.adsbygoogle || ).push({}); Make sure your rental income will cover any and all expenses relating to the rental. More often than not rent prices can cover your mortgage, provided you had a decent down payment when you got financing. Whether renting is worth your while is a personal question that you will have to answer. Some of the things most homeowners seek when letting their properties. Paying for the mortgage (or a portion) of the home. Covering household expenditure and living costs. Saving this additional income for; College funds Vacations More property purchases.  Related Article: 8 Tips to Quickly Sell Your Commercial Property

4. Area’s to buy and rent your second home. When buying a home with the intention of renting it out, look to buy in the following types of areas. These are all areas with strong rent potential. Popular Vacation Spot. Student Town. Central Business District. Up and coming area. One of the obvious issues of owning a rental is not having a tenant in your house. It leaves you with a property that isn’t generating an income and means you have to pick up the mortgage while you find another tenant. That’s why you should always stick to areas with a lot of tenants needing places to stay. A sure way of ensuring you always have a tenant, is to hire a professional property consultant.