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5 Steps to Level Up Your Side Hustle

1 14 30
24.09.2021

The pandemic isn’t crushing the entrepreneurial spirit. It’s fueling it.

People normally tied to a desk or working double shifts used lockdown to launch side hustles, often out of necessity. And some have turned those side gigs into full-fledged businesses.

According to the U.S. Census Bureau, 427,842 new business applications were filed in August 2021 alone. That figure was 288,026 in August 2019.

While a side gig can be spontaneous, growing a legit business requires research, planning and organization. Otherwise, your fledgling enterprise could crash and burn in a couple of years.

These basic but essential steps can help you take things to the next level and give your new venture a shot at staying power.

There are six common types of business entities: sole proprietorship, general partnership, limited partnership, C corporation, S corporation and limited liability company. The option you choose determines how your business is taxed, as well as who is financially responsible if your business is sued.

Entrepreneurs often default to sole proprietorship because it’s the easiest, but it’s also the riskiest, says Nellie Akalp, CEO and co-founder of corpnet.com, a document........

© Entrepreneur


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