It’s almost tax time already again and one topic that I have been hearing about lately were people that were talking about how much extra income they made either from a part time job or a business that they were doing on the side. That then sparked a conversation how it’s a lot better to have a part time business if you are looking to create some extra income on the side as you can get better tax benefits that way.
The number one reasoning to not do it was that people expressed that a business is simply too expensive to start and operate. When asked for examples they would reference large companies and how it sounds like a pain have to have to manage such workloads if you were trying to do everything yourself. Basically, it’s more like another full time job.
My first thought that was this must be a very stereotypical way of thinking where just because you see the word â€œbusinessâ€ that it must mean you have say employees or a large storefront to sell goods or services. I think instead the mindest should be that a business is just more along the lines of finding something where you are your own boss and would need to take full accountability for everything. In that sense, even something as simple as consulting or tutoring can be a part time business opportunity.
Thinking about it like that, in the long run does it sound more appealing to be say a part time language tutor by being employed by someone or you setting your own hours and appointments as see fit to your own schedules? In my view, putting the extra effort to make it a business of your own instead will probably generate more benefits for you in the end as long as you have the work ethic for it.