They’re neither complicated nor expensive. Whatever it costs, that software will be a legitimate business expense.

So will those out-of-pocket expenses your hobby-turned-business used to cost you. Let’s say, for example, that you’re into antiques. And your love of a

Yes, you can almost instantly convert your hobby – even one that’s now costing you a ton of money – into a potentially profitable business. Just taking one simple step is almost certain to save you a bunch of money. And it’s all legal!.

But don’t take my word for it. Ask the professionals. Which ones? The folks who make up that Professional Support Team every business start-up owner should first put together. Your permanent team members will include an accountant, a lawyer, a banker and an insurance broker. Transient members will come later. Anyway, check out with your PST what I’m about to share with you.

What it takes to convert your hobby to potently profitable business is one simple ingredient: Your intent to make a profit. Easy enough so far, right? The next step is almost as easy.

How do you manifest that intent – show your desire to convert that hobby into a potentially profitable, legitimate business? You start by keeping records, financial records. Perhaps the easiest way to do that is to buy one of the many off-the-shelf accounting software packages. They’re neither complicated nor expensive. Whatever it costs, that software will be a legitimate business expense.

So will those out-of-pocket expenses your hobby-turned-business used to cost you. Let’s say, for example, that you’re into antiques. And your love of an

Ask the professionals. Which ones? The folks who make up that Professional Support Team every business start-up owner should first put together. Your permanent team members will include an accountant, a lawyer, a banker and an insurance broker. Transient members will come later. Anyway, check out with your PST what I’m about to share with you.

What it takes to convert your hobby to potently profitable business is one simple ingredient: Your intent to make a profit. Easy enough so far, right? The next step is almost as easy.

How do you manifest that intent – show your desire to convert that hobby into a potentially profitable, legitimate business? You start by keeping records, financial records. Perhaps the easiest way to do that is to buy one of the many off-the-shelf accounting software packages. They’re neither complicated nor expensive. Whatever it costs, that software will be a legitimate business expense.

So will those out-of-pocket expenses your hobby-turned-business used to cost you. Let’s say, for example, that you’re into antiques. And your love of a

later. Anyway, check out with your PST what I’m about to share with you.

What it takes to convert your hobby to potently profitable business is one simple ingredient: Your intent to make a profit. Easy enough so far, right? The next step is almost as easy.

How do you manifest that intent – show your desire to convert that hobby into a potentially profitable, legitimate business? You start by keeping records, financial records. Perhaps the easiest way to do that is to buy one of the many off-the-shelf accounting software packages. They’re neither complicated nor expensive. Whatever it costs, that software will be a legitimate business expense.

So will those out-of-pocket expenses your hobby-turned-business used to cost you. Let’s say, for example, that you’re into antiques. And your love of a

do you manifest that intent – show your desire to convert that hobby into a potentially profitable, legitimate business? You start by keeping records, financial records. Perhaps the easiest way to do that is to buy one of the many off-the-shelf accounting software packages. They’re neither complicated nor expensive. Whatever it costs, that software will be a legitimate business expense.

So will those out-of-pocket expenses your hobby-turned-business used to cost you. Let’s say, for example, that you’re into antiques. And your love of a

They’re neither complicated nor expensive. Whatever it costs, that software will be a legitimate business expense.

So will those out-of-pocket expenses your hobby-turned-business used to cost you. Let’s say, for example, that you’re into antiques. And your love of antiques now takes you hundreds of miles from home to visit antique shows, antique dealers, etc. Once you’ve converted your antique collecting hobby into a business, your travel, lodging and meal costs for those trips – plus any antiques you buy – can become legitimate business expenses.

Yes, there are a few other things you’ll need in addition to that accounting software. Among them: 1) A business name, 2) A legal structure for your business (Your PST attorney can help you decide if it should be a sole proprietor, partnership, corporation or limited liability company.), 3) a separate bank account – perhaps even a separate credit card – for your business, 4) records of all sales and purchases made by or for your business, and 5) a dedicated phone line. The latter is a convenience, not a legal requirement.

You realize, of course, that your business can’t simply continue to accumulate things. Antiques, in our example. You’re obviously going to have to sell some of the items you buy. And, preferably, sell them at a profit. Remember, the intent with which you converted your hob