The Top 10 Essentials for Making a Hobby into a Business
Category: Entrepreneurs, Small Business, Home Office (AA82)Originally Submitted on 3/22/98.
The essential thing here is that the IRS is going to look at your intent. Was it your objective to make money? You must intend to make a profit or it's just a hobby. Here are some of the tangible indications that you have really embarked on a business enterprise.
1. Register your business name by filing a "doing business as" statement with your local county clerk.
2. Use business cards and stationary.
3. Take out a company listing in the Yellow Pages.
4. Keep a log of the business contacts you've seen during the year.
5. Advertise in local papers.
6. Send promotional mailings to prospective customers.
7. Set up a business bank account.
8. Get a business telephone.
9. Buy a postage meter and a copying machine.
10. Hire at least some part-time help.
About the Submitter
This piece was originally submitted by Charles Powell, MCC, Personal Life and Christian Life Coach, who can be reached at sinapup@excite.com, or visited on the web. Charles Powell wants you to know: "I set as the goal the maximum capacity that people have—I settle for no less . I make myself a relentless architect of the possibilities of human beings." -Benjamin Zander. The original source is: Randy B. Blaustein, a former IRS agent.
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