| It's a dream shared by millions around the world | | | | set of books, a separate business bank account, |
| -turning their hobby into a business; actually making | | | | advertising, business cards, etc.You should also make |
| money from doing what they love. It's what | | | | sure to obtain all the required business licenses and |
| journalists and authors do when they write. It's what | | | | permits. For those of you, who love to travel, |
| mechanics do when they tinker on motors and get | | | | consider how nice it would be to have your travel |
| paid for it. It's what artists do when they draw, | | | | and entertainment expenses deducted from your |
| sculpt, or paint.When you're in a business that you | | | | taxes as a business expense. It happens every day, |
| love - it's more like "pleasure" than "work." The | | | | all around the world.Two great resources for further |
| difference you'll feel leaving "working for a living" for | | | | information are: Home Business Tax Deductions: Keep |
| "doing what you love" is astounding. Imagine what | | | | What you Earn by Stephen Fishman, and Women Biz |
| the person who loves to bake feels when they bring | | | | Mentors, where experienced business women mentor |
| the loaf out of the oven and smell the overwhelming | | | | other women who want to start their own |
| aroma of fresh-baked bread, hear the customer | | | | business.You may be someone who engages in your |
| exclaim "mmm," and hear the cash register go | | | | hobby part-time and you "accidentally" made income |
| ka-ching at the same time.Tiger Woods once said, "I | | | | from it. That's how a lot of hobby businesses start |
| get to play golf for a living. What more can you ask | | | | too. You sold a friend some outdoor furniture you |
| for - getting paid for doing what you love."Back | | | | made in your hobby shop; word got around; and |
| when I began my career, I was skeptical about being | | | | soon, you were making money on the weekends, |
| able to survive as a writer; because I'd heard so | | | | just because you liked woodworking.The guy who |
| many 'starving writer' stories. My first job was as a | | | | loves exotic sports cars may broker the sale of a |
| secretary, but in my personal time, I wanted to | | | | few each year just to support his own "passion" for |
| research things and write books, articles, poetry, | | | | cars. Nuts for Cars, one of the businesses I write |
| songs-anything. People were always coming to me to | | | | for, began because three friends were searching for |
| write their resumes and speeches, to help with their | | | | car events to attend one weekend and couldn't find |
| essays and reports, or to fill out their paperwork. | | | | anything in the local newspapers or magazines. Later |
| Yet, I was actually in my 30s before I finally got | | | | on, they learned they'd missed a big car show that |
| around to believing that my real love and | | | | was near them. So they solved their problem - and in |
| talent-writing-could become a viable career and a | | | | the process, created a viable business-by getting |
| business.Maybe you're one of those people who have | | | | together to create an auto event club and online |
| discovered that your hobby is expensive to maintain, | | | | directory of auto events.Could it be that |
| and you'd like a way simply for your hobby to 'pay | | | | Shakespeare was really enlightened when he |
| for itself'. That's the case of a man I know who | | | | said:"This above all: to thine own self be true; And it |
| loves flying his airplane, looking at all different types | | | | must follow, as the night the day, Thou canst not |
| of airplanes, and talking about airplanes (this man has | | | | then be false to any man."Take a few minutes today |
| miniature airplanes on his "second" Christmas tree). | | | | to consider what you love to do. Do you find |
| After retiring from his "real" job, he merged his work | | | | yourself always talking about your hobby or favorite |
| with his hobby, and now he gets paid to manage the | | | | interest? Do other people say you're really good at a |
| airport where he keeps his plane. Many businesses | | | | particular skill or talent? Whether you use your hobby |
| and careers have been started for that | | | | talent/passion as a tax shelter; use it simply to make |
| reason.Business savvy individuals and tax attorneys | | | | your hobby pay for itself; or use it to make your |
| may share with you a semi-guarded trade secret: | | | | fortune, it is worth your time to consider making |
| You can deduct hobby losses from your main income | | | | your hobby a business today. Life is too short to |
| if you can prove the hobby is a legitimate, | | | | spend it in a miserable job if you don't have to, and |
| profit-motivated business. That means you must be | | | | you give your best to the universe when you |
| engaged in the activity "for profit." If you want to go | | | | operate within the sphere of your primary talent.Sally |
| that route, you will need to set your hobby up as a | | | | H. |
| legitimate business with: business cards, a separate | | | | |