Start A Business Or Make Extra Cash With These Simple Tips

Author: Potential Films Inc |

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Many people are facing challenges related to their career right now, which can make prospects seem bleak. However, if you’ve lost your job or had a major setback recently,  there are several ways you can get back on your feet. Whether you want to start your own business and become an entrepreneur or just make some extra cash with a temporary gig, Potential Films Inc discusses your options.

 

Assess your marketability

Whether you want to start your own business or just find something short-term, it’s important to know which of your skills are the most valuable. If you have a flair for writing, for instance, blogging or creating freelance content might be a great option. Have an eye for chic clothing with resale or wholesale potential? Start your own reselling business through a platform like Poshmark or Etsy, or open up your own online store.

 

Protect your idea

When starting a business of any kind, it’s advisable to protect yourself by forming an LLC, or limited liability company. Registering your company’s name and filing the required paperwork will get the process started, but also, make sure you understand the guidelines and follow directions to avoid missing important deadlines. There will be more fees associated with having an attorney file the paperwork, so you can work with a formation service to save money.

 

Set up business-related systems and processes

If you're hoping to become a successful entrepreneur, you'll need to establish efficient systems for your business before you hire your first employee. You should set up key systems like marketing, administration, and sales to really get your business going. Each system should also have efficient processes put into place. For example, make sure that you're processing payroll accurately to comply with tax laws and keep your employees happy. What is payroll? It involves paying your employees the correct wages (their pay after taxes) and reporting payroll taxes on federal and state levels. In order to keep payroll running smoothly, make sure you're aware of tax deadlines and maintain detailed payroll records.

 

Decide on the kind of job you want

If you’re not ready to start a business and would rather look for temporary work or a gig, think about what your goals are. Temporary work can be found through an agency or via various channels online and sometimes comes with benefits, while a gig is typically more flexible and allows you to remain self-employed, such as driving for a rideshare service. Search online for info about available gigs in your city and think about your current schedule before making any moves to ensure that you’ll have the necessary time and resources.

 

Get familiar with tax laws

Whether you choose to start your own business or simply work a temporary gig, it’s crucial to be familiar with the tax laws imposed by Canada's federal Income Tax Act. Whether you live in Canada or are a non-resident who has earned income from Canadian sources, you are subject to Canada's federal tax regulations. Read up on tax laws and find out which forms you’ll need, calculate how much you owe, and set up online payments to give yourself peace of mind.

 

Making career changes can be scary, but if you follow the correct steps and think about your goals in advance, you can find the right path for yourself. Taking precautions to protect your business or to become self-employed will help you feel more comfortable as you move forward.

 

Looking to increase your social media presence? Reach out to Potential Films Inc for top-quality video production and marketing services.

 

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