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Answers to 3 common questions about starting your own side business

  • A coaching consultant with 12 streams of income shares three questions they get asked most often.
  • Most people want to know how to create passive income streams quickly and easily.
  • But if you want to get rich quick, that won’t work.

Daniella Flores, a self-proclaimed “sidepreneur” who currently has a dozen sources of income, including freelance writing, consulting services, digital products, affiliate partnerships and investment dividends, offers advice to others who want to explore polycommuting – the idea that your career can be made up of several small roles instead of one main job – and self-employment.

They shared with Insider the answers to the three most common questions they receive about starting a side hustle.

1. How can I earn passive income quickly and easily?

Flores, who uses the pronouns they/they, told Insider that the #1 question they get is, “What’s the easiest and fastest way to earn passive income?”

“The first thing I tell them is, I don’t give any consulting advice and get-rich-quick schemes, and you can’t get rich quick either,” Flores said.

The only really easy way to earn passive income, they added, is to invest in the stock market, but seeing real profits in the market takes a long time as you accumulate.

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2. How can I start blogging or freelancing?

Flores said the most popular side hustle people are looking to start is getting into blogging and freelance writing because it’s a really convenient way to earn some extra money.

“Usually all of these gigs are remote,” Flores said. “They are flexible and you can sort of create your own schedules.”

That said, one thing Flores said to keep in mind is that starting a blog or starting a freelance writing job can take a long time, and you’ll be waiting a while before you start blogging. make money doing it – you may need to put together a portfolio or learn a few new skills.

Flores added that blogging specifically has a lot of appeal for would-be scammers because there are also plenty of opportunities to earn a steady stream of income through advertisements and affiliate links.

3. How to handle taxes, business registration, etc. ?

This question is one that Daniella said they couldn’t really answer, as they are neither a lawyer nor an accountant.

“I would recommend that they speak to a CPA — and probably a local CPA,” Daniella said. They added that having a CPA who is local to the area will have better advice on things like the specifics of sales taxes in your state.

Daniella said that sometimes they tell people asking these questions what they did in the beginning, but potential scammers should keep in mind that everyone’s situation is different and they may not be doing the same things. things.

“People often think they have to have an LLC to do anything online,” Daniella said. “I started out as a sole proprietor with just my social security number. I didn’t even have a business bank account – I was using PayPal back then.”

That said, they don’t recommend keeping your money for your business in PayPal – get a real bank account.

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