What do you like to do? What is it that you do effortlessly? What is it that you would do for free and enjoy if money wasn’t an option? The answer to those questions could lead you to a path of wealth. How so? Very good question.
It is very easy to start a business these days; most states allow you to form a corporation or LLC in a few hours. There are a number of ways to create a quality website in a matter of hours without having any coding experience. With that being said, you could literally start a business today if you’d like. Sounds too good to be true? Well, it isn’t.
Based on your answers to the questions asked above, you may be able to monetize your passion, have fun, make money, and pay little to no taxes. Here is an example:
Let’s say you enjoy talking sports and you are really good at it. In fact you watch a lot of SportsCenter and similar shows. You could do that all day. Now how does one make money off that?
1. Form an LLC or corporation in the state you reside
2. Create a website from the comfort of your home. It doesn’t matter what it looks like right now
3. Begin to fill that site with your content
4. Tell people about your site via social media. Needless to say, if you are an avid sports person, you have already spoken about sports a great deal on social media
5. Pick your specialty and stick to it. If you know a lot about baseball, football or basketball, focus on what you know
6. Capitalize on opportunity. There are many people who play fantasy sports. A niche market for you may be to market your analytical sports work to people engaged in fantasy sports. Be creative in what you offer
All of this sounds great but how do you make money? Good question. Thanks for keeping me on track. You can sell advertising space on your site to companies that want exposure. You can also sell an exclusive (limited edition) coaching call for people who are looking to draft a team for fantasy sports. You see this more in fantasy football, but you could charge a fee for someone who may want you to be a part of their “war room” during the fantasy draft. Maybe these people don’t know they need you so you need to alert them that they need you. Those are just a few ways to generate revenue from your new business.
What about the taxes? You will “write-off” all the expenses that you use for your business. So far we have the following expenses: formation of your LLC or corporation, cost of the domain name and site, a portion of the fee for the internet connection you are using. If you are home, then you will have a portion of the utilities that you have used, and there are a host of other deductions that you may be able to write-off, depending on how far you take these opportunities.
What are you waiting for? Go get started!