I've been affiliate marketing for 4 or 5 months now, and i've hit the "tipping point" where im finally making money. I dont have a business though, im just getting the money to myself. I would like to have a business that is getting this revenue b/c i think it would be beneficial. I'm looking for some advice as to how to start one and what i need to do. Also what type of benefits are there to being a business instead of just a person?
if you go for a business the liability is limited and you can deduct your salary under expenses head and pay taxes for the balance amount left as profit. anyhow the chance of launching a business depends on how much is your earnings now through affiliate marketing? regards
The different between work alone and business is that business can generate more money. For business,other people find money for you. While work alone is you work for money alone.
Having a business has two main advantages - 1. Your liability is limited - if something goes horribly wrong you don't loose your personal assets. 2. You pay less tax (depending on where you are in the world and the prevailing tax legislation). The first thing you should do is talk to a chartered accountant, it will cost you money but good advice and doing it right the first time is worth every penny spent. Hope this helps.