How to turn your side hustle into a business

The video tutorial provides guidance on transforming a side hustle into a full-time business. It emphasizes the importance of creating a detailed business plan, which includes potential expenses, income expectations, and market strategies. The tutorial also explores various funding options, such as SBA loans and crowdfunding, and highlights the need to legally and financially establish the business by registering it as a separate entity and obtaining a federal tax ID. The video concludes by acknowledging the hard work involved in running a small business but emphasizes the fulfillment of pursuing one's passion.

What is the first step to consider when thinking about making your side hustle a full-time business?

• Quitting your day job immediately

• Assessing the demand for your product or service

• Hiring a team of employees

• Renting a business space

Which of the following should be included in a detailed business plan?

• The names of your friends

• A list of potential expenses and income expectations

• A list of vacation destinations

• Your favorite hobbies

What is one way to raise startup money for your business?

• Using a crowdfunding platform

• Taking a vacation

• Buying a new car

• Ignoring financial planning

Why is it important to separate personal finances from business finances?

• To impress friends and family

• To make it easier to buy personal items

• To avoid paying taxes

• To ensure clear financial management and legal protection

What is a federal tax ID number used for?

• To open a business checking account

• To book a hotel room

• To register for a gym membership

• To apply for a driver's license