The Art of Side Hustling: A Guide to Supplementing Your Income

2609
CANADIAN MONEY

THUNDER BAY – Business – In an era of rising living costs and economic uncertainty, many individuals are turning to side hustles as a means of supplementing their income. A side hustle is not just a part-time job; it’s a freelance or entrepreneurial venture that allows you to earn extra money outside of your regular job. It’s a way to pursue your passions, explore new industries, and earn additional income. This article will explore some of the best side hustles and provide a guide on how to register a business.

Understanding Side Hustles

A side hustle is essentially a business or job that you take on, in addition to your full-time job, to earn extra income. The beauty of a side hustle is that it can be anything you want it to be. It could be a passion project, a hobby that you monetize, or a skill or talent that you market and sell. The key is that it’s flexible and fits around your primary job, allowing you to earn extra money to help cover living costs, save for the future, or fund your passions.

Top Side Hustles

  1. Freelance Writing: If you have a knack for words, freelance writing can be a lucrative side hustle. Many businesses and websites pay for well-written articles, blog posts, and web content.
  2. Tutoring: If you excel in a particular subject or skill, consider offering tutoring services. This could be academic tutoring or teaching a skill such as a musical instrument or a foreign language.
  3. E-commerce: Selling products online, whether they’re handmade crafts, vintage items, or digital products, can be a profitable venture. Platforms like Etsy, eBay, and Amazon make it easy to set up an online shop.
  4. Personal Fitness Training: If you’re passionate about fitness, consider offering personal training services. With the rise of virtual fitness, you can even offer your services online.
  5. Social Media Management: Many small businesses need help managing their social media presence. If you’re savvy with platforms like Instagram, Facebook, and Twitter, this could be a great opportunity.

This of course is just a few of the many things people are doing.

Registering a Business

Registering a business in Ontario, Canada, is a straightforward process that can be completed online through the Ontario Business Registry. Here are the steps you need to follow:

  1. Access the Ontario Business Registry: The Ontario Business Registry allows businesses and not-for-profit corporations to complete over 90 transactions online, including registering, incorporating, and updating their information. This online registry is available 24 hours a day, 365 days a year.
  2. Register your business or not-for-profit corporation online: To create a new business entity or not-for-profit corporation, you can register your business online through the Ontario Business Registry.
  3. Obtain your company key: You will need a company key to access the Ontario Business Registry. The company key will be emailed to the official email address on file. If an email address is not on file, the company key will be mailed to the registered or head office address or principal place of business address on record.
  4. Login into ONe-Key: Once you have your company key, you may proceed to sign in with your ONe-key ID. You will be asked to sign up for a ONe-key ID and create a ServiceOntario account.
  5. Create your ServiceOntario account: Once you have signed-up for your ONe-key ID, you will be asked to create your ServiceOntario account. You can now link your business to your ServiceOntario account using your company key. Once complete your business will be listed on your ServiceOntario account and you can access the Ontario Business Registry from this page.
  6. Update your company information: It is the responsibility of the corporation or other entity to keep their information on the public record and beneficial ownership information accurate and up-to-date. Changes to information can be made by filing a Notice of Change directly with the government online for free, through one of the authorized service providers, or by mail.
  7. Beneficial Ownership Information: As of January 1, 2023, corporations are required to keep their beneficial ownership information on file and provide such information upon request by law enforcement, and regulatory and tax authorities. This document must be reviewed at least once a year.

Please note that all information filed on the Ontario Business Registry, such as registered office or other address information, will be placed on the public record and publicly available for searches under the business statutes. Administrative information such as contact information for the filing and the official email address is not shown on the public record.

For more detailed information, you can visit the Ontario Business Registry.

Conclusion

A side hustle can be a powerful tool to supplement your income and pursue your passions. By choosing the right hustle for you and taking the necessary steps to formalize your business, you can create a successful and profitable venture. Remember, the key to a successful side hustle is passion, dedication, and a willingness to learn and adapt.

Previous articleThunder Bay: A Game of Clouds and Showers – High Stakes, High Spirits!
Next articleThe Legendary Thunder Bay Persian: A Local Delicacy with Deep Roots