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Could Your Hobby Be a Lucrative Home-Based Business? How To Decide

Some of the most successful home-based businesses started as a hobbies. Sellers of products such as candles, quilts, crafts – often start out producing those items for fun or relaxation.

How does one determine whether there’s money-making potential in a hobby? www.AllBusiness.com offers advice from the Small Business Administration on making that determination before planning a start-up business venture.

First, establish whether or not there is a demand for your product, and how much competition is out there. Can you offer your product at a better price, or more efficiently?

Next, determine the tax implications. Whether or not you are planning to deduct any losses from your venture will determine how you will need to proceed with the IRS.

Finally, how will you distribute your product or service. For suggestions and additional resources, read the article at http://www.allbusiness.com/specialty-businesses/home-based-business/3328-2.html

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