Any cool/interesting side hustles out there? | Page 3 | GTAMotorcycle.com

Any cool/interesting side hustles out there?

If you make anything for anybody and get paid, the first thing to do is get business insurance and product liability insurance. In this lovely new world, buddy has a 20k BMW fall off the rack you built, and it falls on his leg, it wont matter whos fault it is, it will cost to sort it. Not being a tin hat guy, but side deals can go sideways.....

I agree. The goal is to setup a proper business with tax deductions to offset his primary family income.
 
Incorporate.

Then they can only claim against the business and cannot go after personal wealth.

Costs a fair bit more than sole proprietorship but we'll work it IMO
 
back on topic

you said your dad has a lot of wood working tools

why not make those motorcycle workbenches
Wingboy posted the plans, you cut the wood with slats and it all fits together like a puzzle and comes apart easily.
I think you can modify it to make it better.

You can easily make $50 a unit or charge more for ppl that want other forms of customization done.
If you register your business then you now have a lot of expenses to write off including part of your bike and insurance.
Seems to be something readily you can do. And from there maybe other items ppl will pay you to make for them.

Thought about it...but the liability of someone messing up the install and dropping/getting injured....definitely would have to get some good insurance / incorporation to be covered. We've got all the tools and all that stuff, I'll actually try to make one for myself in a couple of weeks.
 
I did ceramic tile backsplashes for a while. Condos and new construction, you send the homeowner off to select tile, you pick it up, as a contractor you should get 5-10% discount. Its clean and easy work, no bending over, use premix adhesive so no mixing. I had an inverter in the truck and ran a small tile saw in the back, cutting and mess stayed there. customer gets billed for corner trims ect. , the leftovers go to the next project. You have to go back next day to grout so its a 2 days project, 4-5hrs to tile, next day 2-3hrs to grout and clean. I could net $800 on a splash in a nice kitchen, made a good sat/sun. The layout is important , as is straight clean work. Don't do your first job in a customers house......

I now do custom rope splicing for race sailboats, tech lines like spectra and dyneema, end for end splices and eye splices and tapered sheets. Its a very niche market but lucrative, and I do some electronics installs and some marine diesel work. And custom mast setups for race boats, tuned masts. Its interesting work and I get to spend time getting paid to sail.

And i build custom peppermills, don't do that......
 
Incorporate.

Then they can only claim against the business and cannot go after personal wealth.

Costs a fair bit more than sole proprietorship but we'll work it IMO

Someone dies or gets hurt using your product or service and comes after you for it... You better have insurance. If you think you're gonna walk away from your corp and it's lawsuits unscathed personally just because you incorporated.. You are wrong.
 
Someone dies or gets hurt using your product or service and comes after you for it... You better have insurance. If you think you're gonna walk away from your corp and it's lawsuits unscathed personally just because you incorporated.. You are wrong.

Had this convo recently with an accountant. She said incorporating doesn't make sense for us (investment property) as its too small an operation and not worth the cost.malso said if someone gets injured there is no longer a veil of corp that one can hide behind.

Not it sure what the law actually is but I doubt you could walk away too easily....but I'm no accountant or lawyer.
 
I converted a bedroom in our house into a treatment room for my wife, because she's a massage therapist & osteopath.
I get a few more massages now. I consider this a very good side hustle.
 
I'd check with a second accountant, mine suggested incorporation with rental properties as a way of deflecting capital gains on the sale and as a liability measure should anything go wrong with the investment. It made filing taxes beyond my skill set. I've also used the 'corporation' to invest in other businesses.

I'm not an accountant either, that's why I pay one.
 
^ this.

Get a new accountant or read up on possible outcomes for a legal matter.

Teaching I was always worried about being held liable if the worst should occur. I decided incorporation was best to protect me and mine.
 
not an accountant but recently switched from a sole proprietorship to Corp and the taxes work differently as does the liability.
Corporations pay 15.5% on everything up to $500000 (after deductions), as a sole proprietorship you are subject to tax brackets

as far as suing you there is no clear answer as circumstances will dictate, but as a general rule with a Corp your personal assets are more protected, however if they can prove negligence in an accident scenario than the rules may change.

if in doubt consult a lawyer or accountant, not the internet
 
I couldn't put up with it back in the day. Less so now. lol

As a professional commercial photographer who hustles sports on the side and used to do weddings, I pass on any wedding that comes my way...too much work for the BS that you put up with for the pay.
 
I'd check with a second accountant, mine suggested incorporation with rental properties as a way of deflecting capital gains on the sale and as a liability measure should anything go wrong with the investment. It made filing taxes beyond my skill set. I've also used the 'corporation' to invest in other businesses.

I'm not an accountant either, that's why I pay one.

I went a step further in deflection and also opened a holding company & family trust. Again, setup costs and overhead go up but it depends how much money you plan on washing through. For a revenue neutral side-hustle, it's not worth it. If you are using your side hustle to accumulate money for the future, it may be. I can transfer money out to any family member (over 16 yo iirc) so I can balance incomes over time and people to save tax.
 
^ this.

Get a new accountant or read up on possible outcomes for a legal matter.

Teaching I was always worried about being held liable if the worst should occur. I decided incorporation was best to protect me and mine.

Someone sues your corp and wins... you won't walk away from that.. they will come after you.
 
Sure, but they can't come after my house, etc.

As for insurance, the companies I worked for had a policy I signed on to.

No its not idiot proof, but it did ensure that my personal wealth is not affected
 
however does anyone make a business
color code the wood pieces or number them for assembly
 
I converted a bedroom in our house into a treatment room for my wife, because she's a massage therapist & osteopath.
I get a few more massages now. I consider this a very good side hustle.
Happy ending?

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