Are you a Cop looking to build a thriving side hustle? You're not alone! Many law enforcement officers are turning to entrepreneurship as a way to prepare for life after law enforcement and supplement their income and to gain valuable experience.
Before you start, it's essential to check with your employer and ensure that you are allowed to have a side hustle while currently employed as a police officer. Some departments may have policies in place that prohibit outside employment, so it's best to be fully transparent and obtain approval before proceeding.
Once you have the green light, here are some tips to help you build a successful side hustle as a cop:
TIP #1
Identify your passion: What are you truly passionate about? Whether it's a hobby or a skill you've developed on the job, think about how you can turn that passion into a profitable business.
TIP #2
Get organized: Starting a business can be overwhelming but breaking it down into manageable tasks will make it less daunting. Create a plan and set specific goals.
TIP #3
Network: Connect with other entrepreneurs and small business owners. This can be a great way to learn from others who have successfully started their own businesses.
TIP #4
Take advantage of your skills: Use the skills you've developed as a cop to your advantage. For example, if you're experienced in traffic control and accident investigation, consider working as a part-time contract investigator or adjustor for an insurance company.
TIP #5
Be prepared for the workload: Starting a side hustle can be time-consuming, but with a little bit of time management and planning, you can make it work.
TIP #6
Seek advice and support: Starting a business can be challenging, so don't hesitate to seek advice and support from professionals such as accountants, lawyers, and business coaches.
Remember, building a successful side hustle takes time and effort, but you can turn your passion into a profitable business with a bit of hard work and persistence. So, don't be afraid to take the leap and start your own side hustle today, but always make sure to have your employer's approval.
FREE RESOURCES!
The Small Business Administration (SBA) is a powerful government agency dedicated to supporting small business owners and entrepreneurs. With its vast array of resources and support, the SBA can be a game-changer for anyone looking to start or grow their own business. From free consulting and training to mentoring and financial assistance, the SBA has everything you need to turn your entrepreneurial dreams into reality. So don't go it alone; take advantage of the SBA's expertise and start building your successful small business today!
Small Business Development Centers (SBDCs) provide free one-on-one consulting and training to small business owners and entrepreneurs. They can help with business plan development, financial analysis, and marketing strategies. Link: https://www.sba.gov/business-guide/plan-your-business/market-research-competitive-analysis
SCORE: SCORE is a national organization that provides free mentoring and workshops for small business owners. Link: https://www.score.org/
SBA Learning Center: The SBA Learning Center offers free online courses and webinars on topics such as starting a business, writing a business plan, and understanding financial statements. Link: https://www.sba.gov/sba-learning-platform
SBA Local Assistance: The SBA provides local assistance through its network of district offices and resource partners. You can find your nearest office and schedule a meeting with a business counselor. Link: https://www.sba.gov/local-assistance
SBA Blog: The SBA blog is a great resource for small business owners, featuring articles on a variety of topics such as finance, marketing, and management. Link: https://www.sba.gov/blogs
By utilizing the resources provided by the SBA, you can gain valuable knowledge and advice on building and growing your small business.
1099 vs. W2 Worker:
The main differences between a 1099 worker and a W2 worker are as follows:
Taxation: A 1099 worker is considered self-employed and is responsible for paying their own taxes, while a W2 worker has taxes withheld from their paycheck by their employer. Many independent consultants are 1099 workers.
Benefits: W2 workers are typically eligible for benefits such as health insurance, 401(k) plans, and paid time off, while 1099 workers are not.
Unemployment Insurance: W2 worker are eligible for unemployment insurance, while 1099 workers are not.
Social Security and Medicare: W2 workers and their employer pay social security and Medicare taxes, while 1099 workers are responsible for paying self-employment taxes.
Control: A W2 worker is considered an employee and is under the control of their employer, while a 1099 worker is considered an independent contractor and has more control over how they perform their work.
Expense deductions: A 1099 worker is able to deduct certain business expenses on their taxes, while a W2 worker cannot.
Legal protections: W2 workers are protected under labor laws, and have rights such as minimum wage and overtime pay and are protected against discrimination and harassment. 1099 workers do not have the same legal protections.
Best of luck on your entrepreneurial journey!