While the COVID-19 pandemic seemingly brought life to a halt, some businesses managed to prosper under the unusual circumstances. Americans created 2.8 million more online microbusinesses in 2020 than they did in 2019. Platforms such as Etsy and Shopify host hundreds of thousands of these microbusinesses and offer entrepreneurs a way to profit from their ideas and talents without needing a reserve of capital or a specific college degree. While the rate of new eCommerce microbusinesses has slowed recently, what remains is a healthy, mature marketplace for bringing in additional income.
Not everyone who starts an eCommerce microbusiness is looking to make millions. Many entrepreneurs are using profits to supplement their income, such as stay-at-home parents. As of August, the LendingClub reported that 64% of Americans are now living paycheck to paycheck due to inflation. Opting for the eCommerce route allows you the flexibility to work from anywhere, do something you enjoy, and give your budget some breathing room.
Managing a successful microbusiness can bring some financial relief to your budget, but don’t forget that you need to keep as much of that money as possible. The best way to do that is to save on taxes you legally need to pay. It’s the quickest way to increase your bottom line. Join our DeTax University program for 16 classes that will guide you through saving taxes in areas like vehicles, short term rentals, retirement plans and so much more. Our goal is to save you over $10,000 in taxes each year. Click here for our special offer.