I'm a believer that by the time you've graduated from college, you need to have created your own LLC and have an understanding of small business structure and operations, including legal and tax responsibilities. Why? To develop and protect your side hustle.
Whether it's the lasting impression and impact of the recession ten years ago or a changing service economy, Millennials are starting hustles at a much higher rate than other generations. They understand the benefits go well beyond the obvious incremental income. Specifically:
1. It gives you something positive to focus on if you find your day job to be a dead end road without compromising your current comp or benefits. Why not fall in love with Monday morning again?
2. It might be the road map to the independence of self employment and it's financial freedom. Why not pursue alternative career options or the ability to monetize a passion?
Regardless, it's important to protect yourself and your business and it's much less expensive than you think. Additionally, the discovery and process to start a small business venture will have benefits throughout your entire career.
Check out this recent CNBC article on topic: https://www.cnbc.com/2019/10/21/how-to-protect-your-side-hustle.html