5 steps to turn your side gig into a full-fledged business

By ROSALIE MURPHY of NerdWallet

Freelancing or consulting can grow into full-time self-employment. But to successfully make that leap, it’s important to begin treating your side gig as a business, including opening a separate bank account, disentangling your personal and business finances and formalizing the business structure. Bookkeeping, which lays out your revenue and expenses in detail, can lay the foundation for developing a business plan that explains how you’ll generate the revenue you’ll need to sustain and grow your business. Finally, stabilizing your personal finances and building up money in your business can help ease the transition when the time comes.