If you are thinking about starting a new career as a pay per head bookie, then you are planning on living as a freelancer, therefore, it is important that you take in consideration a few things that might be important when it comes to running a successful price per head sports betting operation from home.
To open a separate bank account for business purposes is a great idea because it allows you to have your own budget for when you might need that extra cash. If you are figuring out how much money you should keep in this special account, then you can just set a monthly salary for you and then keep the rest of your cash in the bank.
You can use the money from the special account to pay for things such as business dinners, pay winning bets, or other stuff you might need in order to run your bookmaking operation in a better way. The salary money you can put it in your personal account in order to pay for anything that is not business-related.
Save Christmas Money
Since freelancers don’t get a Christmas bonus as they are not direct employees of a given company, it is always useful for them to always put aside some cash every month in order to create their own bonuses.
Although you might be running a successful betting business, you can always count with some extra cash to use for family gifts and similar things when December comes.
Get an HSA to Pay for Your Insurance Plan
Since you are working by yourself, this means that nobody is covering you in case you might need to go to the doctor. For this reason it is important that you consider saving cash on one more special account called the HSA (short for Health Savings Accounts).
The good thing is that this type of bank account is tax-deductible and that makes it easier for bookie freelancers to always have the cash to pay for their health insurance plan.
Don’t Forget to Pay Your Taxes!
Being an employee at any given company guarantees that your regular taxes are going to be paid on time, but now that you are working as a freelance bookie, you must remember to do your tax payments 4 times a year.
Paying your taxes on time will help you to have an excellent relationship with the IRS. This ensures you that you will not have the government looking over your shoulder, which is great because it will make it even easier for you to run your betting business in a more discreet way.
Use Your Free Time to Learn New Things
Once you become a bookie that works with the help of a renowned pph shop, then you can be sure that you will always have enough free time in your hands, and for that reason, it is a good idea to think about what you should be doing with all the time that you have for yourself.
Our recommendation is that you start using the time in which you are not working or with the family to learn new things such as new software or even a language.
By doing this you are not just improving your personal skills, but you will also run your betting operation in a better way since you’ll be able to talk to a Chinese client in his own mother tongue for example.
The Long-Term Plan
Once you’ve been running a successful bookie business for some time and you feel that your future is bright, you can then start thinking on long-term investments such as an IRA. Try to go one step at the time and create your very own life plan that contains milestones that you want to reach at certain points of your career.