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If this down economy’s taught us anything, it’s that we need to be flexible in order to keep the income rolling in – and nothing says “flexible” more than starting a side business to bring in an extra revenue stream or two. Lifehacker’s Gina Trapani has a full guide that runs down through the steps needed to take a hobby or side interest and turn it into a brand new way to make money.

Trapani runs through the steps needed to get a business up off the ground and running, such as establishing a physical address and acquiring a business phone number. She also runs through a side business’s one essential employee – an accountant – and suggests some helpful Web sites for everything from registering a domain name to tracking hours and invoicing. The comments have (gasp) a few helpful suggestions as well.

With the current economic situation looking somewhat grim, many people have been turning to the Internet as a way to make a few extra bucks on the side while potentially providing a backup plan in case a primary job goes south. Lifehacker’s list is a good starting point – since, after all, desperation can be just as great a motivator of entrepreneurs as the money involved.