If you do register your service, you will need to declare your income from such activity to the taxing authorities. Depending on the governing tax laws, such may be considered as an advantage in that you may have the opportunity to use some of your current household expenses as business expenses which may be deductible from your taxable income. Your networth, in the eyes of financial institutions, may improve from the additional income that you get from the business. On the flip side, you do have to pay taxes on the income you make…. which may actually be a good thing. But most likely it will be a wash after the deductions are taken into consideration.