I think starting a business is one of the most exciting things anyone can do! Who doesn’t want to make some side income and have more flexibility with your work life?
One of the not so exciting parts of starting a business, is actually registering your business, and taking care of all the legal and tax nonsense. Don’t be intimidated. Put some time on your schedule to tackle this part of your business formation, and you will feel so good once it’s done. I promise!
If you’re not sure if you even have a business yet, start here. And if you haven’t picked a business structure, read this first and then come on back. I’ll be waiting!
There are so many fun parts to owning your own business . . . . business recordkeeping is not one of them! However, keeping good financial records is one of the best things you can do for your business. Not only will an efficient bookkeeping system make your life easier come tax time, but understanding your financial position will enable you to make better choices day to day.
Keep in mind that even if your small business is still at the hobby level, you still need to keep financial records. Unfortunately hobby income also has to be included on your tax return!
Increasing your business profits, NOT your business revenue, should be the number one goal of every business. This may sound like a strange statement because most often we only hear about business revenue. However, business profits and business revenue are two very different things, and business profits are way more important!