My first lesson to learn as a business owner and investor was… always take business trips and not vacations. In other words plan your trips around where you are doing or intend to do business. As soon as I turned business owner my language changed and it was no longer taking a ‘vacation’ it has always been a business trip. Especially with an online business as you work and travel at the same time.
When travelling to different parts of the globe it is important to keep accurate records including all of your original receipts and your diary entries recording your business meetings and your visits that has a connection to your business.
Different countries and different states have different taxation laws and it is important to be seeking out the advice of finance professionals that are in your country and that take the time to know your individual personal circumstances as everyones siutation is different. It is important to be seeking out this information as soon as you get started.
When starting and developing your own business, your online business, part of your team must include the right finance professionals so they can provide you with the correct advice when it comes to keeping your paperwork and what needs to be submitted.
For example, for my business deductions in America… meals when travelling can only be deducted at 50%, in other words only half the meals can be deducted from my business income. Had I not had the right professional advice I would have gone ahead and deducted the full 100% of the meals whilst travelling. It really highlights the importance of getting the right advice and checking in when ever you have questions.
You either need to keep the records yourself and you do the bookkeeping or I would recommend you hire a bookkeeper that you check in with on a regular basis to provide them with paperwork and receipts. This is something you should be outsourcing and frees up your time to be doing the most important part of your business and that is the marketing.
Hiring a bookkeeper is different from hiring an accountant. An accountant has all the specialised tax knowledge and planning… and a meeting with the accountant is usually best before year end so you can take advantage of all the deductions and planning before the close of year. Hiring a bookkeeper is generally at a cheaper rate and you are in constant contact with them throughout the year. You are always providing the bookkeeper with the transactions that have been completed and providing them with the paperwork.
Creating an online business requires so many more skills that just digital marketing. However, a lot of those skills can be outsourced especially when it comes to finance and accounting.
The online busines allows me the freedom still to travel and be my own boss. However, I need the right team members around me to help me with all those other skills I require.
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