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RUN YOUR OUR VILLAGE SHOP AS A BUSINESS

RUN YOUR OUR VILLAGE SHOP AS A BUSINESS
By Voice of the Village 1 years ago 186 Views No comments

RUN YOUR OUR VILLAGE SHOP AS A BUSINESS

We know you, as a shop owner on Our Village, are passionate about your products. As an artisan, crafter, maker, or small family-owned shop owner who take great pride in your products and the work that goes into them, we know that your focus is on creativity and selling your products. Sometimes that focus may lead you to overlook things you could easily be doing that adds bottom-line profit dollars to your bank account each year.

That’s why we encourage all shop owners to take the time out of your creative process to also run your shop as a business. There are many areas that you can control which make big differences to your bottom line when tax time comes around each year. All that is needed is for you to implement some structure in your planning and some simple recordkeeping procedures.

The purpose of this blog is to provide you with some basic suggestions and links to potential resources that should allow you to take advantage of numerous tax-saving benefits* available to home-based business owners.

First, we suggest that you open a separate checking account from which all your sales revenue flows and all your business expenses (such as materials purchased to create your products) is paid. This is a good first step, in the eyes of the IRS, that helps separate your business expenses from home expenses.

Good recordkeeping is a very important part of your process. It can be as simple or as detailed as you wish to make it. But the key is for you develop an initial structure and make it part of your routine. How simple can it be? At a minimum, keep your business income and expense records grouped by month in hanging folders or in large envelopes with the month/year on the outside of each. You’ll be so happy at the end of each year when you have your records in one place, readily available for your accountant, without enduring the frustration of searching through stacks of paperwork for them!

You may want to take your recordkeeping to the next level and purchase one of a variety of available and user-friendly accounting systems such as QuickBooks. These products provide with you the resource for money management, sales & expense tracking, and reporting functions.

Here are two excellent up-to-date links for you to view about these accounting system software products and how to choose them. Check out:

http://www.businessnewsdaily.com/7543-best-accounting-software.html

and

http://www.businessnewsdaily.com/7542-choosing-accounting-software.html

There are many tax deductions available* if you are working to create your products from your home that can save you money when its tax time. Here is a primary link to the Internal Revenue Service website that will provide you with specific resource information.

https://www.irs.gov/businesses/small-businesses-self-employed/deducting-business-expenses Working with your accountant, you can take advantage of the many legitimate tax deductions, saving you significant money.

We know this blog just scratches the surface of tips, providing some basics, regarding information available for you to run your Our Village shop as a business. Consider this as a starting point. Take advantage of implementing some procedures now that will pay big dividends each year going forward!

*If taking advantage of tax deductions for your home-based business, always consult a professional CPA or tax preparer before submitting your annual tax returns.


Get the free “Our Village Shops” app from the following links:

Android Users – https://play.google.com/store/apps/details?id=com.ourvillage.android

Apple Users - https://itunes.apple.com/us/app/our-village-app/id1438798716?ls=1&mt=8

ARE YOU A SELLER? Our Village’s online marketplace provides a risk-free opportunity to sell your products.

Please visit www.OurVillage.com, open your shop, and enjoy your first 30 days free!