WE ARE REALLY SO LUCKY
Picture this: our grandparents and even our parents, just 50 years ago, waking up and heading to work (yep, that was me and hubby in our 30s too). The daily grind was all about the 9 to 5. Not because it was when they were at their peak productivity, but because that’s when business happened. Period.
Life was a whole different ball game back then, if ya know what I mean.
Stores were open during the day and closed at night – TRUE STORY!
Offices and factories hummed during the day, and come night, folks clocked out and went home. There were no emails, no mobile devices to stay connected with coworkers. Social media? Pfft, not a chance. It was punch in, punch out, see you tomorrow, cubicle life.
Then, along came the internet and BOOM! Suddenly, we could work on whatever we wanted, whenever we wanted, and wherever we wanted. No strings attached. I stumbled upon this revelation in 1998 when our oldest was born. I had to find a way to make money from home. Enter eBay and children’s clothes!
ISN’T THAT WILD? ANYWAY, with those old limitations out the window, endless possibilities for new income streams opened up. Now we’re connected to the entire world 24/7, which, let’s be honest, can sometimes be TOTALLY EXHAUSTING, annoying, and downright depressing.
BUT HEY, with this comes a whole new universe of career opportunities and side hustles. Imagine running a business while you snooze – how crazy is that? You can document everything and potentially earn a living through your blog, social media, or video channels. You can globetrot and work at the same time.
Starting an online shop and selling to everyone and their dog is now the norm. Right now, you can go to your closet, snap a pic of your old clothes, and sell them online. You can write, snap photos, and shoot videos on your phone, post them within minutes, and get paid! By the way, here’s my Poshmark closet link – I update it a few times a year!
Gone are the days of the 9 to 5 grind. We don’t need to man a store or even have a physical shop (THAT’S A WHOLE OTHER BLOG POST, BUT BASICALLY, ANYONE CAN DO ANYTHING THESE DAYS). We’re not just competing with our neighbors; we’re competing with the entire globe. This means we can sell and service the world, not just our local community. Previous generations could only dream of this!
I have so many friends who’ve launched businesses in the last decade. Others have ditched their jobs to become full-time content creators, photographers, designers, eComm store owners, and brand builders. They’ve used social media to promote their stores or platforms like Facebook and Instagram to connect with brands and influencers.
Are you a freelance photographer or designer? Guess what? You can slide into the DMs of a brand, influencer, or company and potentially book a new gig. The days of showing up for interviews or begging for meetings with the boss are over.
It’s all right there, a click away.
SO! HOW DO WE KEEP TRACK OF ALL THIS NEW INCOME AND MAXIMIZE OUR EARNINGS?
Well, as you can imagine, many of my friends weren’t exactly financial whizzes. They had little clue about expenses and balance sheets. Taxes? Forget about it. If you’re setting up a new shop or selling online, it’s crucial to know what you can expense to maximize your deductions and tax credits.
Here’s the scoop: you can expense and deduct web hosting, design/coding fees, inventory expenses, marketing costs, AND MORE. Imagine having a tool that helps you categorize all this and keep more cash in your pocket.
Top 5 Things You Should Do:
Track All Expenses: Keep a detailed record of every business-related expense. Use apps or software to help you manage this easily.
Understand Tax Deductions: Know what expenses are deductible. This includes web hosting, design fees, inventory, marketing, and more.
Separate Personal and Business Finances: Open a separate bank account for your business to avoid mixing personal and business expenses.
Consult a Professional: Hire a tax pro or accountant to make sure you’re maximizing your deductions and staying on the right side of tax laws.
Utilize Financial Tools: Invest in financial tools or software to help you manage expenses, track income, and prep for taxes.
By following these steps, you’ll have a better handle on your online business finances and keep more of your hard-earned money. Cheers to working smarter, not harder!
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