Now that you’ve decided to take your discount on great products to the next level and make some income, let’s make sure you are keeping track of your business expenses.
One of your Business Expenses will be in Mileage to and from your events, and I’ve covered that in ANOTHER ARTICLE HERE.
When you buy products to prepare for an event in your home, in the home of a host, or at a Vendor Show, keep track of those items and their receipts! For instance, I had a fellow Stampin’ Up! demonstrator that placed Demonstrator orders for the cardstock, inks, embellishments, and stamp sets for her Stamp Camps, Classes, and her accountant didn’t consider those expenses as Business Expenses because she didn’t list them! She was ready to go out of business at the end of one her most successful years because of this mistake until she talked with me!
Especially in this year’s edition of the day planner, we’ve included places for you to include your Business Expenses where you do your planning and documenting: right on the Event Planning pages. Look at your Parties, Classes, and Tastings … see that line for Give Aways? Don’t forget those, too! They are Marketing tools!
How to corral all that paperwork? I keep a folder for each month of the year and everything with a date on it goes in there. If you have as much paperwork as I do, I also have a smaller product for keeping my receipts from cash registers. The folders hold the 8-1/2 x 11 stuff and this smaller thing holds cash register receipts.
Write on your receipts WHO you had lunch with. Make notes and file papers every day! Six years from now, your phone app isn’t going to be there to help you convince the tax man of anything, and you won’t remember who you had coffee with at Starbucks, so keep track of your papers.