Running the business, taxes and such
- Thread starter jmk909er
- Start date
Not an acct so just IMO:
What do I need to know about the business end of things?
One piece of advice... it can take a LONG time to get started and make enough money to even worry about, so don't overthink and over plan. Start getting busy on the stuff that will generate income.
I see too many affiliates that plan, plan, plan, try, give up.
Be the affiliate that plans, tries, tries, tries and makes it!
Do my sales get tracked somehow and I get a statement? Yes you'll get online statistics
Do I need to pay quarterly tax? Yes I believe self employed people must pay qtly estimated tax.
Do I need something like Quicken for financial accounting? Not sure. Probably good idea but I've never been good at doing books, so don't use it. But don't worry about it too much now. Start making some money.
What do I need to know about the business end of things?
One piece of advice... it can take a LONG time to get started and make enough money to even worry about, so don't overthink and over plan. Start getting busy on the stuff that will generate income.
I see too many affiliates that plan, plan, plan, try, give up.
Be the affiliate that plans, tries, tries, tries and makes it!
Do my sales get tracked somehow and I get a statement? Yes you'll get online statistics
Do I need to pay quarterly tax? Yes I believe self employed people must pay qtly estimated tax.
Do I need something like Quicken for financial accounting? Not sure. Probably good idea but I've never been good at doing books, so don't use it. But don't worry about it too much now. Start making some money.
I keep a ledger and track all my expenses. It is a simple account book. In it I have two columns on each page; IN and OUT. As money comes in I record it. As I spend money I record that.
So I keep track of all expenses including ink, writing I outsource, tools I buy etc. And I track every payment I get WHEN I get it. Not when it says it is sent.
I also date everything.
At the end of each page I add my totals and transfer that to the back of the book. Then at the end of the year, I can add up what I spent and earned. Be sure to save any receipts you have also.
You could do this online with a simple program also. I just like the book method.
So I keep track of all expenses including ink, writing I outsource, tools I buy etc. And I track every payment I get WHEN I get it. Not when it says it is sent.
I also date everything.
At the end of each page I add my totals and transfer that to the back of the book. Then at the end of the year, I can add up what I spent and earned. Be sure to save any receipts you have also.
You could do this online with a simple program also. I just like the book method.
