Small business owners are often plagued with the decision to find more ways in earning money. Some resort to working a side job in order to fund their businesses.
There’s nothing wrong with side hustles. It’s actually a great way to earn money on the side. The only concern for entrepreneurs is still performing your key responsibilities in your main business. For small business owners who have side-businesses and side-earners, here are our success tips.
Business Tip #1: Personal and Business Don’t Mix
One of the common downfalls of small business owners is combing their personal and business accounts. As an entrepreneur, these two are different and should remain separate.
To start off your business on the right path, go open your business its own checking and savings account and make sure your business account is strictly for business expenses only. But in the case of you have more than one side hustle, each should also have its own accounts. This will not only help you handle your money better but also help you keep track of your expenditures and save you time in organising your transactions.
Business Tip #2: Keep Every Transaction Receipt
It’s a story that a number of entrepreneurs don’t know which transaction are tax-deductible and which aren’t. That’s why we always advise entrepreneurs to keep a record of everything. If there are receipts in the transaction, it’s a must to keep it. Aside from your files being organised, you can easily present your records during tax time.
Tax time is the period wherein entrepreneurs rummage around their office to find receipts that can help accumulate tax write-offs. But since you have your files organised, your accountant can get started right away.
Business Tip #3: Look for a Tax Professional
A tax professional is not someone who only works once a year, which is during tax season. Tax professionals are actually vital for the business. They work all year long and help with different tasks. Aside from filing your taxes during tax season, these professionals can also become your collaborator. They can provide you insights regarding bookkeeping and accounting, answer your questions every quarter, and even help you determine what kind of corporation you can form based on your business expenses.
Business Tip #4: Save for Retirement
Retirement is something entrepreneurs think they can postpone until they’re old and grey. Many business owners believe that their business can help fund their retirement. Unfortunately, that’s not always the case. Other entrepreneurs leverage their business expenses in order to lower their taxable income. If you’re planning to spend the money you have, why not place it into a retirement account. You and your employees’ future after retirement is also important.
Side hustles are normal for other entrepreneurs in order to fund their main business. Meanwhile, others plan on selling their side hustle when their main business is flourishing. If you’re planning on looking for listings that feature commercial businesses for sale, National Brokers Network can help you with your listing needs.