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Venturing into the T-word

Taxes.  This is not a favourite topic but I've got interest and questions being asked lately so I might as well talk about it here.

I was fortunate enough to receive support when I was laid off in 2008 and got curious about starting my own business.

At the time, I had already been practicing yoga for 5 years so I thought of becoming a yoga instructor.

I didn't know where to start or how so the program was pretty good for me to get some directions.

I am in no way a business guru or professional in the field so I'm only going by my experience and some of the things that stood out and important for me.

I've included a link here on starting a business checklist so you can go there for the lengthy bits:
Starting a business Checklist
Many of the key points from Small Business BC, I talk about in my free ebook.  It was first written in 2016 and some of the tips and links are outdated.  But it's important to note that even after all the years in between, starting a new business remain the same in finding your cause.

Business Administration is a big topic.  A topic where there's a Bachelor's Degree you can get in this field.  In 2019, a post written by the Balances MB claims that 96% of start ups fail.  Ever wonder why I keep hashtagging #keepfailing in my Instagram Posts?  We just gotta be that resilient and proud that we're still here almost a decade later.

The topics including picking out your business name and registering it, choosing a business structure and having a separate account (or at least a credit card) to keep your expenses tracked.   More on Expenses later but you don't need any of this to START.   Don't use this as your crutch ever!
 
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Cash Flow

It is entirely common that most small business make zilch in net profit for the first couple of years in business and depending on when you decide to take your business into the cash flow positive type business, depends on how you've planned your cause.  
 
PROs for paying for your Start Up Expenses

A start-up cost is any money you need to spend to get your business off the ground. This can include any inventory, machinery, or equipment you need for your business to begin normal operations. 

In order for a start-up cost to be eligible for a tax deduction, it must arise during the tax year (or fiscal period) your business started. Any eligible start-up cost must arise after your business’ official start date.
 

Claimable Start-Up Costs

Your business startup costs can include any reasonable expenses for anything your business needs to get started.
 

Legitimate expenses can include:

  • Advertising
  • Business tax, fees, licenses, and dues
  • Business-use-of-home expenses
  • Insurance
  • Motor vehicle expenses
  • Legal, accounting, and professional fees
  • Office expenses
  • Supplies
  • Telephone and utility bills
I've copied and pasted most of the information from Intuit Turbo Tax site but here's another resource from Revenue Agency for you.

These expenses are what you want to keep track of throughout the year(s) you run a business and legitimate business expenses may help lower your tax rate and help you claim Input Tax Credits if you have GST paid throughout the year to claim.

Definitely start the habit and a tracker if you haven't already to see your next 3 month's expenses ... or at least the potential.

Okay when should I have my own Website?

If you've read my How to Sell Online ebook, you'll know that I recommended Etsy.  It is in fact still the easiest to start a shop without a website... BUT

if you're in it for the long haul and my true north points to the infinite games (I'm referencing Simon Sinek here), you'll want to start a website now.

Why?

* You'll want to start building your reputation online (your SEO) right away and Etsy doesn't build yours, it builds theirs.
* It is going to be yours forever (until you stop paying for your web space) - again, it depends on your cause/ end game.
* In the long term, your website will rank for you without you having to continue to pay into fee structures laid out by sites like Etsy, Shopify and definitely just a Facebook page.  Of course, your credit card fees and maintenance fee on your website will still be there but you don't have to continue to pay into it by shops.

The downside to having a website however in the beginning is getting people to visit your store when you don't have a reputation so a lot of preliminary work needs to be done in the beginning for you to establish yourself including paying for your own ads or other strategies.

But we live in an age of ecommerce now.  So compare to a decade ago, you don't have to push as hard.  
With the pandemic forcing businesses to make a drastic shift to e-commerce, the majority of sales are now online.
Being online went from an added bonus to absolute necessity.
BC launched this about a week ago and they will cover 75% of your cost when you add an online store to your business.
I've partnered up with our local website development and marketing service provider to help provide more resources. They are a local company out of Parksville and their customer service has been wonderful.
You can contact them if you think you qualify.
https://bravenetmarketing.com/contactus.php
 
 

URL Stamp
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URL Stamp (Limited time Free Shipping on this Product)

With ecommerce being top of mind for anyone with a small business, having a URL stamp handy to stamp on cards, tags, back of your work and more.

URL length approx. 2.75" long. (Anything longer, you'll need to upgrade to another type of stamp)

This item does *not* include ink pad, please add additionally from our selection of ink pads in stock.

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