Make money while working at home? Not Just Yet!

"Home based craft business"

Okay let's make money, work at home business and have some fun

But first there are issues that go with this home based business the same as a large corporation. Naturally this is on a much smaller scale.

Lets talk about business license, taxes, bookkeeping and such. I will cover this only briefly as I am no expert in this field.

Don't get scared off now

I will share what I know and how I do it, but by no means is this carved in stone. You will need to find, what works best for you. If your intentions are to make money, work at home than you have to do this.

Ok you have looked at all the work at home opportunities.

You have found the best work from home job for you.

You have finally decided on your knitting and crochet hobbies.

You have a good idea of the products you want to sell.

You have considered where and how you will sell these items.

You have pulled out the patterns, yarns and needles.

Okay lets get ready, set and.............................wait a minute

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Bookkeeping for my craft business

Oh yes, and of course you have this all written down. Yeah right!

I know, I would rather be knitting too. But I also want to make money, work at home and create something my children are proud of.

Okay, so the bookkeeping hasn’t been done yet. Now is the time to deal with all the not fun, work at home business stuff. I know, yuk, but it still has to be done. Lets get it over with and get onto the fun part of your business.Lets Make Money, Work at Home

You do it now and later you will find your paper work and record keeping, running much smoother. If you wait and do it when you have lots of invoices it will be confusing and 10 times the work.

I don’t know of any crafters or work from home business people that love bookkeeping. If they do, I believe they are called accountants…

Craft business income statement

Bookkeeping Boring.........................

Remember, start at the beginning and it will become second nature to you.

Also I am going to share with you how I do it. This may help you, with your business plan and to keeping your records. But do not feel you have to do it the same way as I do. I am very basic and try to keep things simple.

(So let me repeat, this is not legal advice. I am not an accountant and I am not advising you on accounting)

Yes you must deal with it, in one manner or another. You must take care of these matters before you begin selling. You will definitely need to set up some type of bookkeeping system.

You must know if you are making a profit or going in the hole. And this is the only way to keep track because you will forget some sales, or purchases if not written down.You will never make money and profit if you work at home and ignore bookkeeping

With that said, lets see what things you need to consider.

A business Plan

Business License?

Tax number?

Bookkeeping setup

Inventory