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Many people dream of having their own business some day. They find they are stuck in jobs that are not fulfilling to them and wish they could have their own business. Fortunately for many the Internet has opened up many avenues to start a home business without even having to leave your regular job.

There is a lot of financial uncertainty in having your own business but by starting a home business and working on it part time while you keep your regular job you can test the waters and see if it will become a viable business that can eventually replace the financial security you currently have in your regular job. The Internet is a great way to try out your ideas and find out more information on how to start your home business. There are thousands of websites that cater specifically to people who want to start their own business.

Starting a home business on the Internet is very simple and does not require that much to begin with. All you have to do is have a website once you know what it is your home business is about. Many people have found that selling products online is very easy and in some cases does not even require storing the actual inventory. You can have a virtual shop and not even have to store the products yourself thanks to new shipping methods such as drop shipping. You are ready for business once you have your website up. The challenge with having a virtual store on the Internet is the amount of competition that you have against you.

There are literally thousands of other websites probably selling the same products you are offering or something very similar. The trick is trying to get to the top of the search engine pages when people do search for your product or service. Marketing your home business on the Internet will help make or break you. If you do not do any marketing then you will be lost in a sea of other websites. There are many different ways to market your business on the Internet.

Marketing your home business on the Internet is very different from traditional marketing. The goal of every website regardless of what they are trying to sell or do is to be on the top of the search engines so they can get traffic to the website. Many people create blogs or forums as a way to get people to come to their website. Marketing your home business can be as simple as creating a niche market and writing a blog about it that others will be interested in learning about.

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So you’ve set up the basics - separate checking account, month end bank statement and duplicate checks (see “Home Business Record Keeping - The Simple Way” article for more details) - now how do keep your records? Let’s start with expenses.

Use either a file folder or a large envelope. Write “Daily Expenses” on it. Every time you order something through the internet; print out your receipt and stick it in “Daily Expenses”. If you go to your local office supply store, as soon as you get home, put your receipt in the folder.

Also set up either an excel spreadsheet or buy the old fashion spreadsheets at your office supply store. They may be old but they work just as well. You’ll be recording your expenses daily and totaling your columns at the end of the month.

At the top left corner of your spreadsheet, write the month and year. Down the left side, you’ll record the date of the expense and whom you paid. Use separate columns. For example: 05/15/2006 Media Marketing, Inc.

Across the top of the page, you’ll list your expense categories starting with column 4 if you are using an Excel spreadsheet. Since you are running a home based business and you are a sole proprietor, we are assuming you do not have any payroll. How you pay yourself will be covered in another article.

Write the following categories in your top columns. It’s helpful to list them from left to right with left being the most used category. Let’s say you begin with Advertising. Then add the following categories (not necessarily in this order): Office Expense, Utilities, Phone, Vehicle Expense, Contributions, Meals/Entertainment, Travel, Taxes, Licenses and Permits, Bank Fees, Credit Card Fees, Legal/Accounting. Skip a few columns and at the far right list your next to last column as Income. List you last column as Total.

Now at the end of the day pull out your receipts and log in your expenses.

What about the good stuff? Your profit! If you are using a credit card service, PayPal or another online processor, you should be able to log online to check you daily balance. If they don’t post transactions until the following day, just post it the next morning on your spreadsheet. If you receive checks in the mail, record the total amount of deposit. So at the end of day or the next morning write the date, “Income” and the total of monies received. And as always, keep copies of your records. Make copies of your deposit slips and print out your online processor statements monthly.

And that’s the basic information you need to set up your expense and income report. If you are very familiar with software such as Microsoft Money or QuickBooks, go ahead and use them. Unfortunately, many entrepreneurs buy the software and post expense (or what they think are expenses) into categories that may not be correct. When your Accountant has to straighten out these entries it takes his or her office time and that means more cost to you.

That’s why a simple system, such as above, will save you time and money in the long run.

Michael Russell
Your Independent guide to Accounting

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