Have you spent any money on your business in 2015? What did you get? If you are a current business owner or preparing to launch a business in the new year, now is the time to inventory your resources!
There are several good reasons to take stock of your business-related purchases, and here are my top three:
Many, if not all, of your business expenses may be tax deductible. Make sure you have your documentation ducks in a row so you are ready for tax season.
Reviewing your purchases will help you project your expenses for 2016. What did you get in 2015 that you will want to replace or renew? Do you have supplies in house that you can use for future new products?
What did you forget you got? Seriously. Did you sign up for of online courses, workbooks or inspirational e-books to help you be a faster, better and smarter biz wiz that you haven’t completed or even started yet? Your first impression was probably right – this is good stuff – so don’t waste it! Add these resources to your inventory list, and calendar appropriate blocks of time in the coming months use them.
Planners
Yeah, well. This category requires a bit of a confession for me, because I cannot possibly justify all my planner purchases as strictly business related. I just happen to enjoy planners and stationary and pretty pens and …. That said, there are some administrative costs that can be attributed to your business, even if they are adorned with bows and stickers, so put them on your list.
Services
This year I launched my website so I purchased my domain name, web hosting through Bluehost and after a hellish week of trying to customize a free theme, I bought a wonderful responsive WordPress theme from BluChic .
These are all service expenses, some recurring, that are strictly business related and should be in your inventory. Also track your costs for paid mail services, payment processing, social network scheduling, and any other business widget or online function you purchased or subscribed to.
Did you use a virtual assistant, web designer or project manager? The cost of hiring staff should be in your inventory, even if the job was short-term, like the company I hired to help design my company logo this year.
Education
Definitely consult with your tax professional to see if any online courses you have purchased in 2015 with qualify as a business-related deduction. Not all business courses may qualify as a tax deduction, but they are still important resources that should be on you inventory list.
Courses and webinars you have already completed will be worth re-visiting after you have more business experience. Lessons that you had as a newbie business owner will have a greater significance when they are no longer just a concept and you are handling that issue for real!
Equipment and Supplies
Some of you produce tangible goods for sale like soap, jewelry, home décor, or planner supplies. The materials that you purchased to make your product and the equipment you use for your business should be in your inventory.
My production this year has been digital in the form of images and written content, but I still bought equipment for my business, such as my Surface Pro and word processing software. For creating my own blog photos and in anticipation of making videos, I also purchased studio lights, a DSLR photo lens for my styled shots, and my tripod adapter and microphone … all through Amazon!
What kind of resources did you get for your business this year? What gave you the most bang for your buck? Please share your best and worst in the comments below!