FINANCIAL RECORDS AND INCOME TAXES
PLEASE PLEASE PLASE PLEASE keep a record of EVERYTHING you spend on your doTERRA business. It will take a while for you to grow your business to a place where you'll be paying taxes, but this habit of monitoring your expenses will help you to make wise decisions when running a business. Always things to yourself when purchasing something 'Do I really need it, will it help my business grow?'
DO NOT GET INTO DEBT FOR DOTERRA
Pace yourself! It it tempting to want to get every oil and all the resources as soon as possible. If you can't afford it then please don't do it. You really just need your main starter kit of oils and a book to get started. Build up with your monthly LRP order. doTERRA wants to help us gain financial freedom which is so important to our overall health, wellbeing and quality of life. Don't spend more than you are earning.
Use a notepad - have two colums, one for incomings and one for outgoings. Record everything that you earn and spend in a month and keep receipts.
Use an app such as Zoho Expense. Every time you buy something then record it on the app, otherwise you'll forget. The great thing about the app is that you can take a photo of your receipts and it is saved, you don't need to keep the paper version. You can then print off the record of everything you've spent that month.
Things you can list as expenses:
- mileage to and from appointments/classes. You can charge .45p to the mile. So if you travelled 20 miles you record 20 x .45 = £9.
- hotels, flights, rental cars, food whilst travelling
- food and drink whilst meeting and chatting with people about doTERRA
- supplies, stationary, printing ink, paper, books, giveaways, goodie bags, AZ guides, oil orders
- phone bill, laptop, website subscriptions,
- working at home costs: heating, lighting etc
When you are being accountable and submitting your financial record, you will be asked for details on what you have spent April to April (the tax year) and have to submit it to the tax office the following January. Make sure you have registered your business