Tuesday, November 8, 2011

I have a business... Oh Crap

I started this blog awhile back to kind of start tracking my running thoughts, ask lengthy questions about stuff I encountered, and like most people to try and make a buck here or there. So far all three are working out. You all have been great reading my ramblings and providing feedback. Its the "making a buck" part that I am kind of caught off guard by. I started selling Altra Zero Drop shoes a while back. I honestly was being selfish and just wanted to try them out without having to go 500 miles to try them on. Luckily the guys there are awesome and set me up as a distributor and I have kind of taken off with it. Now, I am not making Scrooge McDuck swimming money, but its funding my addiction to running. Which was the plan from the beginning.

Not quite...
But where do I go from here? I was hoping to kind of fly under the IRS's radar and just kind of have a good time with this. However, there's potential here and I want to maximize that potential. The problem is I am really completely lost. I keep telling myself it is a "good problem" to have, but I think that phrase is complete BS. Good Problems are still Problems. They cause undue stress and require work to figure out. I am sure I am not the first person to encounter this dilemma, but I am trying to find someone who has gone through this that isn't Bill Gates and is easily accessible. Also while I should be going to friends and family on this, I am reaching out to my online community of running folk. You all seem to be well respected, smart, and have so many opinions, that I can learn a lot from you.

So that's it. I am looking for advice. For free. Thanks.

1 comment:

  1. Keep detailed records of everything business related. Then keep those records for as long as you can stand it. That's what got me nailed by the IRS. Apparently my idea of keeping records for just one year wasn't long enough for them so I had to pay out the nose. Having said that, I can't help much with accounting beyond suggesting QuickBooks or some other accounting program. As for taxes, ask away via email and I'll point you in the right direction. It's my day job, I don't understand how people can do it for a living, but I know where to find the answers.

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