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174. The Get Legit Toolkit and Bookkeeping 101 with Janet of Paper and Spark
Manage episode 426543007 series 2586500
Resources:
Janet's Etsy Seller Spreadsheet
Janet's Get Legit Toolkit Course training
**we are affiliates for both products
Takeaways:- Before starting an Etsy shop, it's important to understand the difference between a business and a hobby, as well as the legal requirements for running a business.
- Obtaining a DBA permit (Doing Business As) is often necessary for running an Etsy shop under a name different from your own legal name.
- Opening a business bank account can make bookkeeping and tax filing easier, even if it's not legally required.
- Proper bookkeeping is crucial for tracking expenses, understanding profitability, and making informed business decisions.
- It's important to provide accurate tax ID information to Etsy, and to keep track of all business-related transactions for tax purposes.
- Etsy shop suspensions can occur for various reasons, and it's important to understand and comply with Etsy's policies to avoid suspension.
- Sellers should be aware of their tax responsibilities, including sales tax and income tax.
- Janet LeBlanc's GetLegit Toolkit is a valuable resource for product sellers to navigate their financial responsibilities.
Learn more about Gold City Ventures and Crickets to Cha-Chings: https://goldcityventures.com/
Episode on YouTube: https://youtu.be/0K-1qYQTpVo
193 episode
Manage episode 426543007 series 2586500
Resources:
Janet's Etsy Seller Spreadsheet
Janet's Get Legit Toolkit Course training
**we are affiliates for both products
Takeaways:- Before starting an Etsy shop, it's important to understand the difference between a business and a hobby, as well as the legal requirements for running a business.
- Obtaining a DBA permit (Doing Business As) is often necessary for running an Etsy shop under a name different from your own legal name.
- Opening a business bank account can make bookkeeping and tax filing easier, even if it's not legally required.
- Proper bookkeeping is crucial for tracking expenses, understanding profitability, and making informed business decisions.
- It's important to provide accurate tax ID information to Etsy, and to keep track of all business-related transactions for tax purposes.
- Etsy shop suspensions can occur for various reasons, and it's important to understand and comply with Etsy's policies to avoid suspension.
- Sellers should be aware of their tax responsibilities, including sales tax and income tax.
- Janet LeBlanc's GetLegit Toolkit is a valuable resource for product sellers to navigate their financial responsibilities.
Learn more about Gold City Ventures and Crickets to Cha-Chings: https://goldcityventures.com/
Episode on YouTube: https://youtu.be/0K-1qYQTpVo
193 episode
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