Top Crucial Things To Do Before Making Money Online
If your goal is to make money online or work from home via the internet, think of this endeavor as a business from the start. It can take a while to research your responsibilities, verify your information, link bank accounts and get financially set up. Better to be established long before the first transaction occurs.
Keep records of everything from the beginning
From the receipt you get after setting up your site, to the first few dollars you receive from Google AdSense or Amazon, make sure you keep track of every dime you spend and make.
I’ve used a simple ledger spreadsheet with 4 columns (Date, Person/Company, Income or Expense). I now use a budgeting software called Budget.
Establish your business
You might need to register your business in some form. However, check with the SBA or your local Chamber of Commerce or city hall. You may have to file a DBA (Doing Business As). You might choose to operate as a sole proprietor, an LLC, or you might choose to become incorporated.
Get a business address
You’ll be asked for a business address in many places, so having an address to use other than your home address is a good idea. You don’t want your personal information floating around unnecessarily.
Set up a PayPal Account
Many money transactions online involve PayPal to one extent or another. That’s why it’s important to have your own PayPal account. You’ll have to decide which type of account you need. I recommend at least a Premier account (you might consider a Business account if there are others who need access). All types are free to open.
Stop money leaks
I regularly review what I spend in the business. I’m particularly interested in stopping any money leaks, like hosting for a site I’m not writing at any more, premium subscriptions that I’m not taking advantage of or services I’m no longer using.