Writing Off Business Startup Costs

One of the benefits of starting a business is the ability to write off your start up costs as business deductions. However, many people feel that too many deductions send up a red “audit” flag to IRS. It can definitely be confusing to try to navigate what you can and cannot write off in regards to your start up costs, but Startup Nation as a great checklist that can get you off on the right foot. Here is an abbreviated version of their list:

• Track your business startup costs – begin at the beginning.
• Track your organizational costs.
• Take an upfront deduction if you qualify.
• Depreciate your initial equipment and furniture.
• Get a tax benefit for merchandise you first bought for yourself.
• Have a lot of startup costs? Put off what you can.

Managing Inventory Assets for an Online Retailer

A great way to get a startup rolling is by jumping into the world of online retail. However, there are challenges that need to be faced since by becoming a virtual retailer, you also become a very physical warehouse.

Startup Nation has a good article about how to efficiently manage your inventory, no matter the size. They suggest:

• Grow into the space you’ll need.
• Don’t just store it; organize it!
• Consider outsourcing
• Take the “perfect” option.

Five Questions to Answer When Building Your Website

We all know that it’s hard for a business to succeed in today’s world without an effective website. However, many startups might not know where to start when it comes to building a digital presence.

Well, Startup Nation has a few tips that will get you on the road to cyberspace success. They suggest answering a few questions before getting started:

• How are you going to measure success?
• How will your website help your prospective customers achieve their objectives?
• What are the competition’s strengths and weaknesses?
• What is your differentiation?
• How do you ignite your customer’s “wow factor”?