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One of the best things about being a direct seller is working for yourself!
You have the freedom to work as much as you want and work the hours that fit into your busy lifestyle. The financial aspect of direct sales is a necessary part of owning your own business.
Tracking expenses for your direct sales business will come helpful during tax time.
As a direct seller, you may wonder what exactly constitutes an expense.
Before listing some of the most common expenses for your direct sales business, I want to preface this with the information that I am not a tax professional and a great financial tip is to discuss your expenses with your tax professional when dealing with your direct sales business.
Direct Sales Expenses
Now onto the most common expenses, you will come across while working your direct sales business:
- Vendor Event Fees
- Licensing / Insurance Fees
- Direct Sales Training / Coaching Fees
- Postage & Shipping Fees
- Mileage
- Business Cards & Promotional Items
- Supplies such as bags, order forms, notecards
- Advertising Expenses
- Dedicated Workspace (I’m looking at you, my LuLaRoe lovelies!)
These are expenses you want to keep a detailed record of and hang on to any copies of receipts that stem from these common direct sales expenses.
A great way to manage your direct sales expenses is to record them in a spreadsheet or a business ledger.
Having a simple Expense Tracker and Organizer, like this one, is helpful to help record your direct sales business expenses.
Setting up a simple way to record your direct sales expenses results in having an organized view of your business!
Having a clear understanding of why you need to start tracking your direct sales business expenses is important. It’s also best to know some of the key tax tips for direct sellers as well.
Head on over to read about the top tax tips for direct sellers and let’s work on getting your direct sales business financially organized!
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Hi Kristy!
I’m just starting to get all my record keeping and bookkeeping figured out and I’m a bit of a newbie! Is there any way you can show me a sample spreadsheet? I just don’t even know how to organize it! Thank you so much for all your help.
Hi, Sarah! So glad you asked for a sample! Since I wrote this post, I have discovered something called Air Table! It is a really great website that has templates already put together to give you spreadsheet inspiration. So click https://airtable.com/ and go to “Browse Templates”. You’ll see a category called “Human Resources” and then “Expense Tracking”. This layout is by far the easiest and their platform is very user-friendly! I’d love to know what you think!