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Starting a Micro, Blog · July 1, 2014

3 More Reasons Not To Choose A Product-based Business

You are here: Home / Starting a Micro / 3 More Reasons Not To Choose A Product-based Business

3 More Reasons Not To Choose a Product-based Business

Last week I wrote a blog post listing 7 Reasons Not To Choose A Product-based Business. Just in case, they didn’t convince you, I’m giving you 3 more.

  1. Record keeping: You may need software to help track your inventory. If you sell more than one or two items, inventory tracking can become too complex to be done on paper or in a spreadsheet. You will probably need to invest in small business software like Quickbooks.
  2. End of year count: Your accountant will need to know the value of your inventory at the end of the year in order to prepare your tax return. Allow some time around December 31 to count every item in storage. Be sure you keep good records on what you paid for each item also
  3. Sales tax: You may need to collect sales tax on products you ship. The sales tax rules and rates vary by state and usually by county and city. The sales tax rules are complex and you should keep excellent, detailed records and get advice from an accountant.

Starting_small-259x300This is why I recommend starting a service-based business in my book, Starting a Micro Business. A service-based business is low-risk, easy to start and easy to close down if need be. It also doesn’t have any inventory to worry about and most often requires no or very little start-up costs. A service-based buy is usually selling what you hold between your ears; your knowledge.

Learn more about starting a micro business by grabbing a copy of, Starting a Micro Business, today!

Carol Topp

Related posts:

  1. 7 Reasons Not To Choose A Product-based Business
  2. Video: Should You Sell Services or Products – Starting a Micro Business
  3. Video: Micro Business Idea – Services
  4. Building a Web-Based Store
  5. Get Your Product “On the Shelf!”

Filed Under: Starting a Micro, Blog Tagged With: product based business, service based business

Carol Topp, CPA

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From a parent

Thank you for your e-book on teen micro businesses. Your valuable experience and wealth of knowledge is vast.

Your presentations at Cincinnati homeschool conferences and sharing with us over the years have benefited us well.

I can hardly believe we are at this point in our life-and here he is a young man ready to try his fortune with the world.

-Mandy S

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