Hi everyone! I’ve just filed my first LLC & am planning to open a vintage boutique in my city- I’m completely new to owning a legitimate business of my own. I thought this would be a great question to ask as I know I’ll be making many mistakes in my first year of business.

Please feel free to comment your favorite mistake!

  • etoptech@alien.topBEnglish
    1·
    1 year ago

    One of the biggest mistakes was not realizing insurance was based on gross revenues.

    We estimated 100k for example and did like 300k so we paid more in our insurance audit then we did for the year.

    Also minimize debt anyway you can. We have a credit card we use but it’s typically paid off every couple of weeks.

    Find a bookkeeper or CPA that can help you set your books up early or from day one as it makes it easier to understand later.