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!
Know what your monthly nut is and what you need to do weekly to get there. Don’t let the end of the month sneak up on you, be extremely proactive, always working towards next week’s income. If you just focus on today or this week, you’ll run short by the end of the month.
As others have said, be very cautious of adding expenses. Don’t chase expenses. Make sure you can afford it every month before adding on some service unless it buys you time and you need more time to make more sales.