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!

  • taybaexox@alien.topOPBEnglish
    1·
    10 months ago

    Thank you, this is a great response tbh. I’m definitely hiring someone with experience for tax season! And yes the friends and family situation I totally get.

    • jamesonSINEMETU@alien.topBEnglish
      1·
      10 months ago

      Tax season is at least 4 times a year. Some companies its monthly. If you only see your cpa once a year you get surprises that you don’t like.

      Set aside more than you think you need for taxes (I set aside sales tax plus 20% of every deposit) what ever is leftover at the end of the year and filed and accepted I take 1/2 of what’s left over into profits and leave 1/2 for next year.

      Seriously read profit first and implement it immediately it will for the best business habits and give you the answers you need to succeed

      • learn_now_4@alien.topBEnglish
        1·
        10 months ago

        Currently reading Profit First. I see the benefits–haven’t put it to work yet. What is your best take away from the book?