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!
Set up your bank account and bookkeeping software (preferably online, so it syncs with your bank records) before you open your business. Find a good accountant who works with small business. Meet with them at least once before you open. Take their advice about tax filing, opening a retirement planning (SEP IRA or whatever), etc.
Insurance is a big deal. Your landlord will require it, and many insurance brokers will be reluctant to give you a policy because your LLC is new. Ask other small business owners who their insurance broker is. Be prepared to try with several before you get one that gives you a policy that fits your requirements and doesn’t make you broke.
Thank you so much this is really vital information. So many people in the comments have said the same about book keeping and taxes right out the gate!