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