Starting up
1) Get a business license
2) Pick a name (you may not need an LLC) - You may want a Trade Name
3) Figure out the do's and don'ts of your industry (don't break the rules)
4) Get insurance (your best protection)
5) Get advise (accountants, lawyers, coaches) you don't have to do it alone
6) Go make money (without it the rest is just paperwork)
7) Set goals (Sales, profits, vacations) Goals give you a reason to work hard
7 Lessons from an Accountant Watching Businesses Live (and Die)
There is a lot to learn, read lots of books.
1) Go make money (we can fix the books later)
2) Your the face of the business (be fun to do business with)
3) Your not a dictator and your employees are your biggest asset
Be good to your employees, you can always get new customers
4) Being self employed is hard. Set aside 25% of your profit for the IRS and your retirement.
5) Profits are more important than deductions, if you don't show a profit the
bank won't want to talk to you about that new car.
6) What makes your business special? If you figure this out you can get rich.
7) Plan your exit before you retire, make that business an attractive purchase.
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