Any small business owners?

[fangstang]

Looking for tips or do's and dont's. Thanks.

 

[Equalbracket]

1. Don't hire friends or family.
2. Don't hire friends or family.
3. DONT hire friends or family.

 

[rotor_powerd]

4.) Don't play games with the tax man. You will lose.

 

[Screw-Rice]

^ Both of those

Also know you're numbers. Expenses, labor, supplies, insurance, etc.

 

[wizbangdoodle]

Don't discount yourself. In other words, know your product/service inside and out and be the very best at it. That way you can charge whatever you like (within reason) and know that the customer is getting the best.

 

[oldmodman]

Keep flawless records. Keep every canceled check, credit card and store receipt that you intend to claim as an expense.

Get a real CPA. They know a ton of stuff that is legal to deduct that might slip right by you.

 

[Machdup1]

Have a business plan

Take care of your employees

Be honest

Hire a book keeper and a CPA

Know your cash flow

Be a leader

Only hire qualified, hard working employees

Surround yourself with mentors

Understand the stages of growth

Start reading business books

Never cheat the tax man

Always make the client happy.

Understand marketing and sales

 

[Mr. Mach-ete]

What type of business are you involved in?

Have a good accountant.
Know a good lawyer (if there is such a thing).
Never ever loan yourself money from vendor lines of credit.
Be prepared to work 7 days a week.