Entrepreneurship is not for everyone. Some folks think they will love it and after a year realize they miss the structure, security, and paid time off that often comes with working for someone else. Our partner, Brooklyn FI, lays out a brief overview of what it takes to start a business and the things you should be thinking about at each stage of revenue.
What really matters
- Keep personal and business expenses separate.
- Books and records should be overseen by a professional bookkeeper.
- Save 40% of every dollar you receive to prepare for filing your tax return.
- Use a SEP-IRA or Solo 401(k) to defer taxes.
- Choose an entity type that fits your business needs.
- And more...
