As an entrepreneur, you may have started a business for any number of reasons. Perhaps you were laid off and wanted to try owning your own business, maybe you had a hobby you turned into products or services you sell, or maybe you see it as the freedom to be your own boss. But no matter what the impetus for starting your own company, you may be making some mistakes. Most of these errors can have a material impact on the financial success of your business.
There are a lot of issues to keep in mind when operating your business, and the potential for mistakes is great. Some mistakes business owners make that I discuss in this episode are:
- Not getting the proper licenses and/or permits
- Improperly Calculating Sales Tax
- Failure to file required paperwork timely
- Not making required tax payments timely
- Failing to submit 1099 forms
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