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<blockquote data-quote="Brian jojade" data-source="post: 50500" data-attributes="member: 211">Re: Managing a developing, young businessIf you can be responsible with it, get a business CREDIT card, preferably a rewards card.&nbsp; That 1% cash back will really start to add up.Having good accounting software is a good start.&nbsp; Something like Quickbooks should be plenty to get you going in the right direction. Find an accountant that can help you get everything set up correctly.&nbsp; You can learn about what you can and cannot do to reduce your tax burden.Forming an LLC or a corporation does offer some benefit, especially for taxes, but does NOT protect you against personal liability.&nbsp; i.e., if you drop a speaker on someone, they can sue you AND the company for damages.&nbsp; If an employee does it, then you get some protection.Definitely keep business assets and personal assets as separate as possible.&nbsp; Think of your business as an entity in and of itself.&nbsp; Yes, there will be some crossover, but keep it to a minimum where you can.Equipment purchases should have an ROI plan.&nbsp; If you are buying gear that you are using once a year, chances are you aren&#039;t making a profit off of that piece of gear.&nbsp; Remember you not only have to get back the money you spent on it, but also maintenance costs, interest, storage, etc.&nbsp; This is probably the hardest part of the business, because we all want new toys all the time. <img src="https://cdn.jsdelivr.net/joypixels/assets/8.0/png/unicode/64/1f642.png" class="smilie smilie--emoji" loading="lazy" width="64" height="64" alt=":)" title="Smile&nbsp; &nbsp; :)"&nbsp; data-smilie="1"data-shortname=":)" />The best thing you can do is put together a 5 year plan of what you want your business to look like each year.&nbsp; Set growth goals and targets that are attainable but require you to work as hard as you want to to get them.&nbsp; This will be different for every single operator out there.&nbsp; Some want to be huge with many employees.&nbsp; Others want to do small jobs and never hire anyone.&nbsp; Whichever fits what your goals are is what you should plan for.&nbsp; Of course, you should revisit your goals on a regular basis to make sure you are on track with your plan.</blockquote>

[QUOTE="Brian jojade, post: 50500, member: 211"] Re: Managing a developing, young business If you can be responsible with it, get a business CREDIT card, preferably a rewards card. That 1% cash back will really start to add up. Having good accounting software is a good start. Something like Quickbooks should be plenty to get you going in the right direction. Find an accountant that can help you get everything set up correctly. You can learn about what you can and cannot do to reduce your tax burden. Forming an LLC or a corporation does offer some benefit, especially for taxes, but does NOT protect you against personal liability. i.e., if you drop a speaker on someone, they can sue you AND the company for damages. If an employee does it, then you get some protection. Definitely keep business assets and personal assets as separate as possible. Think of your business as an entity in and of itself. Yes, there will be some crossover, but keep it to a minimum where you can. Equipment purchases should have an ROI plan. If you are buying gear that you are using once a year, chances are you aren't making a profit off of that piece of gear. Remember you not only have to get back the money you spent on it, but also maintenance costs, interest, storage, etc. This is probably the hardest part of the business, because we all want new toys all the time. :) The best thing you can do is put together a 5 year plan of what you want your business to look like each year. Set growth goals and targets that are attainable but require you to work as hard as you want to to get them. This will be different for every single operator out there. Some want to be huge with many employees. Others want to do small jobs and never hire anyone. Whichever fits what your goals are is what you should plan for. Of course, you should revisit your goals on a regular basis to make sure you are on track with your plan. [/QUOTE]

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