When starting your own company your first goal should be to of course generate revenue. Mine was to generate revenue and find a way to survive on my own without venture capital or loans. Throughout the years of working around the clock in a basement and at my mother’s kitchen table, I experienced a few things that I did not plan for.
1 – Don’t Let Taxes Sneak up on You, Save for them Monthly
You’ll get caught up trying to chase money and break even. Once you start generating revenue, the government comes into the picture again. When you’re creating your revenue model, it’s important to remember that a part of your profit will instantly go to taxes whether you like it or not. So look at how much you want to make after taxes when adding your margin to your products or services. Create a plan to pay your taxes quarterly so you don’t end up having to owe thousands of dollars come April.
To read the original article: 10 Things I Never Expected While Growing a Company
