Video from our FREE Online Business Course

http://www.myownbusiness.org

Session 11 Buying a Business or Franchise

Question:
“For the benefit of our students, would you care to tell about your worst mistakes made as an entrepreneur?”

Thomas Mix
Internet Entrepreneur

Topics covered in this video:
Business mistakes, accounting software, taxes, independent contracting

Transcript:
Two things that come to mind: taxes and accounting software. With taxes there was a period where I was working an independent contractor. I was doing well however the taxes weren’t being taken out of my pay check and I wasn’t paying attention. When tax season came around I met with my accountant and I owned a lot of money and I was not prepared. It wasn’t a surprise I enjoyed. So I would recommend to anyone starting a business to really keep on top of your taxes and make sure you get a good accountant.

The second mistake was in accounting software. As an independent contractor I had several clients and it was really difficult to keep on top of the invoices that were going out. So I would recommend that you invest in some good accounting software where you’ll be able to invoice your clients, keep track of them and maintain good contact information. It will also allow you to run frequent profit and loss statements, balance sheets and end of year statements. It will make your life easier. I hope you can learn from my experiences.