How do I manage revenue from my business?

[Mikeyyy]

I still very new to business and entrepreneurship. So when I get my business started, how do I manage my revenue in terms of banking and taxs should I open a business account? or can revenue come to my personal account for the time being. I Live in Canada. So if any other entrepreneurs live here as well and are more familiar with the laws here in terms of tax's and business regulations I'd greatly appreciate if you could share some knowledge.

 

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[BigRomeDawg]

So I'm looking at starting a Digital Marketing Company though I still very new to business and entrepreneurship. So when I get my business started and money starts to roll in, how do I manage my revenue in terms of banking and taxs should I open a business account? or can revenue come to my personal account for the time being. I Live in Canada. So if any other entrepreneurs live here as well and are more familiar with the laws here in terms of tax's and business regulations I'd greatly appreciate if you could share some knowledge.

Cart before the horse.

Get started and make some sales.

You don't need anything to start. After your first $1,000 talk to a CPA and they can walk you through accounts and taxes.

 

[Mikeyyy]

Cart before the horse.

Get started and make some sales.

You don't need anything to start. After your first $1,000 talk to a CPA and they can walk you through accounts and taxes.

Ah alright thanks for the help. I’m still learning a lot about business so I wanted to be sure about this.

 

[Mikkel]

Ah alright thanks for the help. I’m still learning a lot about business so I wanted to be sure about this.

You're going to make mistakes... and that is okay, so long as those mistakes aren't illegal.

 

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[Tiago]

Profit First by Mike Michalowicz.

 

[Mikeyyy]

You're going to make mistakes... and that is okay, so long as those mistakes aren't illegal.

Yea I’m aware that’s it’s gonna be a lot of trial and error. Just don’t want to do anything that gets me in trouble with the law.

 

[BigRomeDawg]

Yea I’m aware that’s it’s gonna be a lot of trial and error. Just don’t want to do anything that gets me in trouble with the law.

All good until tax time. You can use personal bank accounts and file your taxes as self-employed (doesn't require any setup).

Make sure to save money for taxes.

Most CPAs will do free consultations, too.

(this is not financial advice I am not a CPA)

 

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[Antifragile]

So I'm looking at starting a Digital Marketing Company though I still very new to business and entrepreneurship. So when I get my business started and money starts to roll in, how do I manage my revenue in terms of banking and taxs should I open a business account? or can revenue come to my personal account for the time being. I Live in Canada. So if any other entrepreneurs live here as well and are more familiar with the laws here in terms of tax's and business regulations I'd greatly appreciate if you could share some knowledge.

I’ll be the resident a**hole here and call you out. Your writing is shit. If this is the quality you expect to bring to your business, don’t worry about bank accounts. Who will ever hire you?

I’m in Canada. What you seek to learn is readily and easy available with a hint of an effort - internet search. Government of Canada actually did a good job providing guidance. But it does take a little more effort than starting a new thread…

 

[ZCP]

@Michael Hanmer based on your posts in this thread, suggest a couple of things.
you won't follow the advice, that is ok. others coming behind you will see it.....

you are not even close to ready to run a business. you are chasing money.
get a job for someone that runs a business and be amazing for them while reading MJ's books and getting some 'business for dummies' books and reading / studying / labbing.

in your spare time, start buying and selling stuff (often called 'hustling'). this will help you recognize value, negotiate with people, make connections, and build capital for when you are serious. you got this!

 

[Mikeyyy]

@Michael Hanmer based on your posts in this thread, suggest a couple of things.
you won't follow the advice, that is ok. others coming behind you will see it.....

you are not even close to ready to run a business. you are chasing money.
get a job for someone that runs a business and be amazing for them while reading MJ's books and getting some 'business for dummies' books and reading / studying / labbing.

in your spare time, start buying and selling stuff (often called 'hustling'). this will help you recognize value, negotiate with people, make connections, and build capital for when you are serious. you got this!

Thanks for the advice. Gave me a lot to think about. I do agree that im getting a little to far ahead of myself with this. And lately I’ve been taking a step back to think about it rationally. I would just like to know as much as I can as early as I can.

 

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[Andy Black]

gave me a lot to think about

I've been taking a step back to think

I would just like to know as much as I can as early as I can.

"Overthinking is the art of solving problems you don't have."

Business is simple.

Help people. Get paid. Help more people.

It's only complicated because we don't keep it simple.

• What if you already know enough?
• Who have you helped?
• Just start already

 

[Mikeyyy]

"Overthinking is the art of solving problems you don't have."

Business is simple.

Help people. Get paid. Help more people.

It's only complicated because we don't keep it simple.

• What if you already know enough?
• Who have you helped?
• Just start already

Yea I’ve got a tendency to overthink things. But I thank you guys for helping out.

"Overthinking is the art of solving problems you don't have."

Business is simple.

Help people. Get paid. Help more people.

It's only complicated because we don't keep it simple.

• What if you already know enough?
• Who have you helped?
• Just start already

"Overthinking is the art of solving problems you don't have."

Business is simple.

Help people. Get paid. Help more people.

It's only complicated because we don't keep it simple.

• What if you already know enough?
• Who have you helped?
• Just start already

Your right. I have a tendency to overthink. Thanks for the helpful advice. I just gotta keep things simple and not overwhelm myself with Problems. I don’t even have yet.

 

[ZCP]

@Michael Hanmer taking action is how to get out of overthing.

what three things will you do this week to move toward your goal?

 

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[Mikeyyy]

@Michael Hanmer taking action is how to get out of overthing.

what three things will you do this week to move toward your goal?

Read MJs books.
Research how to business
Find a hussle.

 

[Antifragile]

Read MJs books.
Research how to business
Find a hussle.

Now we are talking! Go after it Michael. 1-2-3...

 

[ZCP]

Read MJs books.
Research how to business
Find a hussle.

Now set a date to complete each.

What day will you be done with 'Rat Race'? Unscripted ? MFL?
What time this week will you block to 'research'?
What will you specifically do today to find a hustle?

What gets scheduled gets completed.
What gets measured gets improved.

 

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[Mikeyyy]

Now set a date to complete each.

What day will you be done with 'Rat Race'? Unscripted ? MFL?
What time this week will you block to 'research'?
What will you specifically do today to find a hustle?

What gets scheduled gets completed.
What gets measured gets improved.

I haven’t picked up rat race yet. Though I plan to read it and have it finished by the end of October. I always do at least and hour of business research each day, even more if I’ve got time. And I’ve still been looking at hussles to consider. Web design something that I’ve been putting my eyes on. I’m following MJs advice from someone who’s broke. Foundational job, specialized labour, Specialized skill specialized unit.

 

[Cameraman]

Profit First by Mike Michalowicz.

I agree.
I found it a bit long-winded but the approach is sound.

 

[Andy Black]

Read MJs books.
Research how to business
Find a hussle.

That's input.

Who will you help this week?

 

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[Mikeyyy]

That's input.

Who will you help this week?

Not to sure. That’s something that I’ll need to give a lot of thought to.