Barbara Weltman on Becoming a Business Owner

Thinking about starting a business? Business expert Barbara Weltman discusses some of the logistics and practicalities involved in running your own business.

Video Transcript

When you set up a business, there are a number of things that you can do yourself and, and they’re not too challenging to do. You want to set up a separate business bank account and a separate business credit card. It’s really important to keep your personal finances separate from your business finances and, and there are a number of good reasons to do this. One is you want to be able to track your expenditures and monitor your cash flow for your business. And another reason is it really will simply tax return preparation. When you run a business, you have a silent partner and that’s the government. And that partner demands that you file certain papers, returns, registrations, licenses that have to be renewed. Whatever you have to do, there are deadlines. You miss those deadlines, you create penalties and other problems. Working with experts sort of keeps you in line, and make sure that you don’t miss deadlines. And that you do what you’re supposed to do, so that it doesn’t take away time and money from your business.

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