From the course: Ecommerce Fundamentals
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Manage cashflow
- We talked a bit about creating different bank accounts for your business and from your personal life, which is a great first step, but there's actually a lot more we can do which will make your finances easier. Before you sell your first item, I recommend you set up a few extra bank accounts to help you manage your money. You'll probably want a general expenses and savings account as per usual. Then, set up an account for taxes and an account just for reordering inventory. What's great about these is every time you pay yourself, you can put a portion into your tax and reordering account. If you don't do this, it's much easier to spend your money on things you don't need. Having separate accounts makes it clear what the money is for and you won't accidentally spend it. This is important because in the beginning, you'll pay yearly taxes. Then, once your business is profitable, you'll have to pay quarterly taxes, which is…
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