Business

Business Myths Debunked: The Truth Behind Common Small Business Misconceptions

posted by Chris Valentine

In the small business world, there are many myths and misconceptions that are simply not true. One such myth is that utilizing an online EIN filing service when applying for your Employer Identification Number is costly and lengthy. However, Gov Doc Filing offers business owners an affordable, secure solution that is delivered directly to your email the same day. If you are considering starting your own business, read on to learn the truth behind some common small business misconceptions.

You Will Always Have More Time for Family and Friends

During startup mode, business owners work many long hours. Even later on, businesses can be a major time consumer. As a business owner, it does not always mean that you can make your own hours.

All of Your Expenses Become Business Write-Offs

It is important that you do not write-off personal expenses as expenses for your business. This can result in an audit by the Internal Revenue Service. Hiring an accountant or bookkeeper in an ideal way to help you keep your business expenses separate from your personal expenses.

Your Business Should Be Profitable Within Six Months

Regardless of the type of business, you choose to start, do not expect it to be profitable right away. For many new businesses, it can take two years before they see a profit. AOL.com reports that it takes a lot of investment and time before a start-up is successful.

You Have the Ability to Pay Yourself Whenever You Want

It is important that you make an effort to put the money you make from your business towards operational, overhead, and marketing costs before taking any for yourself.

As a new business owner, save time and energy applying for a business entity by visiting GovDocFiling for an LLC application that is simplified and processed quickly.

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