Start today and find out: Try Shopify for free to create your online store. Without credit card, easy and intuitive. We needed to know Belgium Phone Number List Where did your economic forecasts go wrong? Did they overspend in certain areas? What could they have done to reduce costs? Nearly all small business founders reported making some financial mistakes in their first year. Most of them could have been avoided. To help you avoid making these same mistakes, we interviewed successful Shopify store owners to find out what they would have done differently in their first year, and what financial advice they would give to new business owners.
If you are starting your own business, what better way to start here. How can a small business save money the first year? Don't skip financial planning Grow your network of contacts Familiarize yourself with the tools and applications that will save you Invest in product research and validate your idea Keep a low marketing budget and follow up extensively Plan a good shipping strategy Know your tax obligations (or hire someone who does) 1. Don't skip financial planning The first step to reaching your financial goals is to write them down. This may seem obvious, but many novice entrepreneurs find the process of writing a financial plan too overwhelming or unnecessary in the early days, so they skip it altogether.