In Progress
Scaling to $1M ARR
Make first hires
Stop being 'Chief Everything Officer.' Hire for 'Slope' (potential) over 'Intercept' (experience). Look for hungry students or recent grads with grit. Build playbooks (SOPs)—every task you do twice, write down the steps. A $1M business is just a collection of working playbooks.
In the U.S., the IRS doesn't care if you're a student; if your business makes money, they want a cut.
- You can use software like QuickBooks Online or Xero from Day 1. Connect it to your business bank account so every transaction is recorded automatically.
- Even if your business makes $0, you must file a tax return every year. For international owners of a U.S. LLC, you often have to file Form 5472—failing to file this carries a **$25,000 fine**!
- Hire a "Startup Accountant" or use a service like Bench or Pilot once you start making revenue. Don't try to do business taxes yourself.
Free Resource:Small Business Tax Basics EXPLAINED for BEGINNERS, STARTUPS, and LLC
Resources
Record your progress
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