Overall, good advice is to be frugal when starting a business. What someone told me that I found valuable was “Act like a poor person, not a rich person.” Whet

Overall, good advice is to be frugal when starting a business. What someone told me that I found valuable was “Act like a poor person, not a rich person.” Whether it’s a sole proprietorship or some other form of business, there’s an initial excitement period where it’s tempting to want to buy all the nice things to “look and feel official” when the business is first getting up and running. Fight that urge as much as possible. I’ve seen people make some huge mistakes like thinking their office computer has to be a $3.5k maxed out iMac, or that they need the newest model vehicle as their company car, or even that they need to spend $2k on designer suits in order to sell stuff. A lot of times what is “needed” gets conflated with what is “wanted”. Making due with less is better than getting stuck with more. The last, but not least, item to remember: just because business expenses are tax deductible does not mean they are free.