How my brand lost $100k #fyp #viral #clothingbrand #clothingbrandowner #entrepreneur #teenentrepreneur #motivation #mindofdee

The first year I started my clothing rent, I made around $100,000 by the end of that year, the account was at zero. I'm going to teach you how to not make that same mistake really quick. All right, so let's say your job made 10,000, you're going to put 40% in a business mega car and leave it in there. There's going to be for your boat orders, internship out the rest of the orders, so 10K, 40% is 4K. Then after that, you're going to take 20% of that 10K and put it into a payroll slash service account. If you do not have employees, you can use this for future designs, marketing efforts, samples, and the rest of your business expenses. 20% of 10K is 2K, that way you're able to actually see how much you have a lot of to spend on your samples, your marketing, etc., etc. Then also, you're going to want to take 10% of that 10K and put it into a tax account. This is just so you can pay your taxes at the end of the year. It's going to be 10%, that's like a band. Last but not least, because we got one more, you're going to take 10% away from that 10K and put into savings. You never know when you're going to have to sponsor this, or sponsor this, or sponsor this, so you need to be saving money with the clothing brand. 10% of 10K is just the K. Then if the business is profitable and you've been running it for a pretty good time, you can take 20% for yourself. 20% of 10K is just 2K, but if you do not have all these other things going well, don't do this just yet. I actually suggest that you reinvest all this money back into the brand before you start paying yourself out. If you do what I just told you, you're basically going to save yourself from financial ruin. I made that mistake when I first started my clothing brand. I won't ever make make it again.