Before going into business are a lot of decisions that need to be made. Where will your office or company be located? Who is your target market? What kinds of advertising will you need to do in order to reach your preferred customer? You need suppliers, machinery, and perhaps even employees. And after all is said and done, how do you know if you will be profitable enough to make the kind of living you hope to? Even more importantly, how do you know if you will be profitable enough to even open your doors?
Doing some basic calculations is critical to answering that question. In calculating the profitability of a business, you also need to know where your expenses are and more importantly, if you have enough money to sustain your business before you turn a profit.
You can begin the process of answering these very questions by doing a simple profit and loss calculation. While there is nothing simple about business accounting, Darla Manke of Manke Business Services, Inc will walk Coach Sherry and The BrainBox Trust audience through the process of calculating a simple Profit and Loss Statement that can help project the profitability, or lack there of, in starting your own business.
By making a few business related assumptions and related best guesses, you can develop a 12 month Profit and Loss projection that will show you where some of your biggest challenges lie in starting your own business.
Join Coach Sherry and Darla for a very thought provoking show that will really make you take pen to paper in Understanding Your Profit and Loss on The BrainBox Trust.
Sorry we couldn't complete your registration. Please try again.
Please enter your email to finish creating your account.
Receive a personalized list of podcasts based on your preferences.