IS YOUR BUSINESS MAKING MONEY? PROFIT AND LOSS STATEMENT 101

IS YOUR BUSINESS MAKING MONEY? PROFIT AND LOSS STATEMENT 101

Today Id love to give a warm welcome to DANIELLE HAYDEN from Kickstart Accounting! She will be teaching us all about profit and loss within our business.

 

Profit and Loss Statement 101

Have you ever thought to yourself – “Is My Business Making Money?” While the answer may seem simple, it’s actually not. Instead of dwelling on the past, you should instead be asking yourself “What Can I Do To Grow My Business?” But you’ll first need to know how your finances are looking. And the first step to figure out how much your business is really bringing in is to make sure you are fully understanding financials. To familiarize yourself with the financial workings of your business, you’re going to need to look at your Profit and Loss Statement. Since this document lays out how much your business made and how much it loss over the fiscal year, it provides you with a visual snapshot of information that can help you better make decisions. Here’s a look at how to use your Profit and Loss Statement to make business decisions what will grow your company in the next few months and beyond.

 

Top line Sales

Analyze where you are making money Analyze what products you make the most money from and market those products.

How much does it cost you to make each product? Don’t forget just because a product is selling it doesn’t mean that it is your most profitable product and it doesn’t mean you are making money from it. Look at each one of your products to understand how much it costs you to make that product. List each ingredient and the amount used per unit plus the amount of time it takes to create of unit of your product. If you are a service based business use the amount of time it takes to provide that service multiplied by the standard rate of pay for that service

Operating Expenses-These are the expenses that you incur to run your business such as insurance, rent, dues, software, etc.

Find Pitfalls & Wasteful Spending Profit and Loss Statement gives you a snapshot of what you’ve earned and what you’ve lost. This means you can easily spot any areas you need to cut back on to get your take home in the green. Don’t forget about that software you signed up for 6 months ago and forgot to cancel it (we’ve all done it!). Use this time to understand what you are using and is it worth the costs.

 

Look into the future and set goals for your business

Now that you understand what products are driving your sales, what your costs are to create those products and what operating expenses you have to have to run your business you can start to look at the future and set goals for your business? What amount of money do you want to be bringing home each month? Once you know that you can determine how many units or product or service hours you will need in order to support that goal.

 

For example:

Goal 2,000 per month Fixed operating costs 500 per month

Cost of goods sold to create 1 unit 25 per unit Selling price of one unit 75 per unit Profit per unit 50 per unit

Number of Units that need to be sold to reach my goal 50 Units

= Goal + Fixed Costs / Profit by unit

Stop asking yourself “Is My Business Making Money” or “Why Can’t I Grow My Business” and finally find out the truth. As you can see, understanding financials is a key aspect of responsible business ownership. Keep your Profit and Loss Statement handy when making business strategies, creating plans or laying out goal sheets. You’d be surprised just how much you can learn from a simple profit and loss statement!

How we manage our client workload | Dubsado

How we manage our client workload | Dubsado

Welcome to Dubsado

So today I wanted to take a few minutes to show walk you through one of the ways we manage our client workload through  Dubsado! Dubsado is a Client Managment system that helps keep do all things client related. We are going to show you in the video below all the features that dubasdo offer to help keep your client workload organized. It’s all about working smarter not harder peeps!

(This post has affiliate links, They will cost you nothing to use but I will get a free month for anyone who signs up with my link)

 

 

Top 3 tips to find your next client

Top 3 tips to find your next client

When you are self-employed and you are having a slow time, it can be one of the scariest times. Trust me I have been there and I know first hand how stressful this can be. After about 5 years of running my own business and dealing with the slow times, I have come up with my top 3 tips to help anyone out of their slump and signing their next client.

 

       1.Reach out to past clients:

Reaching out to your past clients is a great way to not only get some much-needed work it is also great for your customer care side. Reaching out to a past client you haven’t spoken to in a while and checking in with them on how they are doing and how their business, life, etc are going shows you are there for clients past the end of their contract. It shows them if they need you now or in the future, you will be there for them. And bonus they just might have some work now they need to get off their plate.

 

     2. Staying active on social media:

This seems like an easy one but it’s one for me that I have struggled with in the past. When things are busy I would run out of time or forget and then when things slowed down I would go into survival mode making up for lost time on the social media front. Planning your content a few weeks to a month in advance and scheduling them to automatically post is a big time saver. I take one day a month and plan everything out using a platform called later. 

Building relationships and engaging on social media is just as important. By engaging, I don’t mean constantly trying to sell your service or products. What I mean is getting to know your followers or potential clients. Commenting and liking their images, responding to their stories, and answering questions in facebook groups. Strinking up converstation about other things than what you want to sell them. Actually caring about them, and showing an interest in what they are putting out there. Building solid online relationships is a great way to build your following and reach those dream clients.

 

      3. Research where your clients are hanging out:

Think back to your past clients where did they come from? Let run some test scenarios!

Word of mouth:  Maybe a friend or a past client recommended you! Great, let your past clients, family, friends, & followers know that you are booking up or selling a new product etc. Post it on social media, send out an email blast whatever way to remind them that your still there! Start a referral or affiliate program by rewarding those amazing referrals! You don’t have to make it complicated to have it work!

Social media: Maybe your last client found you on Instagram or Facebook. Research #’s that your potential clients are useing or following, find out what facbook groups they hang out in, comment and engage with them on their pages, posts, and stories.

Website contact: Maybe they found you more of an organic way google/ website. Try updating your SEO, post blogs that drive traffic to your website. Update your portfolio or packages and send out a newsletter by email! If you don’t already have an opt-in for them to join your email list, get one! Your email list can be a powerful source of potential clients. They already know you, like what you have to say and they want to hear from you more! So utilize the email list!

Remembering where your past clients came from can help you figure out where to start. Not all of these will pertain to you but you get the exercise! Go back to the roots and start there.

 

Bonus tip- Stay positive

This isn’t a tip to find clients necessary but it is a tip to get you through the lows in whatever area of life. Postive attracts more positive. So keep the worry and fear out of your head and have unwavering faith!  These low times are meant to reflect, set goals, dream big, and start new. Without lows, we can never experience the highs! You got this!

 

XO| Amanda

Web + Brand Designer

www.amadamays.co

Find Great Stock Images

Find Great Stock Images

Images can make or break your blog or website

Images are so important to your website, blog and social media. Your message is important don’t get me wrong, but readers are drawn to your site by the visuals first.  Your images convey the feeling of your overall site and brand before your message is even read. Think of how you behave on Instagram. You are scrolling, scrolling, and scrolling through many images until an image pops out and makes you stop your scrolling, then what do you do next, you read caption right?

Think of how you behave on Instagram. You are scrolling, scrolling, and scrolling through many images until an image pops out and makes you stop your scrolling. Then what do you do next, you read the caption, right?

Websites are the same way. You have about 5 – 10 seconds to captivate your visitor enough to keep interested. You can do this with the power of images. You don’t have to hire a brand photographer right out of the gate or even struggle with your own images. You can use stock photography to give the feel to your brand you are trying to convey without even breaking your iphone or camera out.

Stock Images from Creative Market

Stock Images are great for anyone not ready to add custom images to their brand and social media. I typically get most of my photography from Creative Market!!! I like using creative market for so many different things, they have amazing fonts, patterns, and stock photography. Purchasing is easy and with a quick search, you are more than likely to find exactly what you need! The best part creative market host tons of talented photographers so you are bound to find the perfect match for your style!

< this post contains affiliate links>

Here are a few of my favorites!

Styled Ellie - Product Mockups - 1

The Sampler Header Image Bundle - Product Mockups - 1

Felt Letter Board Mockup PSD - Product Mockups

Good luck with your image search! I can’t wait to see what you find!

3 Tips to Master the Creative Industry with Lauren Connelly

3 Tips to Master the Creative Industry with Lauren Connelly

In this creative industry, it is hard to meet people where they are at. We are intimidated by the number of followers others have, the number of comments on each post, or even the quality of images on their feed.

So instead of reaching out, starting a conversation, and learning from them, we envy from afar. We soak ourselves in this envy assuming no one else struggles the way we do.

I’m sharing with you my 3 tips that help me praise and value the creative industry without devaluing myself.

Jot your thoughts down!

Your first thought is probably, “Lauren, I don’t even have time to shower every day. How will I find the time to write?” Trust me, I get it!

Jotting down your thoughts is important because you need to cherish the process. You aren’t going to gain 1,000 website views within a month of starting your business. Starting out with an empty website is something to be proud of. You took a leap of faith, now write about it! i.e how you got started, what website platform is the best, or tips for building a website. Maybe the next day you write about struggling. In the end, find the beauty in starting something and watching it flourish. Even if it includes a few dead flowers here and there. If you can’t find inspiration anywhere, start by writing down a quote on a post-it note every day. Occasionally look back at the quotes that helped you keep going! Starting is the hardest part.

Reach out to other creatives in your area.

Honeybook. I talk about this all the time because I’m so grateful for this space of the internet. Honeybook is a one-stop shop for creatives. In addition to managing the financial side of your business, you can also find people who are also photographers, writers, graphic designers, jewelry makers, etc. Honeybook allows you to connect with people near your city or another city. Send a message and ask if they want to meet for coffee. There is even a place to find collaboration opportunities near you!

Schedule out your day.

Whether this is your full-time job or a side gig, schedule out what the week looks like for you. Are their deadlines coming up? Do you have a collaboration you need to photograph? Write down everything you need to do and then plan out your week. Not having a boss or set job description makes it hard to not say “yes” to every opportunity. It’s okay to say “no” to a lunch meeting if you know it’s going to take all day to finish a project. Remember that you are your best self when you aren’t stressed. Planning out your week helps make sure you’re always prepared.

Meet Lauren!

View More: http://dgiovinazzophoto.pass.us/connellyfamily

Hi there! I’m a midwest girl, turned Floridian, and now living in the South. South Carolina to be exact. At 22, I’m holding onto a Bachelor’s degree in Communication, working retail to pay the bills, and running my own business as a content writer and product photographer. And loving every second of it, I must add. I hope one day to inspire people to do what they love. On a day off, you can find me walking my pup, Wilson, all over my little town in South Carolina.

You can find me on Instagram @Lauren_Connelly or through my website www.writerLaurenConnelly.com. If you have any questions, please email me at writerlaurenconnelly@gmail.com. I’d love to chat!