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@OkayAhhgain Күн бұрын
Just subbed 👍🏽 thanks for your hard work that you put in to this video
@A.E.Lanman777 4 күн бұрын
Some guys in my area need to learn from this, I can't stand seeing people way under price themselves then complain at me that they are making no money.
@geekyballerina5836 9 күн бұрын
My LLC is in its first year and this was so helpful! Thank you!
@peterjohansson739 11 күн бұрын
Generic content.
@MarioLuceroagilecoach 12 күн бұрын
Most SMBs don't like numbers, one of my clients told me: I love money and business but not Numbers
@BadassBusinessOwners 12 күн бұрын
You are so correct! I'm on a mission to help them realize the numbers will actually help them make even more money! lol. - Tammy
@sumitpalekar07 14 күн бұрын
love from India...❣
@BadassBusinessOwners 18 күн бұрын
Recommended Book from the Video: 👉 The 12 Week Year - Brian Moran & Michael Lennington - amzn.to/3R54Smi
@davebalow7451 18 күн бұрын
Out of the 7 books you recommended I already read 4 of them. Absolutely great reads highly recommend diving into them if you have the time.
@BadassBusinessOwners 18 күн бұрын
I'm so glad that you found them helpful. If you can think of others people should read let me know. - Tammy
@whyrag2023 22 күн бұрын
Have been watching your videos and very impressed ! Learning a lot. Have been doing Electrical work all my life, over 45 years and still going. Retired and got my first payment this December 24. Company I worked for went under and I am glad I was prepared to start up a Business. Taking over and want to do everything right without fail. I hold all licenses over the years and going to start my Electrical Contracting Business in Jan. 2025. Got my EIN and everything else set up, Business bank account and email, went to buy your course for 97 bucks, but I haven't got my Debit card yet with my Business bank account and don't want to put it on one of my other credit cards as you know why in your other videos. Thanks so much so far ! , Gary " Whyrag "
@BadassBusinessOwners 18 күн бұрын
Ah, thanks! Glad they are helpful! You will rock this. I work with a couple of companies that just started this past year and they are doing great. A great business to start! - Tammy
@ahmedjandali4209 23 күн бұрын
How can i get the a simple excel format of p&l please ?
@BadassBusinessOwners 22 күн бұрын
Here is an example one you can play and tweak babolearning.com/PandLexample
@msbeegrouptravel 26 күн бұрын
Thanks Tammy that was so me, at one stage I looked back and realised my years expenses were £5600 instead if £2100 I was running in the background. It took a lot to correct this and I am still working through it but lesson learnt every month do your accounts
@BadassBusinessOwners 26 күн бұрын
thanks for sharing! Yea, it is crazy how it all creeps up slowly and we don't even realize it is happening! But I'm glad you caught it and have made great strides fixing it! - Tammy
@msbeegrouptravel 26 күн бұрын
@BadassBusinessOwners I realised as well I was carrying over stuff from the previous year just after cut off so it was now nearly 2 years a very big lesson
@jpbouabre391 27 күн бұрын
how to start this business since I already do landscaping I want to add to my business
@BadassBusinessOwners 26 күн бұрын
I love this idea. I'd just add it to your services and let your existing folks know you now have this as an add on service. That will get you rolling with it. - tammy
@BadassBusinessOwners 27 күн бұрын
What has been your biggest struggle with your profit and loss? Tammy
@user-tz7yg8ck3i Ай бұрын
I love how you can use this for future pricing for your product/services. How do you propose one go about that when they are starting out? Profit isn't quite known at this point, so what do you propose for someone wanting to use this for pricing?
@BadassBusinessOwners Ай бұрын
Great Question! A lot of it will be really good guessing on your end with what you think your expenses will run. You should have a general idea of what the costs will be and what you plan to charge. If you plug it in can get a general idea of what it will be. For example, if you plan to charge $120, costs are $50 and you think your expenses might run 20% you would figure 20% of your sale so $24. Then plug into the Sales - COGS - Expense = Profit and you get $120 - 50 - 24 = $46 potential profit.. Hope that makes sense. You aren't looking for perfection just best you can until you know more information. - Tammy
@user-tz7yg8ck3i Ай бұрын
@@BadassBusinessOwners Thanks! this is helpful. Being new to this, I feel like numbers have to be set in stone in order to get an accurate number.It's very challenging
@BadassBusinessOwners Ай бұрын
*Thanks for Watching! Just let me know what types of video's you need to help you learn your business numbers better! _ Tammy*
@rae08 Ай бұрын
Hi, Can you make a profit and lost statement example as a cleaning business owner?
@BadassBusinessOwners Ай бұрын
Hey there. I'll see what I can do. :-). - Tammy
@rae08 Ай бұрын
@BadassBusinessOwners Thanks ‼️‼️
@rogerribott4822 Ай бұрын
I appreciate all your videos
@mattw1427 Ай бұрын
Thanks for the video. I have a auto repair shop. Single LLC and and single employee. My bookkeeper doesn't include my labor hours into my cost of goods, just the parts sold. Would you think this is correct? I'm looking for a better bookkeeper who can help explain theses things a little better. I feel like every time I ask a question I don't get a good answer. Thanks again!
@BadassBusinessOwners Ай бұрын
Hey there. If you aren't an S or C corp I can see why they aren't there. Technically, they are owner draws that you are taking. But you can always create a category and call it something like Owner Draw Employee time and put it there. Keep in mind, it will NOT be an expense for taxes as it will at least show you labor costs for your COGS. The other option is to just manually add what you take when looking at your numbers but I totally understand why you want to see it there to make it easier to see that labor cost. Just let your tax person know that you are aware it isn't an actual COG for taxes, but you want to see it there so you know your true COGS. They will probably understand. Hope this helps. - Tammy
@mattw1427 Ай бұрын
@@BadassBusinessOwners Yes, you understand me! I'd like to see my effective labor rate for my own benefit. I know it doesn't expense but it helps me with my sanity and trying to understand where I can improve. Thanks for the reply!
@BadassBusinessOwners Ай бұрын
Keep in mind, to do this, you have to be priced correctly! If you need help with pricing, check out this video next: kzbin.info/www/bejne/Y17GeIhpq6qLhZo. Tammy
@rainthebudgie4313 Ай бұрын
I just don’t make profit at all this year. I work very hard all day but end of the day I am tired and have no time to see if I make any money .
@christophermann94 Ай бұрын
Sounds like you're not pricing correctly.
@DeepeshSachdev_Gaming Ай бұрын
@@christophermann94 how to price properly?
@BadassBusinessOwners Ай бұрын
Hey there. I agree with the below, your first place to look is at your pricing. You are probably priced too low. Here is a video to help with that: kzbin.info/www/bejne/Y17GeIhpq6qLhZo Hope it helps, Tammy
@aveda3776 Ай бұрын
I love your narrating♥️
@ওয়াজভিডিওবাংলা Ай бұрын
Hi i like your vedio
@kzombeh Ай бұрын
If you aren't doing the labor yourself persay but still doing the booking/calling for appointments, is that under COGs or owners cut?
@BadassBusinessOwners Ай бұрын
Hey there. Depends if you are on payroll or not. Those are operational tasks. So expenses. Since most owners aren't on payroll, then it is part of your owners draw. Hope this helps. Tammy
@Tonyconner74 Ай бұрын
Love it....
@JustPhil-yw6bt Ай бұрын
Thanks! Great video.
@BadassBusinessOwners Ай бұрын
*What Profit & Loss Questions Do You Still Have So I Can Work Them into Future Videos? - Tammy*
@BadassBusinessOwners Ай бұрын
*What Profit & Loss Questions Do You Still Have So I Can Work Them into Future Videos? - Tammy*
@MarkoCeki 22 күн бұрын
What are the most effective, simple, and proactive strategies for setting up automated systems to complete Profit & Loss reports before launching a new business?
@MarkoCeki 22 күн бұрын
Purpose: I’m learning from past mistakes where I wasn’t proactive with bookkeeping and had to scramble at year-end to organize finances. This time, I want to set up simple, automated systems from the start to stay on top of it in real time and avoid the stress. -Marko
@RJMA703 Ай бұрын
Hello 👋, thanks for sharing your knowledge. Stay blessed 🙌!
@BadassBusinessOwners Ай бұрын
*What Would You Like to Learn More About Profit & Loss Statements? I'll put into future videos. I want to help! - Tammy*
@adautoclinic3134 Ай бұрын
I have a mechanic shop for 5 years, and I'm learning about P&L, Balance Sheets, Cash Flow, this video helped me a lot, thank you for sharing.
@BadassBusinessOwners Ай бұрын
Glad it was helpful! - Tammy
@jasonbaxter5502 Ай бұрын
Don't forget getting undercut or companies not paying you.
@jasonbaxter5502 Ай бұрын
Pay the government and hop you have money 😅😅😅😅
@BadassBusinessOwners 2 ай бұрын
How comfortable are you with reading a profit & loss? - Tammy
@RR-iv6ol 2 ай бұрын
This is awesome. Thank you
@tamarawilliams3699 2 ай бұрын
Payroll is the greatest expense…and eats your profits. Lesson learned early on. Gotta control that payroll. Start with productivity of those you’re already paying. 😊 Great lesson Tammy
@BadassBusinessOwners 2 ай бұрын
Yep. Your #1 expense! Amazing how many folks don't pay closer attention to the money they have going out. Thanks for sharing! :-). - Tammy
@isaacandcorinaquinones9707 2 ай бұрын
This is such a great video! Im not all that great with excel or numbers, but im learning alot FAST! I noticed templates available in other videos. Do you have this one available as well?
@HamzaGujjar_001 2 ай бұрын
Just discovered this channel.. really insightful ❤
@marvinfrederick3262 2 ай бұрын
When you have different type of products how do you determine which products to increase markups on if your expenses or profit targets are not being met
@BadassBusinessOwners 2 ай бұрын
Good question. If it was me, I'd go through all my items and just plug into the SALES - COGS - EXPENSES = PROFITs formula and see how they look. Not all will be the same, but you should look for ones that are way off and have wiggle room to adjust. - Tammy
@asfawhailu3320 2 ай бұрын
and here are legends trying to understand this thing the night before the exam😂😂
@b4mjev796 Ай бұрын
Morning🤣
@weismandaniela 2 ай бұрын
What about the tax? How do you calculate it?
@BadassBusinessOwners 2 ай бұрын
Depending on your profit, the taxes will be different per person (which is why you want to consult a tax pro) but with that said, if you get in the habit early of setting aside 15% - 20% of your profits for taxes into a separate account you will be ready for taxes. If you have extra at the end, just know you have a jump start on the new year and for growth. Some folks can do as low as 10% and others need 30% or higher. Just depends on those profits. But start the habit early! - Tammy
@mrssonjayoung7572 2 ай бұрын
Thank you for these videos. I’m learning so much.
@BadassBusinessOwners 2 ай бұрын
glad they are helpful! - Tammy
@BadassBusinessOwners 2 ай бұрын
What are your biggeest challenges to learning about the Profit and Loss or Balance sheet? - Tammy
@ceo-hry02 2 ай бұрын
What an advice !! 👏
@geekyballerina5836 2 ай бұрын
Oh my gosh, I needed this level-headed reality check about election years. I love learning from you and yes, I know my business numbers
@BadassBusinessOwners 2 ай бұрын
Election years can be a pain for any business but especially business that do a lot of cash or large cash type of clients. Non stop doom and gloom will do that. LOL. 2 more weeks! then it stops and people start to feel good again. LOL. :-). - tammy
@BadassBusinessOwners 3 ай бұрын
Are You Struggling with Increasing your small business's sales? What have you tried? It might help others.... Tammy
@graybradley3578 3 ай бұрын
This is not correct
@BadassBusinessOwners 3 ай бұрын
One of the hardest decisions you will make in your business, is to shut it down. Don't think of it as quiting, think of it as pivoting and coming back stronger! - Tammy
@thegamer7141 3 ай бұрын
Thank you🎉