Understanding, Profit, Expenses and Margin When Breeding Crested Geckos!

[@stina9659]

it's actually "just" familiarizing yourself with business economics, and making a budget that adds up, expenses VS income. Its what we should do anyway always privately too.

[@frankdughtank8327]

Excellent Video! I love it when you make videos like this!

[@Sostic]

Thank you!

[@therealemo9045]

"This is not financial advice" This is reality advice. I think I calculated something similar to this and found that I would make profit my second year of selling - however, now that I have watched this video, I think it might take three years to make a profit and I need to be more careful with my spending. :']

[@Sostic]

You're ahead of the game though even thinking about this

[@Petsthatdontbark]

Don’t you charge the shipping to the customer?

[@Sostic]

I do, but even if I charge $70 I'm still paying the shipping company $70 so it's not something you get to keep

[@Petsthatdontbark]

Right but it also isn’t a fee off your income. It just cancels out.

[@Sostic]

​@@PetsthatdontbarkYou still have to count it towards your total revenue, if a customer buys a gecko for $500 plus $70 shipping you still have to count the 70 towards your total income

[@Petsthatdontbark]

Kind of… the law is pretty clear as long as you don’t charge more than what the shipping cost is, it is not taxable. At least that’s the law around my parts.

[@Petsthatdontbark]

Great video non the less.

[@frankdughtank8327]

This is going to be good!

[@hardwayreptilesnfeeders2592]

I love that male so much such an handsome man ❤❤❤

[@max3075]

This is quite flawed... 20% tax? Dont know the US tax rates but seems low. Also when going pro shouldnt you pay company profit tax rates and then personal income taxes? Also you assume a 100% survival rate when shipping animals and 0% shipments lost...

[@Sostic]

This was just an example where you should plug your own numbers in as it would be different for every person depending on your income, where you live, etc. But just for reference the average tax rate in the US is about 25%. If you are a good shipper animals lost in shipment is nearly 0%. I personally have shipped hundreds all over the US and world with no casualties from shipping.

[@max3075]

@@Sostic ah oke, sounds like usa is very cheap. If i would do it with all starter benefits i would have to pay 37% income tax at least upperscale is 52%... Thats besides 21%VAT

[@Sostic]

@@max3075 That's insane! You must be in the EU somewhere right??

[@max3075]

@@Sostic jup, in the netherlands. Great country but you pay for it in taxes

[@strings1586]

20% is a good average I would say.