Understanding a Profit and Loss Income Statement for Beginners

[@BadassBusinessOwners]

Here is a blank P&L that you can plug in numbers to create one. However, keep in mind that your bookkeeping system probably has the best one, but this can help you get started. I'll look at creating an even better tool in the future but this should at least help get you started. - babolearning.com/blankPandL

[@sueradziej2053]

This was very helpful. I look forward to watching more of your content.

[@BadassBusinessOwners]

Awesome, thank you!

[@boxrod]

Thank you! Such and easy to understand video. Thanks for all your helpful info!

[@BadassBusinessOwners]

I'm glad you found it helpful! - :-). Tammy

[@wagasoolore]

easy to understand love love thank you so much

[@BadassBusinessOwners]

you're welcome! - Tammy

[@TruthNeverHurt462]

Sales-Coast to goods-Expensess=Profits

[@stevea5743]

Awesome content

[@FootWrkTv]

Great Content

[@shenellebenta5573]

Thank you for the video....believe me when I say it is very helpful...Quick question: I operate my business virtually as a solopreneur, should the rent of my apartment be included in operational expenses?

[@BadassBusinessOwners]

Glad it was helpful! I'd speak to your tax person, there are different rules that you will want to make sure you abide by but it might just be possible but check with a local tax profession to make sure you comply. :-) - Tammy

[@LacyeMartini]

Great video and so helpful. I can't find the template. Is it still available?

[@BadassBusinessOwners]

Hey there. I'm having a brain poof moment, what template do I reference? LOL I Just zoomed through and can't find it but I might have missed it. Tammy

[@PalmSpringsInDallas]

@@BadassBusinessOwners Yes, where is the P&L template to make our own?

[@BadassBusinessOwners]

​@@PalmSpringsInDallas Here is the link to a basic P&L you could use. Ideally, you would use the one in your bookkeeping system but this can at least help get you started - babolearning.com/blankPandL

[@PalmSpringsInDallas]

Where can I find your Profit and Loss template that you have in your video to get started on my own P&L?

[@JTCJTC-vj3ke]

Thumbs Up and Subscribed! 👍

[@BadassBusinessOwners]

Welcome aboard!

[@themadolins3696]

How to go about the scenario where the net operating income is negative (e.g. -5K) for the month. Should the owner be required to put it in 5K out from his own pocket to protect the business?

[@BadassBusinessOwners]

Good question. Typically what has happened is, the owner used retained earnings from previous months to cover the 5k. They would only need to add money if the actual business account was negative. It is common to see a negative profit month but paid from the previous month's profits. It also could be the business has sales coming in the next month to offset money they paid in advance. - Tammy

[@sherocoffeeclub347]

Where do I get more info about the know your business numbers course?

[@BadassBusinessOwners]

Hi there! Here is the page that talks about it in more depth. I appreciate you asking :-) - Tammy knowyourbusinessnumberscourse.com

[@BadassBusinessOwners]

*What is the Biggest Struggle You Face with Learning Your Business Numbers? - Tammy*

[@krystalmelton5361]

Great video