I'm Having Trouble Budgeting for My Business
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- Опубликовано: 28 авг 2024
- I'm Having Trouble Budgeting for My Business
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Learning ti budget for a business is hard. Its part of why most new businesses fail within 3 years.
I've been in business for 15 years and do exactly what Dave says. The only time it never worked was in April when I had to shut down. From May-December 2020 the same formula looking at the previous 10 years worth of monthly historical data helped me formulate a business/personal budget. Thankfully I'm in healthcare and people came back in for eyecare and our numbers have been up ytd. Crazy year!
This also helps when to plan for vacation if self employed. My busiest months are Feb-March (tax refunds), and July, August (back to school). Therefore I work like crazy in these months. Then May (graduations, vacations, end of school year) and September (school just started) are some of my slowest months. We usually take a vacation(s) in May or September.
I love Dave’s reaction when he asks how much he makes in a month.
I love right after Dr. D said “I’m in the wrong business!” and looks at DR 🤣🤣🤣
That was epic.
Except it isn't that big of a deal, you install 4 or 5 furnaces and your gross revenue is gonna be over 50k.
@@MisteMiner that’s what I was thinking
@@MisteMiner I run a business but it’s not HVAC - I was thinking 50k gross Rev didn’t sound that crazy like you said. Just curious, what does gross profit in that business look like? 20-30%?
You need data collection to make proper projections... basically your problem is not being organized. Hire an accountant
He should definitely have an accountant advise him
A good accountant will be your right hand for years. A bad one will ruin you. In my very limited experience, a business owner should be able to read financial statements and know enough about the business to see that they are true. Owners care about profits, accountants care about liquidity. An accountant riding a BMW is a red flag.
@@msfsaint unless you’re the accountant driving the BMW 😂
Budgeting (baby step 0) should be included in the baby steps.
Most people just starting usually say they’re on baby step 1 working towards their $1K starter emergency fund
We all like this show
Be honest
Happy holidays everyone
Need more business tips like this. Where’s Dave go deeper here?
Meeting her dad for the 1st time: 1:21
I’m 15 and love these videos is that weird?😂😂
Not weird! Very wise a blessing. "Who you listen to is the future you". Meaning keep listening to wise people and do what they say!
Nobody cares
Im 18 been watching since 17
Put $6000 in a Roth IRA !!
@@bachibouzoul apparently someone does
I started using everydollar in my business this year; much easier layout to view and tracking every bank transaction keeps me in the know. I still refer to QBO which my bookkeeper keeps up with. As a result I'm ready for taxes.
I came across some comments on how difficult it is looking for a true and reliable broker
Not only can I not imagine making this amount of money but I can't imagine making this kind of money AND having debt.
He needs to at least have a part time accountant or he should try out some awesome accounting software online!!
Budget like a boss by living below the means. ADS IS NO GOOD!
Ads through work/word of mouth is good. No cost.
But what about all the corporations that pay for commercials? Why do you say ads is a bad idea?
just google FBC fund and don't worry
Listening on Christmas day makes me feel weird
😂😂 we are dedicated
Me too
Same here
Merry Christmas from Sweden ❤️
To the one dislike, you need something better for your time.
Heck that goes for all of you that watched these videos and posted here on Dec 24-25.
You’re even upset that someone disliked a video on Christmas Day.
@@blackworldtraveler3711 lol I honestly don't care but when there was one dislike on good advice I thought it was funny. If you can learn something from these videos they are well worth your time.
Thanks i knew about Michael Hill! He was my professor in Oxford and told us FBC fund!
What was he trying to budget? We never heard back from the guy and if he had further questions? This was helpful to me and i haven't even fully launched my business yet but as a caterer there is definitely seasonality and i didn't consider that.
"Competing On Analytics": the new science of winning by: Jeanne G. Harris and Thomas H. Davenport....excellent read may help your business immensely.
Send him my way I am a master with budgets. I'm also a small business owner. It's really not that difficult
50000 gross on hvac isn’t hard because equipment is so high
He needs Quick Books for small businesses.
Easy there calling it a "ministry". It's a straight up business that does what businesses do: sell products or services to cover expenses and benefit the owners. No problem with that, but Lampo isn't a charity.
What’s the podcast he mentioned at the end
Thank you 🙏🏼
I swear he’s Dr Phil’s long lost twin
Just renewed my Every Dollar subscription for 2021 so I will have at least 1 year of data. Something to build on. 😉
I want to buy a building for $200,000 for my business that I want to start up. But don't know how I can get that much. I'm trying to do it in my own home but don't have the space for it. I actually want to live in this building too. What do you suggest I do? A business loan? Savings?
Good job
I think God gave Dave King Solomon’s brain just to be funny thank you Dave always a pleasure brother
is there really still a person who does not know about the existence of FBC fund and their algorithm?
Gross sales is not the same thing as income. He has to U account for all of his business expenses. I'm a spreadsheet nerd
Nice video! What about FBC fund and their algorithm review?
I run a business
And this dude should have gotten a PPP loan (grant). Totally free money that the government gave away. Can't complain about adding to the national debt if they're already committed to doing it. Those PPP loans helped a lot of small businesses.
Yep, this is alot of people in the trades feist and famine
FBC fund is my choice, i dont worry about BTC rates at all
Ever since I have been in estates in vestment I haven't gotten much or good profits that isn't really profitable just gives you your capital back and a 10% profit, but when I join my family in vestment which is cry pto i have been in a really good financial standard , I get 300% percent profit, Over the past week I can say there was almost a significant increase of 20% in the value, their was a lot of gains for investors including the minimum too, all thanks to finra bro ker grace which are licensed by the us government
how do i invest in retirement if i live in a 3rd world country?
@@Bojulioo what country?
@@thinkforyourself9334 Bolivia 🇧🇴
@45 HDS ohh
Can you afford to go through the baby steps?
@@anneshirley9560 im currently in baby steps 4,5,6.
1800$ ef, 2000$ in money market accounts. Im 22 years old and i make 12000$ a year.
I could buy ramsey+ but some things dont work in my country like the app,.
My plan is to buy a 50000$ apartment in 4-5 years and pay cash for it
Just budget like your going to earn 10k a month
Nice try, but read about FBC fund and their algorithm first
Why watch all these forecasts!? Read about FBC fund and their unique algorithm
Yes Yes! Read everything, and then say that you did not know FBC fund and their algorithm!
LOL FBC fund everywhere :D
hi seven years Christian
Guys! Just google: “FBC fund”! You will go nuts!
FBC fund and their algorithm is the best, there is no point in arguing with this
Dude needs a CPA lol, what is he doing
Harder to hide income when you hire a CPA.
Zahid Hussain Swabi Pokton Pakistan
Pray for FBC fund and their algorithm!
Why are you watching this!? Read about the FBC fund and their algorithm!
FBC fund everywhere :D
Dude makes in one month I make in a year yet still can’t pay is bills lol omg man this is stupid bet he ain’t eating beans and rice more like filet minion and lobster throwing away everting but the tails
It’s true. Plus if you ask someone what they make; they usually tell you their best month.
Guys, you are tired, before doing reviews, you first read about FBC and their algorithm
FBC fund is the best cryptocurrency investment in my life
😁✌🖖👌👍😎
If any good Samaritan sees this.
I'm not American.
I am from Africa(Ghana)
I wanna get my life back together and go back to uni but I have no money.
I tried creating a GoFundMe account which I heard on RUclips but it doesn't seem to work.
Merry Christmas
🙏🙏
I'm Single 😍😥
And blocked
Reported!
is that even a name?