The Small Business Doer

How do I grow my business?

That was the question I set to answer in July. After a year in business working primarily as a sub-contractor for others, I’ve decided to make the leap and start taking on more work of my own. This doesn’t mean that I’ll stop doing sub-contracting work, but it does mean I’ll be slowly shifting where I receive most of my business from.

July was fairly close in sales to June, coming in at $5,137.50. Despite not having many pre-booking for July, worked seemed to roll in.

Budget

Wow, my budget is out of wack. Net income is down!

Not to fear, the lower income it is due to that new plan mentioned above and is the result mainly of equipment purchases, namely $1,200 more in equipment purchases than budgeted. Instead of having my payments spread out under the “Equipment Rental” Category, a lot of the money came out at once under the “Equipment Expense Category”.

Also, what you don’t see in the budget is the capital expenditures, as that doesn’t hit the Profit & Loss but rather the Balance Sheet (which is not published online). That line contains an extra $3,500 worth of expenses that will be written off as a depreciation expense over the period of a few years.

All of that additional money was to purchase a DSLR camera (that I will use as a video camera).

Conclusion

I’m going to be busier. Even if I didn’t get one more lick of work, I’m going to be busier setting up and working on my additional plans for the business.

Profit & Loss Budget vs. Actual – July 2010

Profit & Loss Budget vs. Actual – July 2010

The Next Update

Check out the August 2010 action plan.