Managing money and making a profit

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1 Managing money and making a profit

2 For your information How to get the most from today s workshop Ask questions Participate Worksheets Action Pan

3 Today s objectives To hep you gain a greater understanding about financia matters To hep you deveop greater confidence in cashfow forecasting, making a profit and managing your money

4 Key earning points Research a your costs Get cear on your financia position Consider testing your idea before making significant investment Foow the aw and pay the correct amount of taxes Get organised with a simpe bookkeeping system

5 Introductions About Youth Enterprise Starting a Business journey Over to you Your name Nature of your business idea Your expectations of today

6 An inescapabe truth... Turnover is Vanity Profit is Sanity Cash is Reaity

7 The confidence factor On a scae of 0 10 how confident are you about financia panning? How soon wi you need to earn an income from your business?

8 What do you need to consider? How do you decide whether your business idea is financiay viabe or not?

9 How much wi it cost you to start up? Capita expenditure Van, equipment, computer, printer, shop fittings/dispay, ti, office furniture, teephone system etc Other start up costs Insurance, stationery, marketing, rent in advance, professiona services, web site etc

10 Be resourcefu - bootstrap Resist the temptation of the shiny kit syndrome Coud you ease or rent instead? Or buy second hand? Everything is negotiabe Barter your services with others that you can hep

11 Determine your current financia situation Can you guarantee it wi make money straight away? Your financia reserves Your persona surviva budget Fu time/part time?

12 Saes forecasting Your projected revenue is based on your saes forecast You need to know 2 things: i) how much you expect to se ii) how much you wi charge Your saes forecast is ikey to be the most important business prediction you wi ever make

13

14 Saes forecasting A sandwich shop overestimates amount of sandwiches it wi se - eft with unsod food that wi perish A toy shop underestimates popuarity of atest Christmas toys - ost saes

15 What about running costs? Costs of sae (direct, variabe) These reate directy to your saes raw materias, packaging, sub contract abour Overhead expenses (indirect, fixed) These are expenses that have to be paid regardess of how many saes you have made rent, rates, phones, petty cash etc

16 Cash versus profit Cash Fow Forecast Shows the actua amounts of money coming in and going out each month and consequenty shows what cash the business actuay has Profit Forecast Shows anticipated income and expenditure in the months earned or incurred without consideration of when actuay received or paid

17 The cash fow forecast Shows what wi happen to actua CASH in and out of the bank account Is not a profit and oss forecast A actua income and payments are incuded regardess of source or destination Transactions are shown in the month they are expected to happen It is a prediction of your bank statement!

18 The profit and oss forecast Profit is trading income invoiced ess expenses incurred regardess of whether paid or not Saes and expenses excude VAT if VAT registered Expenses incude VAT if not VAT registered Does not incude capita introduced by yoursef or other funders (eg oans) Does not incude capita expenditure on fixed assets or oan repayments BUT incudes interest on oans and depreciation of fixed assets

19 Projected profit and oss account Saes 60,000 Direct costs 24,000 (40%) Gross profit 36,000 (60%) Overheads 10,000 Net profit 26,000 Saes forecast produced from assumptions, market research, marketing pan, pricing poicy Direct costs produced from suppiers prices, unit costs assumptions Overheads produced from suppiers prices, unit costs assumptions

20 Just to make a itte more sense... Saes 60,000 (say 200 units at 300 each) Direct costs 24,000 (40%) (say 200 units at 120 each) Gross profit 36,000 (60%) (say 200 units at 180 each) Overheads ight/heat 500 marketing 1,500 insurance 250 phone/internet 500 stationery 500 rent & rates 6,750 10,000 Net profit 26,000

21 Gross profit cacuation Gross profit Saes direct costs = Gross profit ie 60,000-24,000 = 36,000 Gross profit margin Saes direct costs x 100 = GP% saes ie 60,000 24,000 x 100 = 60% 60,000 So for every unit you se at 300 you make a gross profit of 180 which is a gross profit margin of 60%

22 Break even Is the point at which saes revenue and expenditure (incuding your surviva/desired income) is equa: there is no net oss or gain. Break even revenue Overheads + Desired income x 100 Gross Profit Margin For exampe: 10, ,000 x Break even revenue = 60,000 Break even units Overheads + Desired income + Direct Costs Price per unit For exampe: 10, , , Break even units = 200 units

23 Mary s wedding cake exercise Mary s assumptions Mary s projected profit and oss Gross profit Break even Tax and nationa insurance (soe trader)

24 Tax - Soe traders and partners Shoud aways prepare a fu Profit & Loss account Saes of ess than the current imit means you need ony enter simpe three ine accounts in tax return saes, expenses, profit or oss NI Cass 2 Sma earnings exception NI Cass 4 Must register with HMRC as soon as you start trading

25 Tax - Limited companies Must prepare accounts incuding Profit & Loss Account, Baance Sheet and Directors report Submit both sets of documents to HMRC and Companies House Produce a Company (Corporation) Tax Return The director takes wages and pays tax and NIC through PAYE Competes a tax return The Company pays Corporation tax on its profits.

26 VAT Must register for VAT if your turnover for the previous 12 months is over a certain imit Can register vountariy Business to business status & credibiity Business to consumer higher cost to customer

27 Key earning points from this workshop Research a your costs Get cear on your financia position Consider testing your idea before making significant investment Foow the aw and pay the correct amount of taxes Get organised with a simpe book keeping system

28 What records do you have to keep? Evidence to support a cash, bank & credit transactions A expense receipts A saes invoices Bank statements A cash transactions Cheque book stubs Paying in books Loan/overdraft agreements Inand Revenue documentation

29 Records continued... NI receipts Copy VAT returns Fue mieage og book Expenses sheets PAYE records Business credit card statements Drawings/dividends By aw keep records for 6 years

30 What are the main financia records? Four basic sets of financia records - Cash book - Record of saes - Record of purchases/ expenses - The wages book Spreadsheets much more effective

31 Getting paid What wi you do to ensure you get paid?

32 Terms of trade What wi you incude in your terms of trade?

33 Seeking an accountant or book-keeper Accountant PAYE VAT Annua tax Hep grow your business Other advice and hep Charge by the hour or by the job? Consider a book keeper instead or in addition Better kept records means cheaper accountancy fee Consider your strengths, weakness and vaue Avoid penaties

34 Financing your business Sef financing (persona funds, famiy, friends) Bank finance oans, overdrafts Enterprise Aowance Business Anges usuay invest in proven businesses Factoring, Invoice Discounting John Crackne Youth Enterprise Bank (under 21) Princes Trust (under 30) Acorn Fund (Loans) Sirius (Funds)

35 Key earning points from this workshop Research a your costs Get cear on your financia position Consider testing your idea before making significant investment Foow the aw and pay the correct amount of taxes Get organised with a simpe book keeping system

36 Your action pan What do you need to do next to hep you compete unfinished sections of your business pan? To do By when?

37 Let Hu Training hep you - FREE - Information FREE - Expertise and advice FREE - Workshops and Seminars Ca

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