My project's expense is my expense

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Example: the owner of a recently opened tattoo parlor wants to create a program for training artists. But for now, resources are spent on primary tasks, including bringing the business into the black. At the same time, the owner enters the goal - creating training - into the "Plans" column of the funds accounting in order to constantly keep it in focus.



One of the main mistakes at the start is mixing the project's expenses and income with personal ones.

One of my students opened a beauty salon, where she ecuador telegram database started working as a master herself. She kept a single record of income and expenses, without separating her own profit as an employee, the amounts that masters paid her for renting places in the salon, and the business's income as a whole. After the division, it turned out that the salon had only been making losses all this time, which the owner did not notice, considering her own salary to be the business's profit.



The first thing to remember if you are a budding entrepreneur is to clearly separate your own funds and the project's money. If they are related or the business is launched with your own money, reflect this in the income and expenditure part of the table. The point of accounting is to track the real profitability of the project. Otherwise, there is a high risk of working at a loss and not noticing it.


Start smart
Remember that some of the mandatory expenses are incurred at a time when the project is not yet profitable. Do not rely on the fact that you will be able to make money quickly and take funds for business development from the proceeds.

Even if it seems like you have calculated everything carefully, always consider the possibility of unexpected expenses. For example, if you rent a space for business, the owner may suddenly increase the rent. Or for some reason you will have to change the equipment that has already been paid for. It is worth setting aside finances for at least three months in advance.