By Teri Nichols For those who haven’t attended business school (and for many who have), accounting can be an intimidating subject. While it may be daunting, the concept is simple. Accounting is the process of tracking and analyzing how your business uses money. Click here to access a basic cost worksheet for your business. Keeping RecordsThe single most important thing you…
By Teri Nichols Regardless of your business structure or the other legal waters you’ll need to navigate, all businesses will benefit from a few simple things. Keep your personal and business expenses separate. Even if you are a sole proprietor, open a separate bank account and/or credit card for your business. Put all the money you make from the business…
By Teri Nichols Raising Capital Over the last few sessions, you have figured out the cost of starting and running your business. Most likely you’ll need money – also known as capital – to get started. But, unless you receive a surprise inheritance from a recently deceased uncle, you may not have much cash handy. Where will you get it? Sources of CapitalCapital…
By Teri Nichols In this very useful lesson you will learn to calculate how long it will take to break even, but it does not accurately reflect how payment and billing cycles work. You don’t pay pennies for flour each time to make fried chicken; you pay hundreds of dollars every few months to get bulk supplies. If you…
By Teri Nichols Revenue Whether you choose to sell directly to your customer or to go through someone else, you probably want to get paid. The way you get paid, also known as your revenue stream, will depend largely on the type of product or service you offer and how your customer comes into contact with it. To help you…
