Two Things You Need To Know Before July 1st - Monthly SIMB/SUDSOL Article

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Two Things You Need To Know Before July 1st - Monthly SIMB/SUDSOL Article

John Sanpietro

Two Things You Need To Know Before July 1st

by John Sanpietro, CMC(IAC)
Stamping Is My Business!


With the new fiscal year approaching, it's a great time for you to take stock and make changes.  This is your chance to set the course for your best year ever!

In order to that, however, there are a few things you need to know first.  Here they are:

1. Your TRUE sales number
Your true sales number is the amount of product you sold to customers, rather than the sales number you see on paper.  

The paper number, obviously, is a combination of the amount of product you sold to customers, AS WELL AS the amount of product your purchased yourself.  The purchases you make can inflate your sales dramatically, and produce a false image of how well your business is actually doing.

Why do you need to know your true sales number?  Because that's the number you probably want to improve upon.  In fact, since the amount of product you purchased yourself is a 100% expense in your business, that's probably a number you want to see if you can decrease.

2. Your overall profit (or loss) for the fiscal year
This can be a painful number for some of you, and I've known plenty of Demonstrators in the last 14 years who do everything they can to ignore the number.  Their rationale?  If they don't know it, they don't have to fix it.

My rationale?  If you don't know it, you can't fix it!

I've said it before and I'll say it again... there's no reason why every one of you can't run a profitable stamping business.  It doesn't matter if you're full-time, part-time, or hobbyist.  The beauty of the Stampin' Up! compensation plan and business model is that ANYONE can make a profit.  Even if it's not a large one... even if it's only to sustain (or grow) your hobby... there's no reason why being an SU Demo should ever cost you money.

Of course, if you don't know your profit or loss for the year, you can't make the adjustments necessary to better your situation.


Once you have these pieces of information, then you can decide what you want those numbers to look like in the coming fiscal year.  

And once you know that, you can begin to set your plan of action to make those numbers a reality.

But it all starts with a little bit of knowledge about your existing business.

Good luck... and Happy New Year!
Warmest regards,

John

John Sanpietro
Certified Master Coach (Int'l Association of Coaches)
Stamping Is My Business!

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RE: Two Things You Need To Know Before July 1st - Monthly SIMB/SUDSOL Article

Coleen Astalos

John,

How can you accurately calculate your Profit/Loss - especially since the numbers we have from SU! (commissions) may include orders that we placed for ourselves (but not on a demo order)?

 

Coleen

 

Coleen Astalos, Stampin' Up! Demonstrator
Alamosa, CO, coleen@sudsol.com
See my website at http://alamosa.stampinup.net
Are you a demonstrator? Join me on SUDSOL - Your 24/7 Upline!

 

Two Things You Need To Know Before July 1st

by John Sanpietro, CMC(IAC)
Stamping Is My Business!


With the new fiscal year approaching, it's a great time for you to take stock and make changes.  This is your chance to set the course for your best year ever!

In order to that, however, there are a few things you need to know first.  Here they are:

1. Your TRUE sales number
Your true sales number is the amount of product you sold to customers, rather than the sales number you see on paper.  

The paper number, obviously, is a combination of the amount of product you sold to customers, AS WELL AS the amount of product your purchased yourself.  The purchases you make can inflate your sales dramatically, and produce a false image of how well your business is actually doing.

Why do you need to know your true sales number?  Because that's the number you probably want to improve upon.  In fact, since the amount of product you purchased yourself is a 100% expense in your business, that's probably a number you want to see if you can decrease.

2. Your overall profit (or loss) for the fiscal year
This can be a painful number for some of you, and I've known plenty of Demonstrators in the last 14 years who do everything they can to ignore the number.  Their rationale?  If they don't know it, they don't have to fix it.

My rationale?  If you don't know it, you can't fix it!

I've said it before and I'll say it again... there's no reason why every one of you can't run a profitable stamping business.  It doesn't matter if you're full-time, part-time, or hobbyist.  The beauty of the Stampin' Up! compensation plan and business model is that ANYONE can make a profit.  Even if it's not a large one... even if it's only to sustain (or grow) your hobby... there's no reason why being an SU Demo should ever cost you money.

Of course, if you don't know your profit or loss for the year, you can't make the adjustments necessary to better your situation.


Once you have these pieces of information, then you can decide what you want those numbers to look like in the coming fiscal year.  

And once you know that, you can begin to set your plan of action to make those numbers a reality.

But it all starts with a little bit of knowledge about your existing business.

Good luck... and Happy New Year!

Warmest regards,

John

John Sanpietro
Certified Master Coach (Int'l Association of Coaches)
Stamping Is My Business!

 

Coleen Astalos
SLB Member


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RE: SU!: RE: Two Things You Need To Know Before July 1st - Monthly SIMB/SUDSOL Article

Gail Beezley

Just keep track of all your incomes and all your expenses.  (I use Quicken but you can do it with a spreadsheet.)  Subtract expenses from income and that is your profit (or loss).  If you keep track on a regular basis (daily, weekly), it’s easy to figure out. 

 

Currently in San Antonio, Texas

Website: www.RVCrafting.com

Facebook: www.facebook.com/rvcrafting

Twitter: www.twitter.com/rvcrafting

YouTube: www.youtube.com/rvcrafting

 

From: ml-node+s1100894n11303h3@.nabble [mailto:ml-node+s1100894n11303h3@.nabble]
Sent: Monday, June 30, 2014 12:41 PM
To: Gail Beezley
Subject: SU!: RE: Two Things You Need To Know Before July 1st - Monthly SIMB/SUDSOL Article

 

coleen@sudsol.com?subject=RE:%20Two%20Things%20You%20Need%20To%20Know%20Before%20July%201st%20-%20Monthly%20SIMB/SUDSOL%20Article

If you just reply to this email, your message will go to all SUDSOL members, unless you change the To: email address to the author: coleen@sudsol.com


 

John,

How can you accurately calculate your Profit/Loss - especially since the numbers we have from SU! (commissions) may include orders that we placed for ourselves (but not on a demo order)?

 

Coleen

 

Coleen Astalos, Stampin' Up! Demonstrator
Alamosa, CO, coleen@sudsol.com
See my website at http://alamosa.stampinup.net
Are you a demonstrator? Join me on SUDSOL - Your 24/7 Upline!

 

Two Things You Need To Know Before July 1st

by John Sanpietro, CMC(IAC)
Stamping Is My Business!


With the new fiscal year approaching, it's a great time for you to take stock and make changes.  This is your chance to set the course for your best year ever!

In order to that, however, there are a few things you need to know first.  Here they are:

1. Your TRUE sales number
Your true sales number is the amount of product you sold to customers, rather than the sales number you see on paper.  

The paper number, obviously, is a combination of the amount of product you sold to customers, AS WELL AS the amount of product your purchased yourself.  The purchases you make can inflate your sales dramatically, and produce a false image of how well your business is actually doing.

Why do you need to know your true sales number?  Because that's the number you probably want to improve upon.  In fact, since the amount of product you purchased yourself is a 100% expense in your business, that's probably a number you want to see if you can decrease.

2. Your overall profit (or loss) for the fiscal year
This can be a painful number for some of you, and I've known plenty of Demonstrators in the last 14 years who do everything they can to ignore the number.  Their rationale?  If they don't know it, they don't have to fix it.

My rationale?  If you don't know it, you can't fix it!

I've said it before and I'll say it again... there's no reason why every one of you can't run a profitable stamping business.  It doesn't matter if you're full-time, part-time, or hobbyist.  The beauty of the Stampin' Up! compensation plan and business model is that ANYONE can make a profit.  Even if it's not a large one... even if it's only to sustain (or grow) your hobby... there's no reason why being an SU Demo should ever cost you money.

Of course, if you don't know your profit or loss for the year, you can't make the adjustments necessary to better your situation.


Once you have these pieces of information, then you can decide what you want those numbers to look like in the coming fiscal year.  

And once you know that, you can begin to set your plan of action to make those numbers a reality.

But it all starts with a little bit of knowledge about your existing business.

Good luck... and Happy New Year!

Warmest regards,

John

John Sanpietro
Certified Master Coach (Int'l Association of Coaches)
Stamping Is My Business!

 

Coleen Astalos
SLB Member

 


If you want the reply to go ONLY to Coleen Astalos, please change the email address to: coleen@sudsol.com
This message can be found in the SUDSOL Discussion Forum here: http://forum.sudsol.org/Two-Things-You-Need-To-Know-Before-July-1st-Monthly-SIMB-SUDSOL-Article-tp11285p11303.html

To start a new topic under Business Talk, email ml-node+s1100894n3h3@n5.nabble.com
To unsubscribe from Business Talk, click here.

Gail Beezley Currently in San Antonio, Texas Website: www.RVCrafting.com Facebook: www.facebook.com/rvcrafting Twitter: www.twitter.com/rvcrafting YouTube: www.youtube.com/rvcrafting
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RE: RE: Two Things You Need To Know Before July 1st - Monthly SIMB/SUDSOL Article

Brenda Crawshaw
In reply to this post by Coleen Astalos

I am not sure if you got a response to this but the easy answer – not the easy solution! – is that you should be keeping track of your orders separately.  If you do mix orders for yourself with customer orders, print out the order statement and highlight those things that you have ordered for yourself. 

 

I HIGHLY recommend to everyone that you create a spreadsheet where you enter everything you purchase for yourself as you order it, on demo orders, as supply orders, mixed in, AND include those things that are NOT from Stampin’ Up! like your overhead expenses (newsletter service, blog fees, etc.), your mileage costs, any non-SU! products you purchase, subscriptions to magazines or online programs, business expenses like SUDSOL, boot camps, etc, and *everything* else you spend money on for your business, organized by month.  Also in that spreadsheet should be your INCOME – class fees, Instant Income, downline overrides, volume rebates, any program fees you earn etc - *every* dime you earn.


This is the ONLY way you will be able to see where your money comes from and where it goes each month.  At the bottom of each month’s sheet you will show your monthly profit/loss.  Assuming you are using Excel, you can create formulas at the bottom of each sheet that will show your P/L to date and on December’s sheet you will have your YTD P/L – SO handy for tax time!

 

*MOST IMPORTANT*  - remember that recording this information DOES NOT CHANGE IT’S TRUTH!  Whether or not you KNOW you are earning or losing money, you are still earning or losing money!  Wouldn’t it be better to KNOW for sure and be able to plan accordingly?  Knowledge is power and when you know where you stand in your business you have more power and can use that to enhance or correct your bearings.

 

 

Brenda Crawshaw, the Up All Night Stamper

in Framingham, Massachusetts

Blog: http://www.upallnightstamper.com

Website: http://www.brendacrawshaw.stampinup.net

I coach Stamping Business Owners!  http://www.stampingismybusiness.com/OneOnOne.htm

Contact me at Bhc62@rcn.com or Brenda@UpAllNightStamper.com

508-628-9765

 

 

 

From: ml-node+s1100894n11303h63@.nabble [mailto:ml-node+s1100894n11303h63@.nabble]
Sent: Monday, June 30, 2014 1:41 PM
To: SUDSOL Group
Subject: SU!: RE: Two Things You Need To Know Before July 1st - Monthly SIMB/SUDSOL Article

 

coleen@sudsol.com?subject=RE:%20Two%20Things%20You%20Need%20To%20Know%20Before%20July%201st%20-%20Monthly%20SIMB/SUDSOL%20Article

If you just reply to this email, your message will go to all SUDSOL members, unless you change the To: email address to the author: coleen@sudsol.com


 

John,

How can you accurately calculate your Profit/Loss - especially since the numbers we have from SU! (commissions) may include orders that we placed for ourselves (but not on a demo order)?

 

Coleen

 

Coleen Astalos, Stampin' Up! Demonstrator
Alamosa, CO, coleen@sudsol.com
See my website at http://alamosa.stampinup.net
Are you a demonstrator? Join me on SUDSOL - Your 24/7 Upline!

 

Two Things You Need To Know Before July 1st

by John Sanpietro, CMC(IAC)
Stamping Is My Business!


With the new fiscal year approaching, it's a great time for you to take stock and make changes.  This is your chance to set the course for your best year ever!

In order to that, however, there are a few things you need to know first.  Here they are:

1. Your TRUE sales number
Your true sales number is the amount of product you sold to customers, rather than the sales number you see on paper.  

The paper number, obviously, is a combination of the amount of product you sold to customers, AS WELL AS the amount of product your purchased yourself.  The purchases you make can inflate your sales dramatically, and produce a false image of how well your business is actually doing.

Why do you need to know your true sales number?  Because that's the number you probably want to improve upon.  In fact, since the amount of product you purchased yourself is a 100% expense in your business, that's probably a number you want to see if you can decrease.

2. Your overall profit (or loss) for the fiscal year
This can be a painful number for some of you, and I've known plenty of Demonstrators in the last 14 years who do everything they can to ignore the number.  Their rationale?  If they don't know it, they don't have to fix it.

My rationale?  If you don't know it, you can't fix it!

I've said it before and I'll say it again... there's no reason why every one of you can't run a profitable stamping business.  It doesn't matter if you're full-time, part-time, or hobbyist.  The beauty of the Stampin' Up! compensation plan and business model is that ANYONE can make a profit.  Even if it's not a large one... even if it's only to sustain (or grow) your hobby... there's no reason why being an SU Demo should ever cost you money.

Of course, if you don't know your profit or loss for the year, you can't make the adjustments necessary to better your situation.


Once you have these pieces of information, then you can decide what you want those numbers to look like in the coming fiscal year.  

And once you know that, you can begin to set your plan of action to make those numbers a reality.

But it all starts with a little bit of knowledge about your existing business.

Good luck... and Happy New Year!

Warmest regards,

John

John Sanpietro
Certified Master Coach (Int'l Association of Coaches)
Stamping Is My Business!

 

Coleen Astalos
SLB Member

 


If you want the reply to go ONLY to Coleen Astalos, please change the email address to: coleen@sudsol.com
This message can be found in the SUDSOL Discussion Forum here: http://forum.sudsol.org/Two-Things-You-Need-To-Know-Before-July-1st-Monthly-SIMB-SUDSOL-Article-tp11285p11303.html

To start a new topic under Business Talk, email ml-node+s1100894n3h63@n5.nabble.com
To unsubscribe from SUDSOL, click here.

Brenda Crawshaw Blog: http://www.TheCrawshawGroup.com Website: http://www.brendacrawshaw.stampinup.net Contact me! Bhc62@rcn.com or Brenda@TheCrawshawGroup.com 508-628-9765