Biz In A Bundle Journal - Lesson No. 2
Greetings. I'm glad you're back for the next sections' tutorial. This section is about your business assets, both tangibles, printables, and intellectual. Everything you own that is part of your business has value and adds to your net worth/business value. Be sure you record that information. And if you haven't downloaded your copyy of "Biz In A Bundle", please do. It's free and a great help for start-ups. Click on the link to your right, or follow to the bottom of this post on your phone. We'll start with Page 7 -
Product Supplier Catalog -
Page 7 - is a work in progress in response to clients and students who wanted it different. By the time you download the booklet it should be corrected. It's a page dedicated for a record of your suppliers. Whether they sell you dispays, tissue paper, or materials for your production process, record the company name, contact name, phone number, email, and account number. It will make your life much easier later on when you need an item as a special order and can't remember who you talked to.
Product Inventory -
Page 8 - Current Product Catalog
If you sell any goods you need to keep track of what they are, where you got them, how much you paid for them and how many are left at the end of the year. As you purchase the items and sell them you will need the closing inventory in order to figure the cost of goods sold, so be accurate. Use pages 7-9 to keep track. Make copies if you have more inventory.
Business Journals -
Pages 10 -15 - Write it down!
Business Journals can be whatever you want them to be. I designed this one to be the go to place for your core values, and core information. Pages 7-9 should contain all your Business Assets - all the "things" you own that belong to the business.
Every item you purchase for your business has a value that needs to be tracked. Some are supplies and the value/costs are written off each year as an expense (pens, paper and printer ink). Others will be maintained as an asset and the value depreciated on a schedule your accountant will determine.
Yes. You'll need to have an accountant to review your books. The Quickbooks free version is more than adequate for a majority of start-ups. And that individual will talk with you about what and why to track for expenses.
Pages 11 and 12 are designed to capture your internet assets - websites, Domain names, hosting accounts, emails and passwords. Write it all down. I even include my monthly agreements with various software/App providers (Adobe, Microsoft, etc) with how much I agreed to pay, to whom and when. This keeps expenses from getting away from you.
One last oddity that you may be asking, "What in the world is PLR?" - Page 13
PLR is the acronym for "Private Label Rights" - Private label rights is a license where the author sells mot or all of the intellectual property rights to their work. The license is defined by the author of the work and has no legal definition. PLR comes in many different formats, including PLR reports, ebooks, articles, graphics, templates, email newsletters and even videos. Each may come with different rights depending on the developer/author. Be sure you understand what your rights are when you purchase them.
I hope you'll complete these sections and be ready for Part 3 next week. Until then - - -