Jitters
The accountant came out yesterday. She came to answer our longish list of questions and to help me figure out how to enter transactions into Quickbooks. It was very helpful.
For instance, we found out that we owed state sales tax THAT DAY for the previous quarter. We didn't know that before. So she got us all set up and we mailed our check for $500. We also found out that we've gone bass-ackward on the whole "setting up your small business" thing. Did you know you were supposed to register your business with a lawyer and then send the papers to the state BEFORE applying for your federal EIN? I didn't. However, it should all work out in the end.
And it only cost us $150.
And that's the least of it.
As we roll through to our credit card limits and deplete our bank accounts, I'm getting a little jittery. So far we've invested about $43,000 into the business, much of it coming from Rob (who would like to be paid back, eventually). We grossed almost $9,000 in June, even though we weren't officially open or advertising, but netted maybe $1000--not including the $43,000 investment. Not even touching it. If we did touch it, it would mean we made NO profit and were still $42,000 in the hole.
The electrician stopped by yesterday with his bill--$2,795.85. The first quote for family health insurance came in yesterday--just $434.53 per month with a $2,200 deductible! Yikes. No dental or vision, of course. Johnson Granite Supply wants $633.29, and Tecstone already received over $900 for a stone that we hope to sell but, for now, will sit in our display room.
Here's the good news: Our BIG ADVERTISING BLITZ! begins this week! I just recorded the 60-second spot that some of you have weighed in on. The radio station put some generic soft core smooth jazz in the background and it'll be on the air tomorrow. 100 60-second spots = $300. Plus we get to interview with the local DJ. That happens in about 35 minutes.
Then, once we get our logo (we're getting closer), the logo that will cost us about $300, we'll start advertising in the papers. That is shockingly expensive. At least a $1000 for a few ads in the local and neighboring big town papers. But it's got to be done.
The other good news is that we've had two offers on our house. If the 2nd offer people accept our fair counter-offer, it could be sold by the end of this month, saving us yet another $1,166 mortgage payment. Then we can get maybe $13,000 back out, which will be sucked up immediately by credit cards but we'll at least have some room to breathe, financially.
And then hope and pray that we sell a shitload of granite very soon.
For instance, we found out that we owed state sales tax THAT DAY for the previous quarter. We didn't know that before. So she got us all set up and we mailed our check for $500. We also found out that we've gone bass-ackward on the whole "setting up your small business" thing. Did you know you were supposed to register your business with a lawyer and then send the papers to the state BEFORE applying for your federal EIN? I didn't. However, it should all work out in the end.
And it only cost us $150.
And that's the least of it.
As we roll through to our credit card limits and deplete our bank accounts, I'm getting a little jittery. So far we've invested about $43,000 into the business, much of it coming from Rob (who would like to be paid back, eventually). We grossed almost $9,000 in June, even though we weren't officially open or advertising, but netted maybe $1000--not including the $43,000 investment. Not even touching it. If we did touch it, it would mean we made NO profit and were still $42,000 in the hole.
The electrician stopped by yesterday with his bill--$2,795.85. The first quote for family health insurance came in yesterday--just $434.53 per month with a $2,200 deductible! Yikes. No dental or vision, of course. Johnson Granite Supply wants $633.29, and Tecstone already received over $900 for a stone that we hope to sell but, for now, will sit in our display room.
Here's the good news: Our BIG ADVERTISING BLITZ! begins this week! I just recorded the 60-second spot that some of you have weighed in on. The radio station put some generic soft core smooth jazz in the background and it'll be on the air tomorrow. 100 60-second spots = $300. Plus we get to interview with the local DJ. That happens in about 35 minutes.
Then, once we get our logo (we're getting closer), the logo that will cost us about $300, we'll start advertising in the papers. That is shockingly expensive. At least a $1000 for a few ads in the local and neighboring big town papers. But it's got to be done.
The other good news is that we've had two offers on our house. If the 2nd offer people accept our fair counter-offer, it could be sold by the end of this month, saving us yet another $1,166 mortgage payment. Then we can get maybe $13,000 back out, which will be sucked up immediately by credit cards but we'll at least have some room to breathe, financially.
And then hope and pray that we sell a shitload of granite very soon.
posted by lulu | 10:12 AM
1 Comments:
I am hopeful and confident that you will work out well. It will be "rocky" at first, but soon you'll be "carving" your way to easy street.
But, your success comes at a price. Must you just not think about that? Certanly, it's a valuable and honorable service that you provide to the families in need.
Anyway, don't sweat it too hard! I have confidence in you and know you both too smart and motivated to fail.
Heck, I'll even chat up your website once it's online. I'm sure that'll help . . .
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