Yes, art is great, but to run a business you have to think seriously about costs, accounting, and even determining at what point your have covered cost of supplies, cost of time, and are at break even.
I discovered an amazing site that offers various calculators to help you understand and visualize your calculation.
Break Even – OK, put your economics hat on, and remember that break even means that point when you have covered the cost of your supplies and time through sales. The break even point is the point where your sales cover everything, and any further sales are profit for you. This is a tough one to get right for new businesses because the cost of starting is high… a lot of one time expenses, such as equipment which should not be incurred in the future.
If you a re interested in using the calculator click on the picture above and you will go to enterpreneur.com and this specific calculator.
Email Return on Investment – I have thought of launching an email campaign to sell our products. This is something i have not invested in yet, but you better believe if i do i will be watching the results and calculating it carefully using this calculator:
There are at least 5-6 additional calculators on enterpreneur.com and i would encourage you to use the tools to fine tune your business. A key to success is watching the details… allowing them to be accounted for by having good tools to do so.
Here is the link to the additional calculators: