Adding it all up
Running a business requires you to keep track of all the numbers associated with it. If accounting isn’t your strong suit, then lucky for you, accountants are hirable. When your business is up and running you can track sales, but first you’ll need to calculate your start up costs. Add your cost of materials, equipment, and anything else necessary that you had to purchase special for your business. How many items will you need to sell before you’ve made up for those preliminary expenses? This will help you determine the selling cost of your product. When calculating product cost do not undervalue your time! Many small businesses owners set a rate per hour to ensure their time is valued.