Step 5 of 10 · Learn at your own pace
What this means for your business
Startup costs are what you need before you even begin; ongoing costs repeat over time. Some costs change with every sale, like materials and shipping, while others keep showing up whether you make a sale or not, like a subscription. Count your own work time, travel, fees, returns, and a cushion for the unexpected. A low startup cost is still not a free one.
Your price should account for your total costs, your time, what the customer values, and what similar offers charge. Money coming in from sales is not the same thing as profit. Cash flow is about timing — when money comes in and when it goes out. A business can have real sales and still run short on cash if payments arrive later than bills are due. Track your starting cash, what you expect to receive, and what you owe, by date, and don’t count on a sale that hasn’t happened yet to cover a bill.
Keep your business money separate from your personal money, with the right kind of account and clear records. Write down every sale and expense, keep your receipts, and check your records against your account regularly. Keep what you put into the business or take out of it separate from customer sales and business expenses in your records. Store sensitive financial records somewhere secure outside this app, and ask a qualified professional about taxes for your specific situation.
A real-world example
As an example only: a doll sells for $30. Subtract $8 you paid for it, $2 for cleaning, $4 in fees, and $8 for packaging and shipping, and $8 is left before your time, taxes, returns, and anything else. If you buy stock today but don’t get paid until next week, you need cash to cover that gap in between. Actual costs and platform fees will vary — this isn’t a promise about what you’ll earn.
Try these actions
- List your one-time startup needs and your ongoing costs; separate what’s essential from what can wait.
- Estimate the full cost and the time for one sale or job, then compare a possible price with similar offers.
- Sketch out next month’s starting cash, expected money coming in, and payments going out, by date.
- Pick a way to keep your business money separate, and compare account fees and requirements.
- Set up a simple, dated log of income and expenses, save your receipts, and pick a weekly time to review it.
Pause & check
These activity checks and reflection are optional and not saved. Copy them to keep a personal note. Do not enter sensitive information.
Learn more in the app
Want to go deeper? These pages have more on this step. Some are still short outlines, but this step works fine on its own. Everything here is free.
Came across a word you're not sure about? Look it up in Business Words Made Simple.
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