A couple of years ago, an Etsy store owner hired me to help her out with some bookkeeping for her store.
It was a client I will never forget.
It ended in tears, like, ALOT of tears.
After going through her books I had to tell her that even though she was selling products, she actually LOST money.
She couldn’t believe it… ”something has to be wrong” she said.
So, we did them again….and again…. and after the 3rd time doing the books, she still LOST money.
This time she believed me.
It took me a while, but eventually I realized, this woman, while GREAT at selling, marketing and making her products, had NO CLUE about the business side of her well...business.
She didn’t know where her money went, she didn’t know her profit margins, she didn’t know the cost of making her products, she didn’t know that she owed sales tax, she didn’t know she owed ACTUAL taxes, she didn’t know what her overhead was, she really didn’t know anything…she had a failing business and didn’t even know it.
What she really lacked was knowledge. You see, this stuff is actually easy and important to know, whether your new or a 7 figure seller.
Knowing how much it costs you to make a product, will then let you know how much to sell it for. Knowing how much inventory you have on hand will allow for better cash flow. Knowing you owe $5,000 in 3 months to the IRS will help you budget and save for April. Knowing your profit margins will help you decrease on certain spending. Knowing you need a sellers permit, an LLC and an Operating License will help you stay out of trouble and knowing all of this will lead you to where you want to be as a business, because that is what you are, a BUSINESS.
Now, as for this woman, after many more Saturday morning meetings and a couple of more tearful sessions, I am proud to say that she now has CONTROL of her business and continues to grow year over year, looking at her finances with pride and more importantly, knowledge….
It’s official... numbers, taxes and bookkeeping SUCK! Not only do they suck, they're super BORING and totally NOT IMPORTANT...amirite?? Look, I get it, you just want to sell, create and market your products. I really get it. Who cares if you know how to properly price a product? Who cares if you make any money? Who cares if you "forget" about your taxes? Well….I care...and you should to if you want to grow, scale and know your business.
Hey...I'm Brendan McCoy and look, there is no easy way to say this...so just....you stink at numbers and your spreadsheets are crap. There I said it. And I'm sorry, I really am, but I just want to help...You see, I love helping, it gets me up in the morning. I'm an old, boring* accountant who helps only Etsy and Handmade Stores with all things numbers.
*(Actually I'm 29 and kinda fun, atleast my mom thinks so)
Click HERE for FREE and NOT crappy Templates and Help
I Have The Answer To Etsy Taxes
I take you through a real life client of mine, do you remember that client from up above? Yup, I take you through exactly what I took her through and I teach you STEP BY STEP the EXACT process of how I helped her out. She hired me a couple of years ago and needed everything. She was a brand new Etsy Shop and although she knew how to sell and market, she lacked the knowledge of how to prepare, read and USE her financials as a powerful weapon to grow her store. She had no idea what licenses and permits to get, whether she should be a Sole Proprietor, an LLC or an S-Corp. She did not know what system she should be using, let alone how to use that system. She was lost on how she should price products, what her TRUE costs were and what her profits per item were. She had no idea about taxes, sales tax, inventory, or even what to do with receipts.
I will start with a blank slate and I will take you through the journey of how I taught her to prepare and understand her financial health. How to properly run her business like, well, a real business. We go over what to do about the Inventory, Sales Tax, Income Taxes, Pricing and Costs of her Products, the Reports she needs every month and what she is actually making. After this, I show her how to actually read and understand these metrics so she can gauge how her business is and what areas she can improve on. The best part is, I will show you how to automate this process yourself, so at the end of every month you can have useful and reliable reports to gauge your businesses and easily be ready for tax season
When you are finished with this course you will have the ability to properly price your products, prepare for your taxes, understand how to navigate your reports, automate your bookkeeping, predict your cashflow, manage your inventory and use your numbers as a tool, not an obstacle to hold you back. This knowledge led my clients to exceed their goals, year after year and become 6 and 7 figure sellers.
How We Are Going To Learn?
I am teaching this course in an exciting and fun way. The first section I will explain the terms and definitions that are extremely important in understanding the basics. The second part of the course will be a a problem solving interactive exercise that we will do together. Starting with nothing, we will use a Free Trial of QuickBooks Online to get your finances organized and presentable. This is EXACTLY what I did for them to show them where their money went and how it got there. It also made their tax season a breeze...
Finally, after we are organized and prepared, I will go over how to read all of these metrics and show you exactly what to look for when it comes to financial health and growth.