Understanding Brand Building And Accounting

[JokerCrazyBeatz]

Wassup you guys ?! Hows life been treating ya ?

Im here today fresh off a business "failure" from earlier this year.

I learned from this "failure" that i didn't know anything about brand building , OR how to do the numbers side of things .

In a era where people are becoming hard and harder to "sell to" i was focused on trying to do manual selling through the internet. I made a few sales , I gained some customers I still associate with today . But I didn't know how take it to the next level.

I also was in the belief that paid ads could build a business . Boy was i wrong lol.

But I now i see that people more easily buy brands and that if you learn how to build a successful brand you wont have to do the selling , the product will sell its self (which isn't a new thing , i was just uneducated on the info haha) and from my understanding a brand isnt a product but what the product stands for or what the customer thinks of when you mention a certain name or phrase .

And with accounting I just tried to skip that all together haha . In my mind I was like " If just know how to make sales it'll solve everything , I'm pretty good with money" . But now I see that accounting is basically the spine of the business .

Obviously im still trying to figure it all out .

So I'm here today , with a little more wisdom and alot more to learn .

Also if anyone could direct me to good resources on accounting , books , podcasts , youtube vids ect. It would be highly appreciated .

Also any other tips or advice is also welcomed .

One thing for sure is Im not giving up ! it's time for me to do it again , and this time do it better.

I appreciate you guys

 

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[Merging Left]

Is there anything specific about accounting you're unsure on?

Are you just having trouble tracking your expenses, or are you actually looking to learn bookkeeping and how to maintain a ledger?

 

[JokerCrazyBeatz]

Is there anything specific about accounting you're unsure on?

Are you just having trouble tracking your expenses, or are you actually looking to learn bookkeeping and how to maintain a ledger?

Basically learning how to keep books

 

[jpanarra]

Basically learning how to keep books

If this is a challenge for you, why not get an accountant?

 

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[JokerCrazyBeatz]

If this is a challenge for you, why not get an accountant?

No money to hire a accountant is all . Plus i believe its essential for me to understand atleast SOME accounting if only the basics

 

[Merging Left]

Maybe try Khan Academy
Accounting and financial statements | Khan Academy

I haven't used it, so I can't speak to the information, but they have a good reputation.

 

[jpanarra]

If you're in a business that you're struggling to book keep and it cant afford an accountant to look at your numbers. Maybe you're in the wrong business...

Before you reach a certain point bookkeeping is simple, Cash in and Cash out, divide the two to get the margin and try to improve one or the other...

An accountant to start with is only 1500 for a year so...

 

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[MidwestLandlord]

I also was in the belief that paid ads could build a business . Boy was i wrong lol.

I literally built my B&M biz with paid ads.

But now I see that accounting is basically the spine of the business .

Yeah, not really.

SALES are the backbone of the business. Without sales you don't have a business...at all.

Accounting is just that, an accounting of your books. Accounting is an expense and NOT a revenue generator.

You don't need ANY accounting experience to get started.

The only question that matters for your books, until you have enough sales to warrant tracking your accounts is: "Am I selling my product/service for more than it takes to produce it?"

That's it.

Nothing more.

Anything more than that is action faking to the extreme.

Now, where business owners get in trouble is later when they have steady sales and don't keep their books. Then they get large tax bills they can't pay, or they realize their expenses are higher than they thought, or they realize they should of issued a bunch of 1099's and didn't, etc, etc, etc (ask any CPA or accountant that works on books for small companies, they'll tell ya all about it. Just be prepared to listen to them complain for about 4 hours straight haha)

 

[CareCPA]

Basically learning how to keep books

Are you looking to just keep track of profit and loss, or full financials? Profit and loss is fairly easy - just track money in and out as @jpanarra mentioned.
If you want to keep full financials, look up double entry accounting. It's not intuitive for everyone, but for most people who are logically-minded, it doesn't take too long to get the basics.

 

[JokerCrazyBeatz]

I literally built my B&M biz with paid ads.



Yeah, not really.

SALES are the backbone of the business. Without sales you don't have a business...at all.

Accounting is just that, an accounting of your books. Accounting is an expense and NOT a revenue generator.

You don't need ANY accounting experience to get started.

The only question that matters for your books, until you have enough sales to warrant tracking your accounts is: "Am I selling my product/service for more than it takes to produce it?"

That's it.

Nothing more.

Anything more than that is action faking to the extreme.

Now, where business owners get in trouble is later when they have steady sales and don't keep their books. Then they get large tax bills they can't pay, or they realize their expenses are higher than they thought, or they realize they should of issued a bunch of 1099's and didn't, etc, etc, etc (ask any CPA or accountant that works on books for small companies, they'll tell ya all about it. Just be prepared to listen to them complain for about 4 hours straight haha)

I Appreciate this post !

 

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