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Free estimate template download for small businesses

what's up youtube this is my kona entrepreneur today we are going to be talking business budgets and we're going to do that right what's up everyone this is my kyoto entrepreneur coming back with some more entrepreneurial content if you are new and you are thinking about starting a side hustle you want to manage your side hustle or you want to grow your side hustle into an actual business and get everything going make it look all good and legit uh please consider subscribing to my channel you can do that by hitting that subscribe button also banging on that notification bell so whenever i drop some entrepreneur content you are notified so today's video was the reason why you clicked on it is gonna be side hustle or small business budgets now the biggest misconception when it comes to small businesses out there side hustles is they really just take it day by day they take it dollar by dollar and they don't manage their finances for growth and i think the one thing that you need to do as a side hustler the better you are at managing that money and budgeting that money then you can grow and scale your business for the future so sometimes you might be sitting on a gold mine if you manage it correctly it could replace your nine to five and actually bring you a lot more money than you were thinking and a lot more opportunities than you were thinking last week i shared my free business template with you guys and i honestly didn't think it would be okay if i just left you guys without any explanation i actually think there's a lot of things in that template that i want to go over so what we're going to do is we're going to head in to my computer and i'm going to show you guys all of the features and how to actually navigate and utilize this free budget if you want to download this it is free you can go down into the description below and you can click on that link so let's go okay you guys we are now in my computer so i'm gonna show you three things number one we're just gonna go in and we're gonna look at everything that this template offers secondly we're actually gonna go in and we are gonna just fill out some information for january and then after that i want us to look at this last portion down here so you can actually go in and figure out you know what your savings should be and then what your operating costs and we'll kind of reconcile all that and this is something that my advice is something that you do frequently throughout the month uh i like to do mines on the 1st and the 15th you should at least do it once a month and that should be at the beginning of the month so you can close the month prior so you can go in and reconcile any of your bank statements and things like that so you know how much money was coming into your business and how much money went out of your business and then how much money you have left over so that you can report that carrying it over so then you can actually budget out everything for the full year so the first thing you're going to see is it's broken up into three different sections you have your revenue you have your salaries and then you also have your operating costs if you scroll down you'll have a couple of calculations so this will tell you what your total revenue was for that month and that is both your carryover and your new revenue and then this is going to be current month's revenue so you can kind of see the difference so let's say this is at a thousand but then you have 500 that you carried over so really you only made 500 in new revenue the next thing would be accounts receivable so this is if you still have any accounts receivable to you this is accounts payable and then this is your total cost that you actually paid out in that month and then this is your end of the month capital so this should be any of the money that is left over from your revenue from subtracting all of your cost of goods or your expenses and then what you can do here is this is where you can select the amount of money that you want to go into your savings so if you want one percent of your end of the month capital to go into your savings then you can do that that's actually good this is something that is really useful uh for us small business owners because then we can actually start building up capital within our business and then last but not least down here you just have notes so if you have anything down here in particular for your budgeted you can put notes down here and then same thing goes for your actual so if you overspend or whatever the case may be you can actually put the notes in for that month so now let's scroll over and you'll see this is a yearly report and this to me is by far the best thing that you can look at and see because it imports all of the information that you're entering over here what's going to happen is as you start entering information into the individual months it's going to calculate all of that here for you so we're going to do just a mock january we're going to enter some information in and then you'll see what that looks like over here and then this is also extremely important too because i'm all about building assets and adding more things uh into my asset column rather than into my liability column so i'll link a video somewhere inside of the screen so you guys can see different ways that you can you know build your asset column rather than build your liability column but essentially this is the place for you to track all of the assets within your business so uh i already pre put this one in so this would be any capital so the way that you would do this is let's say uh you have leftover capital inside of january and then you have that savings so you want to actually take our uh 10 of the savings and then it tells you the number that you should put here so what you should be doing is through your bank account you should be taking that dollar amount and you should be inserting it into your capital savings okay so that's a whole total different stash that is just sitting there and it's just money that you can use to actually go after you know business acquisitions or or equipment things like that any growth initiative you would be using this capital savings account so that's why that's already there for you uh and there's no dollar amount so you just put in a dollar amount and i'll show you guys what we can do for that so let's go in and let's actually do or put in some information for january let's say in december we made three thousand dollars but you know we had a carryover of fifteen hundred dollars right so that means that money is not test free money it's not tied up in anything and then let's say for this month we were a little short covet started to poke its head through so we only made a thousand dollars and then so accounts receivable remember this is something that you were expecting because let's just say hypothetically mid december i sent out an invoice for 250 dollars uh to a customer and unfortunately i did not receive that until january and then same thing here except for it's the opposite so this is something that i owe to either a client or i owe to a vendor and let's just say i'm just a hundred dollars because i ended up spending some money let's say to fulfill this order i had to spend 100 so let's just say they're they're related they don't always have to be related but in this case they were related hypothetically okay and then i would go in so you'll see right here you have salaries so we just entered our revenue we have salaries here and then we have our operating expenses so for salaries for ownership i gave you quite a few um options that you can use um you have multiple i think it's probably five different owners and then you have payroll so that's if you have uh if you actually have um employees or if you have 10.99 so that means you have independent contractors that are doing work for you you have space for them so this is 10 different people that are getting paid and most us small business owners we don't have 10 people we might just have ourselves and maybe one other person that you know we're contracting to do stuff for us so maybe two maybe three okay but what i would do is i would go in and i would select the type so there's two different types you have variable costs and you have fixed costs variable costs and fixed costs of self-explanatory variable cost means that it actually fluctuates throughout the month and then fixed cost means that it's something that stays the same no matter what month so for example if i have a certain utility bill so let's say i have a storefront and i know that i have to pay a thousand dollars in rent then i know that that is a fixed cost but let's say my gas and electric for you know my storefront that fluctuates depending on how much i run my machines so you just want to go in and identify what type of expense that is for me when it comes to anything payroll um for myself i like to keep it consistent so i want that to be fixed and then for for uh other payroll or 1099 it depends i go back and forth it depends on if they're just project based like if if i have them on a project for the full year um or in and out so i want to kind of keep them happy and i keep them busy then i will put them on a fix but it all depends and that's a good thing about this budget you can actually go in and make those modifications but let's say i'm going to put my name in so that's me and then let's just say i want to be modest i want to pay myself 200 a month and i can go in and add that's why it's a budget i can go in and budget myself to get 200 per month and that'll give me 2 400 for the whole year but we're just going to do like i said we're going to do just january and then the good thing about it is let's say you get to december and you haven't made enough money you when you look at your year you're like oh my gosh i have to change the amount of money that i'm paying myself or that could just be uh an incentive for you to actually you know get more money later down in the road so you're not running out of your budget okay so let's say i don't have any payroll it's just me i want to pay myself 200 uh and let's say in the month of january i had let's say michael's so let's say i had michael's and i went to michael's to pick up something or pick up some supplies um for my business i had some last minute supplies this is a variable and then i would go in and say uh heat press oops supplies okay and then i can go in if i budgeted for it that's good like i do have a little bit of money so i can budget for that but let's say i didn't and i just have what i spent so i spent a hundred dollars at michael's okay and then let's say my next my next expense was let's say t-shirt place so there's a place that i go to and i get all of my blank tees and this is also a variable cost but i'm gonna say blank shirts because i had to use that and then let's just say i spent around 200 now let's say i do i actually did go in and budget for it um let's say i budgeted 225 for that so when i when i got these orders i actually budgeted 125 to get on heat heat press supplies and then let's just say i priced this out exactly so 200 so let's say that's what i budgeted for it and this is what i actually spent and then let's say i actually did pay myself to 200 so you'll see everything here calculates so i was i'm under budget because when i budgeted for the month i budgeted 200 or 525 dollars i only spent 500 so i'm under budget by 25. so let's just scroll down and obviously each month is going to get bigger you might have more expenses what you want to do is you want to put the actual name of the expense so i like to put the vendor of who it is and then i put the purpose so let's say i have mick logan's mclogan is a place that i get all of my still screen supplies from so i will put mclogan's here and i will put exactly what it what i spent or what i spend that on so if it's actual press supplies or it's ink like i will specify what that is and then i can budget that out because the goal is for me to use that line across everything so if i have squeegees here if i have inks i can i might have zero this month but i might have 25 this month so it allows for me to use utilize that entire line okay so now let's go down here and look at this information so my total revenue for the month was 2500 uh this current month was just a thousand so only made a thousand in this month but i had basically a hundred or a thousand five hundred for that i carried over counts receivable so the way that i can change that let's say i actually this was satisfied so the customer actually did pay that and then let's say i did pay back my vendor so now both of those are zero so i don't even have to worry about those anymore and then this is my operating cost for the month remember it's at 500 so my operating cost 500 and then my end of the month capital is going to be five or two thousand okay so you'll see right here this says 50 right and the reason why it is 50 is because remember it's not going to be going off of your total revenue it's going off of what your ex what your new revenue was for the month and then your expenses because you don't want to keep doubling up on you don't want to keep saving money and calculating based off of uh rollover because the goal the goal is you're going to take that rollover and then you're going to calculate that up here out subtracting that 50 bucks because now that 50 bucks technically should go here because i have 50 bucks now down up in my capital savings right and then i would do the same thing so technically what i should have left over this is the end of the month capital this is 2 000 so i technically should take 50 bucks from that so i should be subtracting this from that and then that will be my rollover for the next month okay now that is totally up to you i can go in i can change this let's say i don't want to just put that much i actually want to put more than that i want to put 50 percent of that into my savings so then i would just change it so i would change that to 250. so now i am building up my cash reserve and then i can still have operating capital within my business but then i'm also saving like i said in my cash reserve so i would just take the money from this and then what i would be rolling over into this next month would just be one thousand seven hundred and fifty one thousand seven hundred and fifty and then i will go from there because remember this should be minus that now if you don't deposit that money into your account you actually are not due diligent and disciplined enough to actually take this money and transfer it over into your savings that's up to you but that will mess up the rest of the month so you want to make sure that you are actually doing that but that's the reason why i made this manual because let's say you decide to keep all of this money in the business this is just a suggested amount that you are putting into your savings if you don't want to do it you don't have to do it you can use all of it to go into you know your capital account or you can say none of it goes into your capital account but that's why this you can change to whatever you essentially want so the last thing that you can do is you can actually go in and let's just say you're under budget you can say under budget i use a coupon for heat press supplies um so that's something that you can put in your notes you don't have to but you can't once again it's flexible so let's say you want to pay yourself 200 uh for the first two months three months and then you actually want to up your cost and you say i just want to pay myself 300 because i want to make it a little bit worth my while so let's just say every two to three months you want to up your up to annie right so then you'll say i want 400 these months and then that kind of gives you an idea over here of what's happening so you'll see right here this is our total revenue for the whole year is 2500 and then you'll see right here this is one of my costs which is my my money was being paid to me so i budgeted 2 300 for the year and i've actually only paid myself 200 as as of now and then i have about 325 budgeted for my supplies i underspent those obviously by 25 but you'll see right here this is what my actual year date is so i'm 500 so technically this is only at 2 000 and then you'll see right here year to date this is what my goal is i in order to run my business i need to have this much money so what you can do is you can go in like let's say you have subscriptions or let's say you want to do certain things for your business or let's say you want to budget in some type of equipment you can do that you can go in and let's say you have a heat press let's say you're leasing your heat press you can add that in as an expense or let's say you are paying a consistent amount for rent let's say that's what you want to do you want to pay yourself for using rent in your house whatever you want to do right you would go in and you would list that as an expense you would add that in and then right here would be the place that you would look and this is basically how much money you need to actually run your business at the end of the day you want this to be in the green because that's letting you know that you are breaking even uh for the whole year you're you're budgeted to break even for the whole year based off of the expenses that you entered and you budgeted in uh but you would want this to be green and you would want this to be a number that's greater than zero okay and then let's just say here we do have some assets or whatnot we would enter those assets in so we can actually balance like hey this this is what my these are what my assets are i hope you guys enjoyed if you actually are interested in downloading this template it is totally free please click the link in the description it'll take you over to my website and you can have i'll see you guys in the next video