Current business costs

Okay, so the first thing we are going to do is calculate our monthly outgoings. But before we do that, when you are in the current income calculator, you just need to make sure that these details are correct. Now these are editable because obviously things like national minimum living wage will change over time. So can income tax and national insurance dependent on where you are. So you can make sure that this is correct. And then you are going to move on to your very first tab, which is, which is the monthly outgoings tab, the first one at the bottom. Now here you should import all of the outgoings that are currently related to your business. Now it's really important that you only include things that you currently pay out for or are saving for. So you don't include things that you hope to save for or wish to save for in the future. You don't factor that in. First of all, we want to understand your current reality. Now it's also important that you do not include any tools or products at this stage either. They're going to be accounted for later. This is just about your monthly business outgoings. If you do have a salon and you pay yourself a wage, we're also not going to include that in this section either as an outgoing. So don't count any of your drawings from the business. You're literally just gonna include the things we pay out for right now, like all of the physical things that have become a part of your business. So, so I'm going to fill this out with you. I'm going to imagine that I am a nail tech working in somebody else's salon and renting a space. I'm going to help you to fill this in. So I'm going to imagine that my rent is £150 a week, so we're going to say £600 per month. You're going to pop your insurance in here. So even if, for example, you pay your insurance annually, you want to then just divide it by 12 in order to get your monthly allowance, your monthly amount or the monthly cost. So I'm going to say 8 pound 33 for public liability insurance. Now when you get to Fair Phone, if you are currently using your personal phone, then do not fill this in. If you have a business phone, then that's where you want to put the cost of your business phone in here. Or say it's a salon phone or something like that. You can put that in here. But if you're using your personal one, don't enter it just yet. If you are working from home, don't include any of these personal bills like electricity, gas, water, only include them if you have a physical space that you are paying out for, like a salon for example, and then you can include them again. If you have a salon and you pay staff wages, you can pop that amount in here. So the overall cost per month for staff wages. But if you don't have a salon, don't fill this in. And if you don't, if you pay yourself out of the business again, don't include yourself in this, just pay your staff. Then you want to include anything else. So I'm going to add in things like let's say accountancy, 40 pounds a month, my professional memberships. Let's see, you've got the nail tech up 49. You've also got a booking system which might be 40, 40. And then we pay for icloud storage which is another £8. We've got a website which is 11.99 and we'll keep it as that for now. Okay, so now that we've filled in all the relevant ones, if you have anything else, feel free to fill those in. Then it will pre populate your total business outgoings in this box here. Okay, so at the moment this is telling me that my total business outgoings are £757.32 paid per month. Just a reminder, this should only be your current business cost. So everything you currently pay out for for your business, not including any of your own wages, any of your tools or any of your products. Now in the next video we're going to go on to your current income. So I will see you over there.