I did a financial spreadsheet in class where we had to write down everything that we think we would do in a business and I came up with jobs that I would like to do in the future, fashion, makeup, editorial, sports photography and so on. The thing I learned from doing this in my class is that it’s a big job having a business. You are looking at cost that you are selling to the client that has to be reasonable to the way the clients will buy and then what you receive for your time in the end. This was a challenging thing I felt very unsure what to charge and how to go about it I had to think of overall how many I would be doing throughout the month and if I believe I could do it.
Being a very interesting and very detailed assignment to know financial situations it was an eye opener. If you don’t make enough revenue to cover cost you can actually depreciate in your business and owe too much money instead of gaining. These are only a few things that are very harsh in the real world market. I’m not someone that knows financial but when you see high numbers and you see red on a financial report you are either to high in costs and not selling enough of your product or services to get you by.
I have worked in a company where they have done these type a spread sheet and they have realized that they were doing a low cost in business in this market and that the months before they fell short from the months currently doing business it made them completely change prices in turn help them with their business. I believe that a financial spreadsheet is a very challenging thing but extremely helpful. The better you familiarize yourself the greater you can project how your business can run and can serve as a nice guideline along the way.
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