Home – New Forums New here? Share your story P&L loss Reply To: P&L loss

#1216073
Rachaelm26
Member
  • Total posts: 2
Up
0
::
Mischelle, post: 260450, member: 60404 wrote:
Hi Rachael,

WELCOME to the forums :)

Some of the accountant people will answer your P&L questions, just give them a little time to see your post.

Is it worth giving up the lifestyle of a $100k job and risk it all to feed my soul?

In regards to giving up a $100K job and taking the plunge…… I did exactly that and do not regret it one bit.

OK, there have been times that I have questioned myself over the years, but I did that in my job too LOL.

The main question you need to ask yourself is – is the business you want to buy, something you want to spend your hours working on, growing and developing?

As for small business running at a loss, some do, some don’t. For example my business, I can’t run at a “real loss” due to my income far out weighing my expenses, I can transfer money out to one of my other businesses as “management fees” (due to a structure I set up), but that is clearly visible in my P&L or I can do a dividend payout but that is once again visible.

Some business owners pay themselves large wages, which I think is crazy due to the tax you have to pay, but once again your will see that on the P&L.

So get your accountant to conduct a full due diligence on any potential businesses, and they will tell you exactly what you need to know.

I know this will cost money, but it will save you money longer term.

Very exciting times ahead for you, I can’t express how satisfying it is to be my own boss and make decision that I see benefit my business.

Cheers
Mischelle :):)[/QUOTE
]
Thanks for the speedy reply Mischelle!
Yes definitely happy to be working for myself.
Have always enjoyed working and have a great work ethic running other peoples businesses so I’m sure I’d squeeze a few more hours onto the day for myself.

I’ll watch closely for the replies re the p&l loss recorded and hopefully can get some advise or at lest someone to shed some light on this part of this for me.