This is How Much MONEY I have in my Business Bank Account
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- Опубліковано 30 тра 2020
- This video is intended to inspire people to start their own business debt free. When I first started out I always thought businesses had to have excessive cash, or working capitol, to be successful and thats not really the case. I started with just $300 in my business account and quickly worked my way up through smart planning and thorough diagnostics of how much it cost to make my product. I hope you find it interesting!
IRS EIN Website- www.irs.gov/businesses/small-...
QUICKBOOKS (the app I use to track costs)- quickbooks.grsm.io/zacjones3315
Amazon Affiliate Links (these links help the channel):
Miter saw: amzn.to/2MKckFs
Drill: amzn.to/2NyoiBL
Kreg Jig: amzn.to/2Pjfjqz
1-1/4" Kreg Screws: amzn.to/2NDTMGK
Router: amzn.to/2LfVtHf
Flush Router Bit: amzn.to/2ZvDe5O
CAMERA GEAR:
LUMIX GH5S- amzn.to/2OU4N74
SHOTGUN MIC- amzn.to/35Bokza
TRIPOD- amzn.to/2qeKmaW
This music is provided by Epidemic Sound, a subscription based platform.
Disclaimer:
I, or Melrose Design Company, are not responsible for any injury or loss of property due to improper tool safety. This is a video for entertainment purposes ONLY. If you wish to attempt anything you've seen on this video or others on this channel, you do so at your own risk - Навчання та стиль
How much money do you think you need in your bank account to run a business on the side?
Thank you for doing this, a lot people in the woodworking business don’t talk about the financial part and that is one the most important. Thank you
Excellent video Zac. I am retired from a plumbing business I started in 1993. I am now looking into doing woodworking part time and I also run a hot dog food cart with homemade good food. I hope a lot of young people get to see your videos. You really are an inspiration. If you can inspire an old soul like mine, I know others will see that as well. Best of luck to you and keep your family safe and healthy Zac.
Fantastic video, this is actually what I need to hear.. Thank you so much
How completely refreshing you are!!! Love this video. Clicked on it thinking I would see a tutorial, but was surprisingly inspired by your words. I have many hobbies (sewing, woodworking, cake baking, paper crafting. . .the list goes on) and have thought many times of starting a business, but just haven't taken the leap. Would love to see more videos like this. Thank you!
and I absolutely love your dog
You have some pretty dope and detailed videos, I got some inspiration from some of your projects, like the drill charging station. I look forward to more videos!
Hey thanks Eric! I really appreciate hearing that, and I’m glad you’re enjoying them! Hoping to get some more content out there
Thank you for sharing !!
Very inspiring Im starting my online boutique soon. Definitely getting the business account now. Thank you for this video.
No problem! Good luck with your boutique! A business account will be very helpful starting your business up
that shelf or w/e the english word is at 7:33 is stunning. In sweden we call it "fish bones", the structure of the wood in the front. Looks very stunning! I started to think about making a woodshop one year ago. I have no experience what so ever with working with wood but I'm learning, I did one prototype one year ago but then I bought a house (which I'm renovating) and I got a kid on the way. Now when things are starting to slow down, I'm gonna start with the woodshop again! Thanks for your video!!
Greetings from Sweden
Inside The Dog-World thanks for watching! Over here we calling herringbone pattern for the dresser! Everyone starts with no experience, my earlier work was awful, thankfully I had lots of practice! And congrats! That’s an exciting time, my wife and I just had a baby boy and he’s the absolute best! Thanks for watching!
Great video man. I appreciate you sharing you've made a fan out me.
Thanks for the kind comment! Sorry I must have missed it until now :/
Thanks Zac. I’m working the kinks out of business entrepreneurship and you helped tremendously. Blessings to you & yours.
mrrambo1985 great time head! So glad I could offer a little guidance. Good luck with your endeavors
Great Job and very inspiring! Thanks
Thank you for the kind words Amarri!
Hey! Loved your video! I find it soooo ironic. I live in Norfolk Virginia (so about 20 min from VA beach). I’m finishing up my mechanical engineering degree at ODU. But I also just recently started a carpet/floor cleaning business. I wanted to watch your video to get a little more insight on the business bank account aspect of having a business. Since we’re close, if you ever wanna meet up, maybe we can engineer something hahaha. Also, if you need your carpets cleaned I got you!🤣
Nice to see you encourage the young viewers to get their feet wet! My side is bee keeping to supplement pension. Keeping track of $$ in and out is critical, great advice. thanks.
Great video man. I appreciate your sharing. Btw, va beach is my old stomping grounds where I grew up. Hope you and yours are finding some time to enjoy that beach. Thanks.
Thanks for watching! We are for sure enjoying the beach as much as possible! We actually just had a baby boy and we are introducing him to like the ocean a bit.
Some good info man. 👍🏽 Birthdays and Christmas gifts is where is at! 🤣oh, and add one more to your list: Father’s Day. It took me a good while to upgrade from my small Kobalt miter saw to my bigger Dewalt one because I try to rely on the YT Adsense money to fund my hobby, except for the special occasions mentioned above. ✌🏽
Thank you! Yes birthdays, Christmas and now Father’s Day will have never set for sure! And the ad sense every once in a while when I have a decent month! Not a huge fan of building for others really at the moment, hoping it’s just a phase hah
Well I’m 50 and gonna be trying to transition to this as a side gig, thanks for being so up front. You got my sub.
Thank you I’m glad you enjoyed it! And good luck!
Thanks for this video. I've started making corn hole boards and cooler in cedar holders/boxes for the patio, as well as framing lumber patio furniture. I know exactly what you're saying with dedicated money. I try keeping tabs on money out and money in, but it sometimes gets lost in the mix. Such as oh I'll take 45$ out and then when I'm paid I'll put it back. I'm opening an account tomorrow strictly for my business. Thank you again for this video. It helped me decide to really make this hobby into a small amount of side income.
Thanks for the comment Larry! Great to hear you’re opening a dedicated account for your business, trust me it’ll help tons when it comes to tracking costs and profits. Manage that account like you’re getting paid to manage it and it’ll treat you well. Thanks for watching!
Looking forward to starting my woodworking side hustle. Most of my projects to date have been for friends and family and I prob break even at best. Thinking seriously about getting a bank account set up. Thanks for sharing
No problem Pat and good luck! When I first started out I broke even on jobs for friends a lot of the time. Once I started getting a brand going and referrals I was able to gradually uo the price to start including profit and more labor costs.
Sound advice, applies to any venture I got started like this 40 years ago and success is what you put in to it
Alan McWilliams thanks ALAN! You’re exactky right, it’s about the effort and hustle you out into it! I bet you have A LOT of knowledge in the industry with 40 years! I hope to make it to that point
@@ZacJones The only advice that I'd give you is to don't turn your back on certain hand tools. In many cases they are actually faster to use than power tools due to set up times. I made that mistake, buying specialty tools that in the end sat on the shelf
Thank you for the information. I liked the talk of getting legitimate with the irs.
Rick Armstrong thanks for watching! It took me a while to convince myself to get right with the government. Mostly because I thought it was hard. It ended up being super easy lol
I'm not a tenager or even young, but your videos do provide some inspiration to do woodworking on the side! thanks for the videos
No problem Richard! Glad you enjoy them and happy they offer a little inspiration to get out there and make some money
Awesome video. You are an inspiration to young people. The part about setting goals was really good. My goal when I was growing up was to join the Army. After 20 years, I retired from the Army at 37. Not really having to work due to retirement check, I have started wood working. It is really therapeutic for me. My biggest problem is wanting to give friends and family my projects instead of charging anyone. Take care.
I have the same problem about wanting to just gift the woodworking item instead of making money. Sounds like you have a kind heart.
Zac, where you been bro?! How’s the babe doing? Name change?!
Love this video. Anyone that can inspire the younger generation is a hero in my book.
Don’t forget us in the future...more content!
Oh man Rob it has been too dang busy man! Between having our kid and work I haven’t had time to really make any videos 😂 hopefully I can get in some sort of schedule here soon!
Just subscribed. I working with wood myself. I just need to get my garage fixed up. Or cleaned out.
I love your videos! I'm looking to build a cart around my pit boss pellet grill but not sure how to go about it. Could you help? If not, that's ok. Your videos are informative and fun. Thank you
Jamie Arispe thank you for that I really appreciate it! Make sure you thjnk about the long term for that cart, I’ve built stuff in the past too small or just bare minimal and I’ve regretted it. Good luck with it, would love to see photos when you’re done
"I'm gonna show you at the begging." Instant thumbs up.
iishuffle28 thanks for that! I hate waiting till the end 😂
I assumed about 10k. I found this video really super inspiring as I want to learn this trade. This made me fee a little more capable. Thanks. I’ll be following you for a bit 🙏👍🙂
Thanks for the comment, that's a pretty good guess! Starting your own business is super achievable and you don't need a whole lot of money!
Ebay business making Cutting Board Conditioner. Also do some laser engraving on wood, ceramic tiles in my home woodshop, was even featured on the Weather Channel ( Interviewed ) after making plaques for friends after the tornado here.
Same way I started my locksmith business I had it for 15 years and I really enjoyed it. At the age of 42 I had to sell it due to health reasons but if I had to do it all over again I'll be more than happy to do it all over again. now what I do is a little Woodwork in my house by myself and welding and plumbing and electrical and I'm retired thank God.
GODBLESS YOU AND YOUR FAMILY AND FRIENDS AND EVERYONE..🙏🙏🙏
Thank you for that comment! Love hearing experience like that and especially with it being a long career! Super cool! Hope all your health reasons get resolved and you can get some time to go back to locksmithing! Thanks for watching and commenting!
@@ZacJones
Thank you very much I'm retired right now and I'm a pastor.. but I still help out with my neighbors and church members and myself I enjoy God bless you and your family and friends keep up the good work don't give up keep the faith and be safe.
@@reynaldovalle1773 Amen Brother
I love your business approach. I’ve been building my woodworking skills and have a nicely furnished shop now. I am wanting to take it to the next level like you’ve done. Is your money in your account just from woodworking or does it include money from videos also. I’m just wondering if that is required?
The numbers I broke out in the video are strictly woodworking no google ad sense or amazon affiliate money. I’d say I make about $400-$700 a month between the Adsense and amazon money. Good luck with your business! Keep investing back in your business new tools will elevate your work! Good luck and stay in touch
Awesome stuff, very inspirational. I am somewhat local, Woodbridge, VA. You should do a small shop video and talk about setting it up. I have a single car garage that I am struggling with laying out.
That actually sounds like a fantastic idea! I should probably straighten the shop up a bit before then. It has been a mess here recently 😅. I used to live in Stafford just south of you!
@@ZacJones That is really a good idea Jordan has about setting up a small space shop like a garage.
Good idea Jordan.
Hello Zac, from another Va Beacher. It appears to be a while since your last video. I hope all is well.
I’m currently a junior in college and my girlfriend and I made a cornhole set just for fun to save us some money instead of buying one. Well after posting our final product on Facebook we’ve been flooded with requests to make some for them. Luckily our family’s both work in the construction industry and we are able to acquire wood with almost no cost. I’m excited to venture out this summer and see what kind of income and profits we can make just as a little side gig. We have the bare minimum tools and really no experts at all in woodworking but I think of your heart and mind is in the right place the product will come out perfect. If you have any tips or tricks on how to boost the business a little bit (specifically cornhole boards) that would be awesome!
That sounds awesome Cameron and pretty similar to how I started making a little side income (cornhole boards). I did a video showing my costs, labor and profit for the cornhole boards I make. I will need to do a video on how I drum up business, its not as hard as one might think. I did exactly what you did, posted it on facebook also I have an instagram page where I get about 95% of my business. I try dealing mostly with local businesses, I find they pay better and are a great form of free advertising. I also frequent there places of businesses so its a win all around. If you're in a bigger community I'd suggest starting on the private side to build a portfolio then slowly build your business instagram page and start following local businesses. Thanks for watching and leaving an awesome comment! Good luck and don't be afraid to stay in contact!
Zac Jones thank you so much! I will let you know how our journey is going and I could even send you a few pics of what ours look like
@@cameronpage520 Would love that!
Good information, are you going to post more regularly now? Liked all posts, would be potentially additional revenue stream. Best wishes.
Thanks for sticking with me Tony! I’m going to give it my best effort, currently working on a marketing video on how I sell my work. Stay tuned!
@@ZacJones I would love to see that.
I've had my business for 25 years. Staying out of debt is key. You might not grow as fast, but when rough economic times come you will sleep a whole lot better. Suggestion. Put your items in silos on your income statement. No more than 10. So Sales:Corn Hole, Sale:Bread Boards, Sale:Custom. Then match it with COGS. This way you can compare GP% of each category and see where you are making the most money. My only caveat to the debt thing would be tools to increase productivity especially if it is something you hate doing.
Great comment brian thank you! Awesome news on your business, I hope to get to that level of 25 years some day! I’ll have to give that a try for my income statement. And yes I agree about the tools for sure! I’d make sure I have the capital to cover the debt of the tool and pay it off over time when I get more jobs.
Are you paying yourself from the earnings of the business? Or otherwise pulling out some of the profit? Or, is the balance in your account all the profits? Thanks for sharing real world numbers
So I currently charge labor costs and mark up jobs anywhere from 25-40% depending on my availability. What’s in my account now is both profit and labor hours that I have not paid myself for
I started making cornhole myself.. I’m not sure how to really set a fair price. Right now I use 2 x 4’s and 1/2” birch. And I spray paint / stain and hand stencil and paint any logos.. time consuming but I enjoy it. But I usually sell mine about $150- $200 depending on the logo. Is my cost too low/high? Some people even bargain with me over $10 difference and back out. Let me know what u think if / when u can
I think $150 is pretty cheap. I started out selling mine for $150 and found myself losing money or making very little. I’d recommend charging $200-$225 given how busy you are. If you switch out the 2x4 for sole select pine I think you can fetch more money for them and doesn’t cost that much more in material. If someone is haggling over $10 it’s best you don’t work with them, they’ll be very difficult. Also how do you market them? On Facebook market place? I’d start by talking to some local businesses and see if you can do a set for them and leave some cards. They deal with a lot of local people and always extend a good word to help another small business out. Instagram helps a lot because you can tag your local area, everyone sees it and generally slides into the DM’s. Hope that helps a bit!
Currently deployed, been thinking about what to do when boots touch ground stateside. I'm a new father, so I've got to find a way to provide us with some supplemental income. If I can have fun while doing it, all the better. I've always had a passion for woodworking, so my first thought was to start looking at small, low difficulty projects that could turn a profit rather quickly. That's when I thought, "cornhole boards," and found your channel. I actually grew up near you. I was raised on Knotts Island, about thirty minutes south of VB. Been living in Pennsylvania for the past decade. Don't currently have a garage or deck.... or yard. Lol. I live in an apartment complex. Want to change that in the near future, too, but maybe I can work out of a storage unit or something similar for the time being. If you have any extra advice/ words of wisdom, I'd appreciate every little bit. Thank you for taking the time to break down the process for rookies like myself. I hope you'll keep providing us with more awesome content!
Thanks for your service first off! Cornhole boards would be a great way to start turning a profit pretty quickly! Sounds like your biggest issue when you return would be the space. I'd look into a storage unit for sure, I've actually seen some woodworkers go that route starting off and use one of those honda generators to get power. Not sure if they have power hookup to them or not. I've also found that making signs with scroll saws are VERY profitable. A sheet of 4'x2' mdf costs about $12 and it'll make a lot of signs. I started off with people I knew and eventually started selling the signs to businesses in my area for a good ammount of money (usually over $400 for a 4' sign) smaller signs I do for about $100-$200. I'd look into that. Also give youtube a go, document how you start up your business. I post here very rarely and get a pretty steady check from youtube for $400-$600 a month plus amazon affiliates. Hopefully that helps, stay in touch would love to hear how it turns out!
@@ZacJones Wow! Super helpful. I will definitely look into those options. I get more excited everyday as I learn and pick up more ideas, so I thank you for that. I will be sure to reach out once I'm rolling and I'll definitely be sure to mention those who helped me get there!
My dad has been selling antiques and collectables for 40 years as a side hustle. Its crazy what you can write off for taxes
Windex451 i was pretty surprised myself when I started doing my taxes for the business a couple years back. Even if you work in your home you can write a log of things off. Thanks for watching and dropping a comment!
What are you doing nowadays? I cant gind any info after 22'
All your links (Website/Insta/FB) don't work in about...
Jeffrey Miller thanks for letting me know that Jeff! Didn’t even realize that
👍🏻👍🏻👍🏻
15-20k. Wow. Thanks
No problem!
-KITBOGA-
I thought you had A LOT! Lol
$0
MLM Warriors yes
My name is Cameron btw lol
$17857.32