My Business LOST MONEY This Year
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- Опубліковано 19 лип 2024
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0:00 Shop Announcement
0:44 Kitchen & Jewelry Organization
11:03 Stream Day - The Quarry
13:32 Packing Orders & Inventory Problem
15:14 Restock Packing Station
22:44 Room Reorganizing
26:16 Going To Canadian Tire
28:56 Tax & Money Talk
as someone that used to do tax work, I actually find the tax talk super interesting. and I always loved getting clients with their organized spreadsheets and receipts, made things wayyyy easier.
i just registered my crochet as a small business to apply for markets and now i’m terrified im just gonna lose a tone of my profits to taxes
@@funlife7767they're not profits until you've paid your taxes 💕
The weird American penny is called a wheat penny. They’re pretty rare nowadays and certain years and from certain mints are worth quite a bit of money. Especially the WWII era ones like you have which came in the copper and even a silver steel version. ☺️
I love organizing talk and tax/money talk. It's really rare that someone mentions things like this, so it is really refreshing and eye-opening to see. It might differ a bit from Europe and such, but the base is there, so thank you for being so open! I just love it!
So call me a nerd but I adore videos like this. Its so much fun and so interesting to calculate expenses and income info. I do it just for myself every month just to map out where im spending too much and where i need to concentrate on. Its super interesting cause in most cases with small businesses because she's down this year she'll actually probably be up next year. Just as long as she doesnt make huge changes like she has this past year.
Exactly. I will definitely be up next year.
And good on you for doing it monthly! I need to start doing that.
I have an accountant for a mother, so I was set up quite well for my understanding of finances. I started my college career off thinking I'd be an accountant, so I love the accounting/bookkeeping stuff. My mom turned me to Quickbooks this last year since my books have gotten crazy and Google sheets wasn't working anymore. I keep my books every week now. It's easier and takes less time when you keep up with it.
As others have said, the tax breakdown stuff is really interesting. It's refreshing every time you do talk about your money from the business, as I feel like a lot of people tend to be very close-lipped on it. Which is totally fine, but I appreciate you helping to de-mystify some of the actual business aspects of being a self-employed artist that someone looking to start up wouldn't necessarily know.
I enjoyed the jewellery organising immensely. It put me into the mood to organise my own stuff.
I have a designated little box for better quality or nostalgic jewelry that I'm no longer wearing. Unlike clothes, etc., jewelry doesn't take up much space, and it's nice to be able to shop your stash every once in a while to see if there's something you want to reincorporate. Just an idea!
Not a loss, this is an investment !!
I on the other end, am loosing money, since I can't pay myself a salary.
im an accounting intern working for a small business so i enjoy the taxes and accounting talk! super interesting
As weird as this sounds, I’m glad you talked about the taxes. I wish more artists were a bit more open/somewhat knowledgeable when it comes these kinds of things. That way in the future when I decide to run business, I’m a little bit more prepared
The tax talk is really interesting! Definitely keen to learn more, and it sounds like I'm not the only one. My dad has a small business and recruited my help with sorting out his receipts. He always leaves it til the last moment 😂 I've got some work to do this weekend.. but luckily I also have some of your vlogs to catch up on. I'll be thoroughly entertained at least 😆
Greetings from Vancouver~
if you make a video(s) about how the logistics of your business runs i would watch ALL of it
I work in the accounting department of a multinational, and when we buy big equipment, those costs get spread out over the next years, depending on the type of equipment. In effect, you still pay for it at once, but you consider only part of it each year. Not sure it’s something you’d be allowed to do, but it is valuable information for next year, as you don’t need to buy the embroidery machines again next year.
Yes, we do that here too.
I could never figure out the percentages or anything so I have never written off equipment, I take the hit. It is nasty to figure it out, different equipment has different %'s and then if the equipment appreciates (rare but I have one piece I have actually has because of inflation) that is a whole other can of worms I am glad I don't have to deal with.
Amortization
Life has ups and downs so I am glad to see how you look at it because we all need that reality. Loss or no as long as you haven’t lost everything it can still be coming out on top if only to think, you have to keep moving forward.
Loved hearing abut the tax stuff. So interesting to hear how its done in Canada. Im an accountant (ltd) and in my country we dont put in losses stuff like full expenses of the embroidery machine. Its a long time investment. We would split in to 5 years or smth (Sometimes 10 yrs for bigger machines, less years for smaller value machines or things that lose their value faster). Of course the VAT (GST?) that we pay to buy the machine and other things we calculate and pay to government each month, if we owe them :D
We can do the same with spreading it over 5 years. My accountant will ask me what I want to do with it.
The 1941 penny is called a wheat penny with that back. Could be worth looking up in a coin catalog- theyre usually worth more.
This is really useful! I have dyscalculia and taxes have always overwhelmed me. I liked seeing how you keep track of everything.
Thank you for talking about taxes and tracking purchases it was really insightful, I need to start keeping all that in mind as I start my own business and just daily life in general honestly :)
Since you pay for adobe you probably have the option to convert the PDF to excel or word. It won’t be perfect but it would be way better than typing in everything. Also, I super enjoy the real business aspects to your vlogs. I personally don’t find it boring… it’s informative! Thank you Baylee!
9:15 the penny is called a hay wheat penny and is often kept by collectors because it has more copper in it than the newer pennys there for is actually worth more.
I’ve been watching you since I’ve been in middle. now I’m in college and your growth is inspiration ❣️
You are truly inspiring dear 💥👌💖☺️🌈🪩🎁🎄🎄
I love hearing about the behind the scenes of your businesses. I have so much respect for all you do! 🙌👏💝
Thanks for sharing. I find the accounting stuff so confusing sometimes, makes me think I should find myself an accountant.
Makes me chuckle when people comment on how you should run your business 😂. You are doing amazing and you are investing. Scared money don’t make money.
My daughter and I love your stuff, and can't wait for the sale!😍😍😍
Enjoyed this vlog and need to watch that live stream you did next.😜
I am still crossing my fingers, praying, and hoping I can save up to indulge in some sweaters, sketchbooks, and washi tape. Lately, using my glass desk to illustrate and as I clean up past artworks, I have started to dig into your content for the same inspiration I've found in your streams & videos alike. You are such an inspiration to my family, friends, and to me too. I hope your marriage to Ch stays healthy, I s no positive vibes to your friends & family, may your kitties receive abundant love, and how much I truly do hope to connect with you again in the near future Baylee. I look up to you, from the bottom of my heart.
Thank you for sharing the tax stuff! not boring. Super interesting, especially for newbies like me!
These taxes sheets are so useful to know! I love when people talk about money, it really destigmatizes the fear around talking about it and taxes is one of those things that are scarier because theyre """unknowable""
Taxes may not be the most exciting topic but It's so helpful to see your process. I find it fascinating and very informative. I want to open my own art business so I'm learning a lot by watching your process. My mom is advising me to get QuickBooks for when I start. It's so cool to see how you've grown over the years.
I really appreciate you sharing your business setup info and taxes setup with your spreadsheets. I’m looking to start my business and my head has been swimming with questions. I’m in Ontario and already have a tax number. But everything I learn just creates more questions. I definitely find it interesting and appreciate you sharing your spreadsheet setup! 🙃
I'm glad it could be useful. I hope your business is a success!
@@BayleeJae Thank you! ❤️
i didnt watch the vlog yet, but man let me tell you, scared money dont make money. sometimes you have a loss, every company does im confident youll recover. we got your back baylee, you made some large investments this time around and are trying something new. but i know you were never one to maximize profits as much as possible anyway so dont sweat it. bills are paid and yall are warm and fed, you, ch and the kitties are happy and healthy. ive been wanting to purchase for a long time but im so weird with money that i never want to buy fun stuff...so maybe sometime in the next few months ill finally commit
sometimes i'm like maybe i could try doing art for a living and then i see baylee talk about taxes and i'm like yeah nevermind :'D
You can hire people to handle your taxes for a relatively low fee
You can hire someone or ask for help we pay taxes either way
@@DreamiMusho in my country as a private citizen who doesn't run a business, you don't have to do your own taxes, they get calculated and taken out of your income automatically, so it seems extra daunting
hi Baylee!!
Would you ever do another convention again? I watched your old convention videos and they inspired time to try it myself. Even if you don't take any fan art, you would have such an appealing art style, people will support you regardless.
9:34 Ouch! 😂 I have a visceral reaction to those charm bracelets - they would ALWAYS pinch skin or hair 🤣
I LOVE your makeup ❤ it looks very pretty on you.
I have the same ringtone. Got me startled haha
That makes me so sad. I can never seem to check release drops n things are always sold out
Keeping up on business stuff monthly is way easier for end of year.
I run a very different type of business but keeping up on the books is key to cash flow and not getting penalties.
Quickbooks will also help a ton. Doing an admin day once a month and getting everything logged will be a major stress off the plate.
I don’t wear a lot jewelry and don’t own much either so I was blown away by how much you have. I have 3 rings that I never take off (wedding set and a gift to myself) and maybe 6 necklaces that I always forget to wear. It’s not that I don’t like wearing jewelry but I’m just so forgetful. I wore an anklet all summer but it turned out not to be made from the material I thought and went rusty 😢
I have asked for a permanent bracelet for Christmas, I figure if I don’t have to take it off I won’t forget it!!
Oh, I don’t have pierced ears anymore so that’s a big contribution to my lack of jewelry!
After getting the strawberry sweater I got a lot of compliments because they loved the sweater. Told them it was from you and I hope those people check you out! You deserve it Baylee so keep it up regardless 🥹 def buying luna moth too ❤️
Aww, I love that! I get a lot of compliments on mine too, but I'm often too shy to say it's my design. 😆
@@BayleeJae haha, not just the design but all created in house by you! Such accomplishment. I also plan on getting Luna moth.
Baylee: It’s okay to keep memory jewelry. I do. I barely wear any jewelry. I have my memory treasure cases (jewelry cases) that are just to pull out and reminisce. Keep those separate and maybe sometime you’ll want to wear them, which you can’t do if you get rid of them.
Also, since I do not wear jewelry, I use the around the house. I have some bracelets wrapped around old bottles or vases. I use some necklaces for tying back curtains. You can also maybe wrap some around lamps or your stuffed animals in your studio. Then you can enjoy them, but don’t use up extra storage. And don’t you have a lamp in the first floor living room that you can place stuff in? Maybe some favorites could go in there at times.
Thank u for my order (Kirsty) can’t wait to get ❤❤
I would love to go through your decluttered jewelry.
That penny is a Wheat Penny. Some are pretty valuable. As for the one you have, that's maybe worth about $0.15 to $0.30 cents. People do collect them when they are in that color state too.
We're playing those games as a family. The quarry has been my favourite one so far.
ah the joys of business accounting, def something they should teach at least the basics of in high school
The second you grabbed the first mouse ornament I knew you would get more
I’ve been collecting them for a few years now and have all the ones you picked as well, it’s truly an addiction 😂🐭
They're too cute and precious 😭
You must have a huge collection of them now. you should post a video of them all on your youtube page
OMG...girl check on the American penny with Feathers on the back of it. Those are worth money. Collectors pay lotsa moola! I loved the decluttering. Can I just say urakeup for the Live was so pretty 😍
hearing the tax stuff was super cool! I just started working in book keeping, so it was really cool knowing what you were talking about XD But using excel is a totally normal way a lot of small buisnesses do their bookkeeping!
Another industry standard is Sage50, which i personally LOVE. I don't know much about Quickbooks though as my school didnt teach quickbooks XD I'd love to learn it though!
I’m surprised the witch hat keychains aren’t as popular. It’s my favourite item from the witch hat collection! ✨
I have been wanting a mirror jewelry case all my jewelry is in small boxes😂 it's just something I put off and don't prioritize buying
My rellie does her Quickbooks weekly with payroll and then does the taxes and whatnot monthly so that it’s easier to do quarterly and yearly, as needed, with her LLC. I haven’t LLCed at this point and tend to do it all at once too, but with that much going on yeah it might be less of a hassle to at least do so monthly. Taxes are so necessary, but so confusing.
Could you leave a link to the jewelry organizer?
Could you do some artwork printouts and slip them into the front of the jewelry case drawers? They’re clear and then they’d be more custom for your enjoyment.
oh no I'm so sorry this happened to your business I feel so bad for you
Hi Baylee,
You could do fivver to do custom work to make some extra money if you wish!
9:30 i just feel my armhair be stuck
Omg yes 😆
My arms were SO hairy before I started shaving them. More hairy than anyone I'd ever seen. The bracelet would catch my hair a lot.
As a self employed person, oh how I relate to the whole “I should do the receipts more regularly but I don’t” 😅
Your make up at 11:11 omg 😍
when you first showed the scrunchie i thought it was a used reusable makeup cloth LOL
💀
Jewelry hack for traveling put part of the necklace through a straw!! It’ll help it not get all tangled! ❤
Those are wheat pennies !
9:15 That is a wheat head penny! They can be worth some money but not much. Keep it or give it to a coin collector. I always go through my pennies and keep the wheat heads
The tax talk is very helpful.
There’s no such thing as too much jewelry!!! 😂😂😂
ah i miss canadian tire.....it's the best store for a bit of everything for the house
How did you go about learning the business and money side of your business? I’ve been wanting start an art business for a long time but I don’t understand the tax part and how to pay myself. How do you know how much to pay yourself?
On that weird penny, that’s a wheat penny! They’re not super common nowadays because they’re pretty old. I don’t think they’re worth much in terms of collecting, they just look cool :)
Re: Which Hat Keychains - the charms are really cute! I think the reason I wouldn't get them is because it's too big and bulky. I do like having some keychains on my keys, but I like smaller items and more vertial items, not as wide or thick.
The American penny with a different looking back is called a wheat penny! They're the old back design for pennies that were discontinued back in 1958. They're not too valuable or anything, but it is a collectible!
This was weird timing! You're talking about your taxes, and I just ran payroll for the first time at work. It's surprisingly easy, but man is it monotonous.
Hi, does anybody know the exact acrylic drawers she used for jewelry organization?
Would you ever release some of the items from the advent calendar. I used the keychain from it and it recently broke, so I would love to rebuy it
The items were all exclusive to the advent calendar except for a select few, and none of them will be released again.
If it was the metal hardware that broke, it's fixable, unless you lost the charm.
The weirdpenny is called a wheat or hay penny
Can I have the link to the amazin jewelry organization pieces please? Hahaahha thank youuuu
www.amazon.ca/dp/B09S3NF1QH/ref=cm_sw_r_as_gl_apa_gl_i_EPZXQ60DMR66MGZ0M9KA?linkCode=ml2&tag=bayjae-20
23:48 I don’t see any thing wrong with that! It’s got both doll collections together, just shut the closet. BTW love your doll collection!!❤
Totally appreciate the tax talk it’s a necessary part of an Art business.
Did you count all your totes and bins you bought for the embroidery room? And weren’t at least one of your rolly carts added in that year too?
Yes, all of that was paid for with the business card and counts towards expenses.
I actually find all this tax talk super interesting 😮
29:59 was the phone rep knew to the job and being coached by someone about what to say?
Honestly I would have been as confused as Christian if somebody told me:
'Oh the blind people are coming tomorrow'
Like, okay??? Did you make friends with visually impaired people that you forgot to mention to me???
the penny you found is called a "wheat penny" or the "Lincoln cent" they are very old
LOL!!!🤪
I think it’s about time PayPal did the simple method. So confusing and pointless really to have everything in a different currency. Just put it in the currency of the account and boom it’s done.
@Baylee Jae .. your cats are going to have their eyes on your mouse decs lol.. so don't think they will be on your tree for long 🤣🤣🤣🤣
I never thought of that. Accidentally baiting them to the tree 😆
Hey! Look up that wheat penny! It could be worth money
Those pennies are wheat pennies!
Was just coming to say the same lol
What does that mean . Iv never heard the saying before
@@CrimsonRainFlower its just a way to describe the different design on the back with the two wheat stalks
I used to call them hay pennies because when I saw them I would always say "hey it's one of those pennies!" I knew it's wheat on the back but I'd say it just to annoy my dad
@@CrimsonRainFlower it's basically a rare kind of penny. the Lincoln penny in the U.S. mint since 1909. if you ever come across a hay or a wheat penny, if you see the date of the wheat pennies like the penny was made in 1930's their worth a lot of the date!
That weird American penny is called a wheat back penny.
9:20 that's a wheat penny! some are worth a lot of money but that one is probably only worth about .20 usd. They're still cool!!
I appreciate the tax info.
That’s unfortunate. I ordered for the first time this year.
Same 😢
she didn't loose money, she invested a lot so the balance is lower than last year but if she can pay herself a salary and invest she's not broke !
@@Sakuems Obviously she’s not broke. :)
The weird penny is a Wheat Penny. :)
Wheat penny. That’s the “weird” looking penny from 1941. Definitely worth keeping, especially for its age.
Why not make samara in to Christmas version with Holly and a santander hat.
That’s a Wheat Penny! The 1941 Penny, only made them from 1909-1958
Your phone should be a business expense since you bought a new one and use it in your business.
I assume part of the issue is the expense of the machines? Not finished the video yet
Well, it's that and the constant new drops if you notice her merchandise does not really move THAT fast after maybe a few weeks since the drop
Possibly, because she makes a drop and then a little bit later she does another one and everyone only wants the new stuff her store is a bit expensive and so stuff just sits there
What she also should have probably done is do 1 machine and then just handle using 1 of them until she made about half the money back on it and invested into the second one