Where Does the Money Go?

May 6, 2019

It's National Small Business Week!

 

I've been spending a lot of time lately with other small business owners--something I've realized is a must for self-care when owning and operating a small business. Small business ownership is such a unique (and at times) brutal vocation. Of course, there are MANY perks and positives, and I'm not ignoring those by any means. I've just realized that it's nice to have a circle of people in my life who get it because they are walking a very similar path.

 

Something I've realized about myself is that I love knowing where my money is going when I'm spending. I like supporting small, local companies because I am able to get to know the owners and staff. I'm able to learn about their operations and ask questions about why they do what they do. So, since it's National Small Business Week, I thought it would be fun to share some details about the inner-workings of Simply Nourished with you all. If you're not a details person, and could care less to learn where the money goes from your spending dollars at Simply Nourished, then this post will not be for you. And that's okay :)

 

However, if you're curious and interested in learning more about how we spend the revenue dollars that come in at Simply Nourished, then allow me to show you what a month of spending looks like around here. Last month, Simply Nourished brought in $33,820.58 in gross revenue (including tax).

 

Let's check out how those monies were spent...

Rent/Utilities $2,223.67

 

Sales Tax $536.93

 

Other Taxes $307.30

 

Credit Card Fees $568.64 (some incentive to use cash or check :))

 

Staff Wages/Contract Work $4,733.81

 

Owners’ Monthly Draw (wholesale goods taken home from business) $1,000

 

Cost of Goods (Grocery) Paid to Vendors/Suppliers $25,601.32

NOTE: 11 of the suppliers we paid in April were local producers

 

Cost of Goods (Non-Grocery) Paid to Local Consignors $242.75

 

NOTE: We also had Capital Expenses for our Expansion Project in April totaling $940

 

How did it go for April? Well, our total expenses (not including capital expenses) was $35,214.42 and revenue was $33,820.58. This means our Simply Nourished NET for April was -$1,393.84.

 

I can honestly say that a monthly loss of $1400 is a relief at this stage in the small business game. I’m learning the ebb and flow of running a business in a seasonal town, and I’m also learning to look at the big picture of an entire year instead of stressing over the day-to-day. However, as we approach our 5 year anniversary of Simply Nourished (January 2020), I’m realizing how important it is becoming to me for this thing to turn into a profitable venture. The statistics for small business survival are pretty dismal, and I'm thankful to be making it to the 5-year mark--not an easy task. And, although I tend to be a pretty determined and resilient human, I'm also learning to be more practical and logical in my decision making. I’ve said from the beginning that I’ll continue to do this work as long as there is a genuine need for it in North Iowa. It truly is an honor to make specialty, organic and local food accessible here :)

 

So, as I wrap up this week’s post I want to challenge us all to use our spending dollars to support the small businesses in our community. I’m definitely not exclusively referring to Simply Nourished either. This applies to ALL small businesses in our area. Let’s keep our spending dollars local as much as possible, and keep our local small businesses in business for many years to come!

 

And of course, we'd love to see you this week at Simply Nourished to celebrate Small Business Week (and also Teacher Appreciation Week and Mother's Day). We've got lots of unique gift ideas to choose from for the special teachers and moms in your life! Open Monday through Friday 10-6 and Saturday 10-4.

 

 

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