April 2020 was the month I started to keep track of all sales, purchases, supplies, etc. The Excel chart is a bit of a mess, however if I learned anything from addiction and recovery, it’s that everything worth of value is a very slow process. So in launching a possible business model for selling hand-poured silver I do so being mindful that the reputation, quality, and message for the future is being created today.
So what does that mean? I don’t know, it sounded like a pretty cool introduction. But I guess I’m saying the thought of making a living selling silver sounds amazing! But is it feasible? Is trading the passion of pouring scorching hot lava into a graphite mold for pure enjoyment worth excel sheets and marketing strategies? Is it worth coming home from work, to fill orders and work? Once the fun stops, the hobby stops. The second there is outside pressure to produce, the stress begins. When your counting pennies and pinching silver shot, your second job has officially started.
Three Things my April Excel Sheet has Taught Me
Just for funnzie I created an Excel Spreadsheet to start tracking my transactions in the goal finding my profit margin. Besides not having a clue of how to create a spreadsheet for business, I was able to identify things that could help decide if selling silver could become a second source of income, or even a full-time job. Here are three things I learned in my first attempt at organizing my sales, cost of goods, and profit.
- Making .67 cents profit on one pour is not going to cut it. As I skim the profit row, nine out of 29 products gained a profit under 3 bucks. In one transaction I actually lost .86 cents. The process in pouring one silver item is not redeemed under 3 bucks. This would cause me to mass produce items at that rate, which goes against the BOS brand.
- Low sales, bigger profit is the way to go. Week one and two in April reflect 17 sales transactions with a profit of $16.50 and $46. Week 3 had one transaction for a sale of $183. for a profit of $32.38. Week 4 had 10 transactions for a profit of $36. It seems the more sales and transactions, the less profit versus one big sale for the same or more of a profit. Getting away from selling ounce-by-ounce maybe coming in the future. Remember, I have a full-time job, and family. I have to keep BOS fun, profitable, and not taking up my family’s time.
- Investments and Purchases. This one is quick and to the point. I spend over $1500 on silver and equipment. Yes some of got paid back, however this can not happen ever again. The cost of purchases must be refunded quickly and promptly. Again, this can never happen again!
So those are three things that my BOS Excel Spreadsheet allowed me to see. As of now, I have made adjustments for May and can’t wait to see the end report!
-Keeping it Classy!