“A budget tells us what we can afford, but it does not keep us from buying it.” - William Feather

According to the virtual Lemonade Day city, Lemonopolis, “a budget is the financial representation of your business plan. It is your plan for how much you will spend on your business and how much you plan to make. Your budget includes the revenue and expenses related to all the decisions you included in your business plan.”

Now is the time to crunch the numbers to make sure you set yourself up for success. Take a few minutes to read, review, and make revisions to your budget. You want the numbers to make sense so that your business will make a profit and you can reach your spending, saving, and sharing goals.

You may need to make some changes to the decisions you made in earlier steps if the numbers don’t add up correctly, and that’s ok. Even if it takes a couple of tries on paper, it’s still better than making a mistake in real life. Your revenues must be higher than your expenses in order for your business to make a profit.

For example, if the lemonade recipe you are using costs too much, try a different one to keep your costs down. Keeping in mind that you can no longer set up your stand at a public area or business, you still want to be somewhere that many people walk near or drive by to make sure people see you. If you live on a dead-end street, think about moving your stand to a grandparent’s house with a busier neighborhood.

Finding the business plan and budget that’s right for you may take some time, but it’s worth it to reach your goals. Profit is the money you get to keep after all of your expenses have been paid, including any interest on a loan. So set yourself up for success now, and you’ll be glad you did!

The goal is to maximize your profit during Lemonade Day weekend. Be sure to check out all six ways to participate in Lemonade Day My Way from Thursday, August 20 to Sunday, August 23.

Follow Lemonade Day Southcoast on Facebook for more tips, tricks, and to show everyone what you're doing to help build your small business.


Lemonade Day Southcoast 2020 is made possible by support from our sponsors including BayCoast Bank, Andrews Fruit & Produce, 7-11 Mattapoisett, Auclair’s Market, Care Free Homes, Cape Air, Muffler & Brake Complete Car Care, Mosquito Squad of Southeastern Mass, and Interiors by Paul Chaisson.

 

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