How to Test Your Services for Success
This project guide helps two Sky’s the Limit members work together through four meetings as they collaborate to track your money.
Meeting 1: Assess where you are
Before this meeting:
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Make sure that you’ve had an intro meeting. If you need help navigating your first meeting, visit this Guide to Your First Meeting.
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Review: Start Up Budget
In this meeting:
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Talk through where you are in your business. Have you made your first sale? Do you have a product or service developed yet?
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Next, you should review your expenses. The Start up Budget may be helpful in determining where your money is going.
After this meeting:
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Show your initial budget to a friend.
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Note any agreed-upon next steps.
Meeting 2: Business bank account
Before this meeting:
In this meeting:
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Do you already have a business bank account? If so, are you keeping monthly statements? Are you paying for everything via your business account checks and debit card?
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If you don’t have one, check with your bank to see what steps are needed to open one.
After this meeting:
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Reach out to your bank or set up an appointment with them.
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Note any agreed-upon next steps.
Meeting 3: Get Paid
Before this meeting:
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Review the Get Paid article and this article on The Difference Between a PO, an Invoice and a Receipt
In this meeting:
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Discuss your options for taking payments from customers or clients. Which will work best for you?
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Discuss and decide on the payment terms that will work best for your business.
After this meeting:
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Create a billing or invoice template and share with your mentor for feedback.
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Note any agreed-upon next steps.
Meeting 4: RCOGN (Revenue, Cost of Goods, Net Profit)
Before this meeting:
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Review Cash Flow Statement
In this meeting:
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Review the important financial definitions in the Cash Flow Statement article and apply them to your business.
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Use the Cash Flow template to determine your revenue, cost of goods, gross profit, and overhead costs.
After this meeting:
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Continue to update your Cash Flow sheet.
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Be sure to mark your project complete, update your business tracker, and start a new project!
Want to talk to someone who can help?
Sky’s the Limit members are connected to a community of volunteer business mentors, more free tools and guides like this one, and exclusive funding opportunities.