My bookkeeping duties have expanded since I moved to my new office. There are deposits to be deposited after each business day. There are receipts to write and more bills to pay.
So how has the income part compared to what I was used to previously?
It is around $1600 more than what I would have taken home because the higher overhead at my old office.
So now I have a couple of options swimming in my head which assumes the volume of business will continue to stay steady.
The first option is to continue working at my current speed and net more each month, pay off stuff faster. I exercised this option this month.
The second option is to cut back my work hours such that I make the same as what I had previously and reap the rewards of more time and one less working day. Very tempting.
My brain says it is too soon to tell and too soon to make changes like this. August could turn out to be a bust so until my current formula has shown proven success, just hang tight.
Future Options...
ReplyDeleteHi Middle Way... just back after a long sail to Chicago & back (1200 nm) and catching up on your blogs I missed.
Regarding future options, I suggest giving it 3-6 mos before making any major changes to your operations.
As You have just newly started your own practice; there will likely be various areas that need to be tweaked and balanced as you go about your day to day business.
With a little longer time-line you can look back with greater clarity and perhaps make more informed decisions based upon the realities of your business over 3-6 mos vrs 1 mo which may in part be skewed by the "impact of opening a new business"
Sounds like you are enjoying being in control of your own business despite the unknown challenges each day brings.
Good luck in the days ahead.
Thanks I'd rather be sailing!
ReplyDeleteWow, 1200nm, and to one of my favorite cities to boot! I'm envious!
I will hang on tight til the end of the year on current schedule rather than jump the gun.
Honestly, I'm still getting over the "starting a new business part" -- the highs and the lows!