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Director Budgeting My Pampered Chef Business

In summary, the speaker has been focused on budgeting their personal life to get out of debt and is now looking to budget their PC business. They plan to budget for supplies, conference expenses, postage, groceries, and team recognition. They also mention considering expenses such as internet connection, cell phone, and mileage for their business. The speaker suggests tracking expenses for a month to get an accurate picture and using that as a guideline for setting a budget. They also mention getting out of debt thanks to following Dave Ramsey's advice.
P
PamperedK
Silver Member
1,134
I've been getting really intense in budgeting my personal life. I'm on a serious quest to get out of debt. Now I need to budget my PC biz because I feel like I have no idea where my money is going. I'm hoping you all can help me.

How much do you spend each month? I'm trying to come up with categories and here's what I have so far:

Supplies (through PC): ?? I have to look at PP to see how much I've been spending
Supplies (Staples, Office Depot, etc....): Again, I have to look at old receipts, but I'm thinking $20 / month put aside will help as I don't shop there often but when I do I spend quite a bit.
Conference: Flight and registration (although it looks like registration will be free for me for the next 2 years) for both National and Leadership.
Postage: $2.50 * 8 host packages + $10 for random cluster and host mailings + $15 for returns = $45

what else??
 
Groceries is one of my categories from when I practice PC recipes. And also team recognition stuff (PC dollars, prizes, etc).
 
  • Thread starter
  • #3
how much do you budget for Groceries? I don't tend to practice recipes...or if I do, it's for our dinner / dessert / etc...so the money comes out of our regular budget.

That said, I should probably budget some because sometimes I offer to bring the parmesan cheese, garlic, etc...if a host doesn't keep that stuff at home...and when we have team training, I sometimes supply a snack, etc...
 
Winnipegk said:
how much do you budget for Groceries? I don't tend to practice recipes...or if I do, it's for our dinner / dessert / etc...so the money comes out of our regular budget.

That said, I should probably budget some because sometimes I offer to bring the parmesan cheese, garlic, etc...if a host doesn't keep that stuff at home...and when we have team training, I sometimes supply a snack, etc...
Click to expand...

All of this is a write off so save receipts! I am not budgeting my business at this time but consider internet connection, cell phone (or % of it used for your business) mileage.

Although it is good to know what it costs per host packet, I would think an all around budget for postage would be good. You never know when you are going to be sending a catalog out for an HO lead, a postcard out to either a customer, host, past host or team member.
 
  • Thread starter
  • #5
baychef said:
All of this is a write off so save receipts! I am not budgeting my business at this time but consider internet connection, cell phone (or % of it used for your business) mileage.

Although it is good to know what it costs per host packet, I would think an all around budget for postage would be good. You never know when you are going to be sending a catalog out for an HO lead, a postcard out to either a customer, host, past host or team member.
Click to expand...

I do keep receipts for that stuff, I just wouldn't budget it outside of my regular grocery budget...

i'll have to go through my receipts and see how much I spend on postage regularly and then maybe add $5 or $10 extra each month. I can just let it roll over so if I spend less, I can build up a bank for months that I spend more.
 
I budget my biz into everything... I am too getting out of debt thanks to Dave Ramsey!What I did to get an accurate pic of what I was spending was to track my PC expenses for a month... everything from invites to host packets to groceries to consultant gifts to catalogs, etc. Then I used that as a dollar-amount designated for my biz each month. Normally I don't go over that number. Hope that helps!
 
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  • #7
finley1991 said:
I budget my biz into everything... I am too getting out of debt thanks to Dave Ramsey!

What I did to get an accurate pic of what I was spending was to track my PC expenses for a month... everything from invites to host packets to groceries to consultant gifts to catalogs, etc. Then I used that as a dollar-amount designated for my biz each month. Normally I don't go over that number. Hope that helps!
Click to expand...

Me too! I read TMMO and now I'm hooked!

Good idea about tracking. I'll probably 'back-track' last month's expenses and use that as a guideline for this month but still write everything down to track it and see what my budget should be and where I can save money.
 
finley1991 said:
I budget my biz into everything... I am too getting out of debt thanks to Dave Ramsey!

What I did to get an accurate pic of what I was spending was to track my PC expenses for a month... everything from invites to host packets to groceries to consultant gifts to catalogs, etc. Then I used that as a dollar-amount designated for my biz each month. Normally I don't go over that number. Hope that helps!
Click to expand...

Another DR fan here. Come join me on baby step 3 people! Getting out of debt is SOOOOOOO worth the sacrifices!

Anyway, I do much what Colleen does. I also take my Leadership and National Conf expenses and divide by 12 so I am saving a little bit each month for them (a "sinking fund" of sorts).
 
DebbieJ said:
I also take my Leadership and National Conf expenses and divide by 12 so I am saving a little bit each month for them (a "sinking fund" of sorts).
Click to expand...

LOVE THAT!!!!!

PS: Half-way through BS2! :D
 
  • #10
Winnipegk said:
Me too! I read TMMO and now I'm hooked!
Click to expand...

Definitely try to get into FPU if you can!!!!! I did a year ago (one year ago yesterday was session 1 for me!) I can't tell you what a difference the class made for me!!!! And SOOOOO worth it!

Deb can fill you in more on the class benefits as well!!!
 
  • #11
I took this about 2 years ago. Things improved but I think I should try to take it again. I listen to the podcast of his shows to get back in the frame of mind.

Unfortunately, I have not gotten out of debt but it is not Dave Ramsey who has failed!! I always make sure I have an emergency fund now and I try to hit the credit card debt as hard as I can without making more debit (I only have one credit card and a PC credit card that I try to only put purchases on that are PC related...I know, I know) I still have 1 other I am paying on and that card has been cut up. I am not hitting these cards anything like I used to and realize that the devil himself invented credit cards.:devil::mad:
 
  • #12
Ann, if you took FPU once you can take it again for free--it's a lifetime membership! Find a class near you www.daveramsey.com/fpu and get back on the wagon!
 
  • Thread starter
  • #13
Yeah I'm not nearly as 'gazelle' as I should be...not at all. although i haven't added (much) new debt and we have a full buffer, so by next Friday, I'll have all of April's bills covered as well as a nice snowball for the debt.

I haven't had a good PC paycheque in a really long time. I think once I get back to making more, I can snowball most of it.
 

Related to Budgeting My Pampered Chef Business

1. How do I create a budget for my Pampered Chef business?

Creating a budget for your Pampered Chef business is important to keep track of your expenses and income. Start by listing all of your expected expenses for the business, such as product purchases, marketing materials, and any fees or subscriptions. Then, estimate your income based on past sales or projected sales. Once you have these numbers, subtract your expenses from your income to determine your expected profit. This will help you make informed decisions about your business and stay within your budget.

2. How can I save money while running my Pampered Chef business?

There are several ways to save money while running your Pampered Chef business. One way is to take advantage of bulk discounts when purchasing products. You can also look for sales and promotions from the company to save money on products. Additionally, try to limit unnecessary expenses, such as excessive marketing materials or unnecessary travel expenses. Finally, regularly review your budget to identify areas where you can cut back and save money.

3. Should I have a separate budget for my Pampered Chef business and personal expenses?

It is recommended to have separate budgets for your Pampered Chef business and personal expenses. This will help you keep track of your business finances more accurately and make it easier to file taxes. It is also important to keep your personal and business finances separate in case of an audit or other financial issues.

4. How often should I review and adjust my budget for my Pampered Chef business?

It is recommended to review and adjust your budget for your Pampered Chef business on a monthly basis. This will allow you to stay on top of your expenses and make any necessary adjustments to stay within your budget. It is also important to regularly review your budget to ensure that it is still accurate and reflects any changes in your business.

5. What are some common budgeting mistakes to avoid for my Pampered Chef business?

Some common budgeting mistakes to avoid for your Pampered Chef business include underestimating expenses, not accounting for seasonal fluctuations in sales, and not leaving room for unexpected expenses. It is also important to regularly review your budget and make adjustments as needed. Additionally, be mindful of overspending on unnecessary expenses and try to stick to your budget as closely as possible.

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