Business Questions (Profit & Loss Analysis)

[T&KBrouse]

I'm putting together the final touches on my business plan and was wondering about a couple of issues. I figured, who better to ask than the people who are in business, right?

The main question is vet care;
When you need vet care for either your breeders or animals you are selling,
Is this considered a loss?
Or...
Do you have a specific fund set up specifically for vet care, drawn from the business?

The other question is in regards to feeders;
When you get in an order of feeders, whether it be rodents or insects, do you set aside the feeders used for your stock and claim it as a loss? Or do you do a higher-than-normal mark-up and use whats needed, as needed?
Is it consider a "loss" when its maintaining live animals that you have for sale?

(Did this make any sense at all?)

 

[SLY]

From a strict business definition, these are expenses, not losses.

 

[Golden Gate Geckos]

Exactly! Veterinary bills, supplies, feeders, advertising, etc., are all business exenses.

 

[Lena]

This should be factored into your monthly expenses.. You should allot yourself a certain amount of money (That is later factored into your break-even analysis) each month for veterinary costs.

I've just finished my business plan for my dream store, too. I took an entrepreneurship course this year just for that purpose. If you'd like to read it, let me know. I think we both have a similar idea in mind, if I remember correctly.

I mean, it's the work of a 17 year old compared to that of a 38 year-old.. But perhaps you can get some ideas from it anyway?

 

[T&KBrouse]

Lena, I would LOVE to see what you have! I've been wracking my brain on this one for 6 weeks now and the financial assesments are killing me.
I may be 38, but I'm not a very bright 38 and you're an incredibly intellegent 17. Hopefully, I'll be able to understand yours. LOL

Thanks, everyone!

 

[Lena]

I'll save a copy of it to my flash drive at school today and send it to you when I get home. Glad to help!

 

[T&KBrouse]

Oh. Another thing I was wondering about;
I'm not sure how it would translate to gecko breeding, but I have a female boa that we bred last year that produced 36 slugs and one still birth.
If you have a female that didn't produce viable young for the year, is that considered a "loss" and how do you document it for taxes?