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Thank you so much! That is a great idea. Once I get some of these video ideas out I will do one just for you. By the way you can take the same premise and add those costs in for yourself too. I am sure you already knew that but I just thought I would add that in. Thanks again.
As a CPA, I love videos Ike this. Too many people only look at the revenue that they make, and never the expenses. Then they wonder why they never make any money.
Thanks, I am just starting out and my brain hurts even thinking about calculating all that. Now, on to calculating actual candle making cost and packaging cost. I know there are many factors but you can base it on the essential and commonly available items. 😅🙏
@@upvibecandle I do have to say- I like my Home Depot is only 4 miles away, but... I have a suburban... so the gas usage is the same lol. Pick up order placed for tomorrow!
Great comment. Not everyone can add in personal labor costs and there was a specific reason I didn't add my personal labor as a COGS. Let me explain. As sole proprietors, every maker/seller should, of course, include their own labor in the price they charge their customers, but you can't include it as part of the Cost of Goods or as a business expense unless you hired someone. So, a sole proprietor is not entitled to tax deductions on salary paid to self because these payments are not business expenses. Now on the flip side if your business were a separate business entity, such as a corporation or an LLC, that filed its own tax returns, and you were treated and paid as an employee of that business, then your labor cost to the business would be treated as a part of cost of goods. Being that I am neither a corporation nor an LLC at this time I did not add it in the video.
@Lucky Sportt You are very welcome. No need to explain it to your mentor. It’s his or her choice to understand the law and how to use it to their advantage.
Thank you, Jai, for this video. As usual, entertaining and very informative. I've enjoined watching it, but I believe you've missed one category. How do you account for the time that goes into making these jars? Or do not consider that into your business?
If you look at the comments you will see I answer your question in full detail as to the reason I didn't add that. However, being that there is so much confusion on this topic I will most likely do a newer version and add in that information.
❤ My Concrete Candle Jar Course - theupvibe.com/the-winning-formula/ ❤ My Etsy Shop for Labels, Thank You & Candle Care Cards - upvibecreations.etsy.com ❤ Subscribe Now - tinyurl.com/2p9e5aph
I'm such a math nerd, I love this part of making stuff! 😂 such satisfaction in the breakdown of knowing just how much everything costs. Great video!
Thanks so much. It’s truly great to know all your costs.
❤ My Concrete Candle Jar Course - theupvibe.com/the-winning-formula/
❤ My Etsy Shop for Labels, Thank You & Candle Care Cards - upvibecreations.etsy.com
❤ Subscribe Now - tinyurl.com/2p9e5aph
I just started experimenting w Cement all. I watch you tube every chance I get! Love your channel. I find u quite entertaining and love the info! 😁
Thank you so much. I truly appreciate you!
This was so entertaining and helpful! I would love if you can make a video where you add the cost of making the candle itself!
Thank you so much! That is a great idea. Once I get some of these video ideas out I will do one just for you. By the way you can take the same premise and add those costs in for yourself too. I am sure you already knew that but I just thought I would add that in. Thanks again.
Very nice Jai bro
I love this guy 😂
You re amazing!! 🌹
Love you being part of the 25% 😂
As a CPA, I love videos Ike this. Too many people only look at the revenue that they make, and never the expenses. Then they wonder why they never make any money.
That's a great point. Thanks for the insightful comment. I truly appreciate it.
Loved how detailed the cost breakdown was. Thank you sooo much
Glad you found value in it.
Fantastic video, Jai! I appreciate all of your hard work and knowledge! Looking forward to learning so much more from you!
Thank you so much!
amazing amazing amazing content and information!! I love all your videos and information thank you for what you do
You are so welcome!
I like your energy! 😆 So funny. Subscribed!
Thank you!
Awesome video!! Will definitely watch again! You are great! Thank you or and I love your vibe
Aww thanks 🙏. I’m truly glad you enjoyed it.
Love your energy!
Thank you!
Thanks, I am just starting out and my brain hurts even thinking about calculating all that. Now, on to calculating actual candle making cost and packaging cost. I know there are many factors but you can base it on the essential and commonly available items. 😅🙏
You are very welcome. Just take it one step at a time. You will be fine.
Great video!!! Thank you so much for breaking this down.
You are very welcome
Thanks for such great video!
You are very welcome
Very informative thank you
🙏
Really great video! Really engaging and informative!
Thank you for your compliment. I truly appreciate it.
I’m part of the other 25% also 🤣🤣🤣. Thank you for this video 🙏
Okay this was hella helpful! How did you calculate your wholesale (if you don't mind me asking)?
For the most part I would double my cost. Glad you found it helpful.
Can you share the link from where you purchased your mold
I believe that one is from Modern Craft Labs
What about the wax, wicks and oils?
This was a video based on the concrete jar only. I will make that video in the near future.
@@upvibecandle Awesome!
How much your adding for your labor cost ?
Great question. Scroll through the comments as I answer your question in detail more than once.
Did your cement calc include the lid ?
Yes
Did you add your salary? Your time worth money.
@@NathalieBreault read the comments I addressed why I did not add in my time. It’s very important to know why.
Holy moly! Well- guess I'm buying 50lb bags from now on!
You and me both. 😁
@@upvibecandle I do have to say- I like my Home Depot is only 4 miles away, but... I have a suburban... so the gas usage is the same lol. Pick up order placed for tomorrow!
Wow 5 bucks a gallon for gas, it's 3.95 here! You should get the 50lb bags. They are 24.99 at the Home Depot by me
Yeah it's nuts. I have the 55lbs now but it's easier to film with the box. LOL!
Here in Quebec Canada the gas is about 1,80 a litre…
@@NathalieBreault Wow!
Hi Jai, your labour to produce is not included, this would depend on what your time is valued at. Lol
Great comment. Not everyone can add in personal labor costs and there was a specific reason I didn't add my personal labor as a COGS. Let me explain. As sole proprietors, every maker/seller should, of course, include their own labor in the price they charge their customers, but you can't include it as part of the Cost of Goods or as a business expense unless you hired someone. So, a sole proprietor is not entitled to tax deductions on salary paid to self because these payments are not business expenses. Now on the flip side if your business were a separate business entity, such as a corporation or an LLC, that filed its own tax returns, and you were treated and paid as an employee of that business, then your labor cost to the business would be treated as a part of cost of goods. Being that I am neither a corporation nor an LLC at this time I did not add it in the video.
Thanks Jai, yes you are quite right. I wasn’t sure if you were an LLC or sole operator.
@@craighard2746 Again great question. Thanks for the comment. I truly appreciate it.
@Lucky Sportt You are very welcome. No need to explain it to your mentor. It’s his or her choice to understand the law and how to use it to their advantage.
@Lucky Sportt Insurance and marketing go in another category altogether and not in COGS. Anyway, thanks for the comment and for your thoughts. Best!
Thank you, Jai, for this video. As usual, entertaining and very informative. I've enjoined watching it, but I believe you've missed one category. How do you account for the time that goes into making these jars? Or do not consider that into your business?
If you look at the comments you will see I answer your question in full detail as to the reason I didn't add that. However, being that there is so much confusion on this topic I will most likely do a newer version and add in that information.
❤ My Concrete Candle Jar Course - theupvibe.com/the-winning-formula/
❤ My Etsy Shop for Labels, Thank You & Candle Care Cards - upvibecreations.etsy.com
❤ Subscribe Now - tinyurl.com/2p9e5aph