Margins Assignment

TRAINER ACADEMY

margins assignment

Overview and Purpose

Making money is one challenge that Artists face. The next biggest challenge is SPENDING and SAVING that money correctly.

The Assignment

Each artist will turn in :

  • A breakdown of your Chart of Accounts
    • What are you seeing now that you have all of your expenses categorized?
    • Was there a category that was higher than you expected?
      • If so, what category? And what could you do to LOWER that cost?
    • What insights are you seeing from doing your COA?
  • Evaluate & do the math on your Cost of Services
    • What is the average percentage of your COS?
    • Is your profit where you want it to be?
      • If not do you need to:
        • Raise your prices?
        • Or cut back certain expenses?
    • What insights are you seeing from doing your COS?
  •  Evaluate & do the math for your Gross Margin & Profit
    • Is your GM% for your products where you would like it to be?
    • Is your profit % too low?
      • If so what changes need to be made in order to increase your profit?

Pass or redo

PASS

  • We are not looking at the specific numbers (it does not matter how much they made) 
  • They do NOT need to turn in their numbers
  • They will be answering the questions above
    • Their answers need to be well thought out with legitimate answers
  • Answers will look different for each student

REDO

  • If all of the questions are not answered
  • Half ass answers or “I don’t know” will not be accepted
  • One word answers will not be accepted
  • One sentence answered will not be accepted 
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