Work Experience: Day 3

5:00am Wake, Wash, Daily Devotion, turn on the radio


5:25am Social Networking, blog, typed up notes from B.I.F - How to Market Your Business


6:25am Tidy up


6:45am Prepare clothes


7:00am Shower and get ready


7:30 Breakfast


8:00am Prototype


12:00 Leave for Radio Cardiff


13:00 arrive at business in focus.


15:30 Make my way home


18:10 Go out and socialize


21:00 Return home


22:30 Fall to sleep


Notes


Module five- How to price your product


Aims
-Explains your drawings, personal survival budget and how to calculate it.


-Identifies the different types of business cost.


-Explains depreciation and how to calculate it.


-Explains how to cost a service product.


-Provides an overview of pricing and explains different methods of pricing.


-Explains breaking-even


Personal thoughts


Costing is more complex than I had first anticipated but it isn't all that difficult to do. Also Tax can be very nice if you can use it to your advantage effectively.


As the first £8000 you take for personal use from your business would be tax free, I thought it would be a great idea to use all the other money you make from your business for expansion to help your businesses profits skyrocket.