If you’re like me, always on the lookout for ways to make a little extra cash, then you’ve come to the right place. As blind people, we might not have the option to hop in a car and drive for Uber, but that doesn’t mean our entrepreneurial dreams should be limited. With a bit of creativity and support, there’s a whole world of side hustles waiting for us to explore.
Recently, I stumbled upon a golden opportunity that got me thinking. A simple Facebook post sparked an idea that I knew I could turn into a profitable venture. Someone was looking for a service to digitize old cassette tapes, and it hit me—I already digitize my own vinyl records, so why not expand that into a business?
Now, you might be thinking, “But where do I even start?” Trust me, it’s easier than you think. Let me break down my journey and show you how starting a bite-size business doesn’t need to be complicated.
My Idea
The first step was simple: find a high-quality cassette player. After a bit of research, I found the perfect one at a reasonable price. Remember, sometimes investing a little more in quality equipment can pay off in the long run.
Pricing
Determining the right price for my service was a bit tricky, but I settled on a fair rate that reflected both my time and the value of the service. Don’t undersell yourself, but also keep it reasonable for your potential customers.
The Process
Once I had everything set up, it was time to put my plan into action. From receiving the cassette tape to delivering the digitized files, I made sure to communicate clearly with my customers every step of the way. Setting expectations and delivering on promises is key to building trust and satisfaction.
Bookkeeping
Don’t underestimate the importance of good bookkeeping. Keeping track of your finances not only helps with taxes but also gives you valuable insights into the health of your business. Plus, with the right tools like Wave, it’s easier than ever to stay organized. Here are some reports I can use to clearly communicate the health of my business to the IRS, Social Security, or any other government agencies I may work with
Profit & Loss
This profit & loss report shows that this business isn’t yet profitable, but I’ll only need to work 7 more hours before that changes.
Profit and Loss
Analog Archivers
Date Range: 2024-01-01 to 2024-0205
| ACCOUNT NUMBER | ACCOUNTS | Jan 1 to Feb 5, 2024 |
| Income | ||
| Sales | $50.00 | |
| Total Income | $50.00 | |
| Total Cost of Goods Sold | $0.00 | |
| Gross Profit | $50.00 | |
| Operating Expenses | ||
| Computer – Hosting | $317.65 | |
| Computer – Software | $36.00 | |
| Merchant Account Fees | $1.05 | |
| Total Operating Expenses | $354.70 | |
| Net Profit | ($304.70) |
Balance Sheet
This balance sheet shows the value of the business if I was to close or sell it today. This includes the equipment I bought to run the business along with the cash I’ve received from customers.
Balance Sheet
Analog Archivers
As of 2024-02-05
| ACCOUNT NUMBER | ACCOUNTS | Feb 5, 2024 |
| Assets | ||
| Cash and Bank | ||
| 360 Checking (738) | $48.95 | |
| Total Cash and Bank | $48.95 | |
| Other Current Assets | ||
| Total Other Current Assets | $0.00 | |
| Long-term Assets | ||
| Equipment | $585.06 | |
| Total Long-term Assets | $585.06 | |
| Total Assets | $634.01 | |
| Liabilities | ||
| Current Liabilities | ||
| Total Current Liabilities | $0.00 | |
| Long-term Liabilities | ||
| Total Long-term Liabilities | $0.00 | |
| Total Liabilities | $0.00 | |
| Equity | ||
| Retained Earnings | ||
| Profit between Jan 1, 2024 and Feb 5, 2024 | ($304.70) | |
| Owner’s Equity | $938.71 | |
| Total Retained Earnings | $634.01 | |
| Total Equity | $634.01 |
Cash Flow Statement
This cash flow statement shows how much money I’ve had coming into, and going out of, the business. This can help me decide how much I can afford to invest in marketing, new equipment, and paying myself.
Cash Flow
Analog Archivers
Date Range: 2024-01-01 to 2024-02-05
| ACCOUNT NUMBER | CASH INFLOW AND OUTFLOW | Jan 1 to Feb 5, 2024 |
| Operating Activities | ||
| Sales | ||
| Sales | $50.00 | |
| Total Sales | $50.00 | |
| Purchases | ||
| Computer – Hosting | ($317.65) | |
| Computer – Software | ($36.00) | |
| Merchant Account Fees | ($1.05) | |
| Total Purchases | ($354.70) | |
| Inventory | ||
| Payroll | ||
| Sales Taxes | ||
| Other | ||
| Net Cash from Operating Activities | ($304.70) | |
| Investing Activities | ||
| Property, Plant, Equipment | ||
| Purchase of Equipment | ($585.06) | |
| Total Property, Plant, Equipment | ($585.06) | |
| Other | ||
| Net Cash from Investing Activities | ($585.06) | |
| Financing Activities | ||
| Loans and Lines of Credit | ||
| Owners and Shareholders | ||
| Owner’s Equity | $938.71 | |
| Total Owners and Shareholders | $938.71 | |
| Other | ||
| Net Cash from Financing Activities | $938.71 | |
| Overview | ||
| Starting Balance | ||
| 360 Checking (738) | $0.00 | |
| Cash on Hand | $0.00 | |
| Venmo – In Transit | $0.00 | |
| Total Starting Balance | ||
| Gross Cash Inflow | $988.71 | |
| Gross Cash Outflow | $939.76 | |
| Net Cash Change | $48.95 | |
| Ending Balance | ||
| 360 Checking (738) | $48.95 | |
| Cash on Hand | $0.00 | |
| Venmo – In Transit | $0.00 | |
| Total Ending Balance | $48.95 |
Marketing
Finding that first customer can be tough, but don’t despair. Start with your inner circle—friends, family, and acquaintances. Use free platforms like social media and business directories to spread the word. Yelp, for example, offers you 30 days of free advertising for creating your business profile. Finally, don’t forget to ask satisfied customers for referrals—they can be your best advocates.
Conclusion
Starting a business doesn’t have to be a daunting task. With a simple idea, a bit of effort, and the right tools, you can turn your skills into a profitable venture. And even if things don’t go as planned, remember that every experience is a learning opportunity.
So, what are you waiting for? Whether it’s digitizing cassette tapes, selling homemade crafts, or offering online tutoring sessions, there’s a world of possibilities out there. Take that first step, and who knows where it might lead you?
Here’s to uncomplicated success!
Cheers,
Chris Peterson, AFC®
Founder and CEO, Penny Forward
P.S. If you’re curious, feel free to check out my venture, Analog Archivers, at analogarchivers.com. And remember, I’m always here to offer support and advice along the way.
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