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Dentallabnetwork.com
Business Ideas
Lab expenses % please help
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<blockquote data-quote="CYNOSURER" data-source="post: 18652" data-attributes="member: 672"><p>Ah, this all goes back to what profit is. (and I said profit not margins)</p><p></p><p>If someone else owned your lab and paid you that six figure salary then what would his profit be? Well, his profit would be zero as, right now, everything you keep you're calling profit. Factor out a fair salary for yourself (or what you would have to pay someone(s) to do what you do in the lab now including technical, managerial, and accounting duties) and what you have left is your lab's real profit. If you're making $100,000 now, pay yourself $50,000 a year and your profit went from 60% to 30%. Pay yourself $96,000 and your profit is 4%</p><p></p><p>If you're like me your profit and loss statement doesn't report net profit it reports net income. My lab is non-profit. I have a four figure income ($25 x 52). My business partner (Mrs. cynosurer) takes the bulk of the net income as compensation for putting up with me. I think she's overpaid...she disagrees.</p></blockquote><p></p>
[QUOTE="CYNOSURER, post: 18652, member: 672"] Ah, this all goes back to what profit is. (and I said profit not margins) If someone else owned your lab and paid you that six figure salary then what would his profit be? Well, his profit would be zero as, right now, everything you keep you're calling profit. Factor out a fair salary for yourself (or what you would have to pay someone(s) to do what you do in the lab now including technical, managerial, and accounting duties) and what you have left is your lab's real profit. If you're making $100,000 now, pay yourself $50,000 a year and your profit went from 60% to 30%. Pay yourself $96,000 and your profit is 4% If you're like me your profit and loss statement doesn't report net profit it reports net income. My lab is non-profit. I have a four figure income ($25 x 52). My business partner (Mrs. cynosurer) takes the bulk of the net income as compensation for putting up with me. I think she's overpaid...she disagrees. [/QUOTE]
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