all you have and don’t restock it the money in your...
TRANSCRIPT
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1. Open a separate personal checking account for your Mary Kay business. (Not a business account, a personal checking with a debit card. Label it Mk Account, This account is where you are going to put your MK Money only). 2. Use a separate credit or debit card for placing orders or for other Mary Kay expenses. Ideally, after your first initial inventory investment, you should be paying with all your orders by cash from the orders you are receiving. Keeping this money separate from your other monies is very important. 3. Make as large as possible investment in your inventory so you will save time and make more money - there is no risk with your buyback guarantee! Be sure to invest in a package in your first two months of business for the maximum in free products. 4. Follow rules of reinvestment and restocking inventory. Do not embezzle from your business. You make 50% not 100%. The object of inventory is to restock and resell (if you sell all you have and don’t restock it you will be out of business). If you spend all the money you are bringing in on other things you will not be able to place your orders. Tip always put all the money in your account before you spend it or do anything else with it. 5. Use the 60/40 Split in handling your money. It’s important to know you are in business for yourself, therefore, you need to treat as so. All businesses have expenses to run. Handling these expenses and making profit at the same time is what the 60/40 does.
x How it works: For example: 100% is brought in (along with tax), 50% always goes to restocking your inventory. 10% should be allocated for business expenses (this can includes meeting dues, section 2 supplies, etc.) That gives you 40% left. (60/40) This 40% is what you
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profit in a smart not hard business sense. x It’s from the 40% that you will either pay off your inventory (some
people take 20% until it’s paid off) and or beef up your inventory if you did not come in with the desired amount of inventory you wanted...
x >>Here some people take an additional 5% to pay for Preferred Customer Program and another 5% to save for events like Career Conference or Seminar.
x >> Some take another 5% to pad their business to help them stock up on more items around our 4 quarters in Mary Kay, to be able to get new previewing products, our new limited edition products.
x *Remember your taxes; don’t spend the portion you collected for sales tax. The money you collect for taxes will go back into repurchasing the product so you don’t have to come up with the tax money.
Simple Bank register would look like this:
Deposit 100% + tax amount
100% Tax amount 50% restock, inventory
10% business 40% profit
If I collected $100 w/ 6% Sales tax
$106.00
$100.00 $6.00 $50.00 $10.00 $40.00
If I have a loan or want to make sure I am saving for PCP or travel like seminar & career conference
$106.00 $100.00 $6.00 $50.00 $10.00 I make 40 Profit but I want to divide this
5% PCP
5% Events
Gives me 30% Profit
If I wanted to make sure my Inventory Investment loan was being handled this same way I would do something like this
$106.00 $100.00 $6.00 $50.00 $10.00 I make 40 Profit but I want to divide this
5% PCP
5% Events
20% Inventory
Leaving me with
20% profit my inventory is paid off
x Paying your inventory investment some people divide a portion of their profits to pay it. Others take their first class of every month and take the entire 40% and pay it to their inventory investment loan. It’s simpler this way, giving you more room with your profit on all your other classes. Key is to book classes.
6. Get an expandable accordion file divided into categories and place
expense receipts in it daily. Total at end of each quarter and then put the totals for each category on the business expense tracking register. Keep receipts for everything - these are your tax deductions!
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7. Complete a Weekly Accomplishment Sheet through Mary Kay Intouch online every Sunday PM. Send a copy to me through the internet. Keep a copy for yourself in an expandable accordion file divided into months and staple the applicable weekly sales receipts to it. 8. Have a sales goal for yourself each week, than PAY YOURSELF at the end of the week. There is something gratifying in knowing you are paying yourself, and writing yourself a paycheck. (Remember to only pay yourself the 40%) 9. Have a goal beyond paying bills. Have a goal of something that you are going to get yourself at the end of the month or end of the quarter. From your hard work you are going to pay for it by your MK Profits. It’s a proven fact that we will work harder for something fun than paying a bill. It’s in the process of working for this something fun that you get the extra to pay the bills 10. We’ve been talking PROFIT from your Sales; however, don’t forget there are also commission checks you can earn by moving up the Career path. Always know where you are on the career path, what the next level is and what you have to do to get to that level. Moving up the career path has been proven to give you an income that keeps coming when you continue to build your team. 11. It’s in your Daily Activity that you will receive your long term goals. Be willing to create the daily disciplines, the weekly efforts and work to get the appointments on your books, to achieve your goals. Never miss training, trainings help us become emotionally healthy in our business as well as develop our skill, which in turn helps us make more money.
x If you are running your business on emotions I will show you a bank account with a big fat zero in it. Show me a woman, who daily goes out and does her daily activity, stays focused and consistently puts herself out there, and going to trainings I will show you a person who will achieve her goals. Is happier and has a positive perspective on her business. I will also show you person who is on the datebook and is making month (never fall off the datebook)
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Read good books like: x “Think and Grow Rich” (by Napoleon Hill) x “The Mary Kay Biography” (by Mary Kay Ash)
x “Rich Dad Poor Dad” (by Robert T. Kiwyosaki) x People Management (by Mary Kay Ash) x Three feet from Gold (by Sharon L. Lechter CPA, Greg S. Reid and Mark Victor
Hansen) x The Dream Giver (by Bruce Wilkerson) x The Prayer of Jabez (by Bruce Wilkerson) x The 4.8 Principle (by Tommy Newberry) x How to Win Friend and Influence People (by Dale Carnegie) x "The Power of Positive Thinking". (by Dr. Norman Vincent Peale) x The Greatest Salesman in the world (by Og Mandino)
I have found our money and how much we make is a direct reflection of how we think and what we are thinking. It’s important to always keep a positive, expectant attitude. To be filling yourself with positive books that help you make shifts in your thinking. Don’t let the little upsets that come discourage you. We all get cancellations, we all have appointments that sometimes don’t go as well as we would like; however, those are far and few when you are working your business consistently and with a positive mind frame. Mary Kay used to always say you get what you think about. What are you thinking? 12. Profit is it in your plans? Your efforts to carry out the plans and to keep yourself on the datebook are vital here. The 3+3+3 plan. Three skin care classes a week, three career chats a week HELD (not booked, you have to book 5-6 to get 3 to hold) and striving for a $300 PROFIT week. That’s a great weekly plan to strive for! It’s also an average of $600 in sales! Work by the 3+3+3 Plan and stick to it. Do whatever you have to do to keep it and you will not only be making money, you will also be moving up! 13. Face to face we go place to place. The indication of how fast you will move up and how many times you will be collecting cash is found in the time between each of your appointments! (Don’t let too much time go in between your appointments).
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Helping even further: x A great leader in money Management is Dave Ramsey. I encourage
you to find a financial peace course near you (churches mostly will be holding these). This is a great course in household finances. Understand handling your household money is different than handling your business money (another reason to have a separate account). He teaches the snowball effect to paying down debt and the envelope concept to “spending your money on purpose” or having a place named for were all your money goes” it’s amazing, I recommend it to everyone.
o On a side note: in personal finances I like to go by the 10/10/80 rule 10% of my PROFIT/Commissions/bring home pay goes to thieving, 10% to saving and live on the 80 percent.
x Some great programs to help you can be Ascend Financials money
program for consultants. It divides up your money in an envelope system (one Dave Ramsey teaches on and how we showed you to divided your MK money above) in a computer program.
x You can also go to thepinkplan.com. This is a site designed for consultants to put together a business plan (from Ascend Financials). They also have program for consultants called Pink Office it helps with inventory and customer management.
x MainStsoftware.com has a program called BLVD, it’s a software
program for Consultants it helps with receipt, inventory and customer management (it is the one I use).
x Or you can go to Unitwise.com this is an online bases support system.
x Have a good tax accountant (no regular CPA or Tax preparation
place will do). Make sure they are equipped in the laws of stay at home businesses. Because having a stay at home business is amazing and can yield some great tax deductions and help with taxes at the end of the year.
Keep in mind what Mary Kay used to always say “nothing happens until someone sells something” You have an honorable position, one of a sales person. People are always buying or selling something, and here you get to offer a service to women of making them feel better about themselves, showing amazing products and sharing this amazing marketing plan. The more you ask the more you share the more you will make. The more you follow up, the more you follow through, and the faster you will
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The Importance of Keeping Accurate Records
Why Recordkeeping is Important Accurate, up-to-date records are vital to your Mary Kay business. They will help you keep your Mary Kay business organized and may even save you money on your income taxes. If you do not keep accurate records, you may miss deductions to which you would otherwise be entitled. In the event of an audit, if your records are inaccurate, poorly kept or in disagreement with your tax return, you may have to pay additional taxes. Basic Recordkeeping Guidelines Here are some suggested basic record-keeping guidelines:
1. Keep your business expenses separate from your personal expenses. You may want to open a separate checking account for your Mary Kay business and consider obtaining a credit card to use strictly for business expenses. The advantage of doing this is to make your record keeping easier. You will know that all the income deposited into your business account is Mary Kay earnings and all checks written or purchases made using your business credit card are Mary Kay expenses. Keep all monthly statements and deposit slips.
Use of the words Mary Kay, Mary Kay Cosmetics or MK on your accounts is not authorized with the exception of those offered through MKConnections®.
2. Maintain a daily business log. A daily record of your business activities is
critical for supporting various types of business expense deductions you may want to claim. You will want to record details of all appointments and business expenses in this daily log as well as your business mileage. You may want to use your datebook or daily planner as your business log.
3. Save all Mary Kay business-related documents and records. Any document
or record that supports income or an expense is a supporting document and should be retained. You might want to organize these documents or records in some kind of filing system. The Records Checklist that follows this section provides examples of what records to keep.
4. Retain all records for a sufficient length of time. Supporting documents
should be kept as long as they may be needed to verify amounts on a tax return, at least four years, perhaps more. Check with your personal tax advisor before throwing out any documents.
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Records to Keep Regarding Income To support information about your income, you’ll want to maintain accurate and detailed records, which include, but are not limited to:
Sales tickets - Your copy of the sales ticket is your most detailed source of information regarding personal sales. Weekly Accomplishment Sheets are not a substitute for sales tickets as tax documentation. Form 1099-MISC - If you order more than $5,000 in wholesale merchandise during the calendar year, or receive $600 or more in commissions, prizes or awards, you will receive a Form 1099-MISC from the Company. More information about Form 1099-MISC can be found in the section discussing Schedule C.
Income Advisory Statement - All Independent Beauty Consultants and Independent Sales Directors who receive either a Form 1099-MISC from the Company or prizes/awards in excess of $200 will receive an Income Advisory Statement. More information on Income Advisory Statements can be found in the section discussing Schedule C.
Monthly Consultant Statement - The Company sends you a monthly Consultant statement if you have personal team members or any balance due the Company. You should keep a file of these detailed statements as documentation for your Mary Kay income. More information on Monthly Consultant Statements can be found in the section discussing Schedule C.
Independent Sales Director Commission Schedule – This schedule provides detailed support for the Sales Director commissions reported on Form 1099-MISC and should be retained for tax purposes. Bank deposit slips and bank statements – You may want to deposit all Mary Kay income in your business bank account and keep all deposit slips. It is also recommended that you keep your monthly bank statements.
Records to Keep Regarding Expenses Inventory and Product Sales To support any deductions regarding inventory and product sales, you should retain copies of the following records or documents:
Independent Beauty Consultant order forms - Keep a copy of each order form you send to the Company for product purchases. It is also a good idea to keep printed copies of all Mary Kay InTouch® online orders. Packing Slip/Invoice - Each time you receive merchandise from the Company, a packing slip accompanies the order, which details the product you bought as
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well as the taxes and freight you paid. You should check this packing slip against your Consultant order form. If merchandise has been back ordered (scheduled for later shipment to you because of unavailability), more than one packing slip will be necessary for you to reconcile the order. You may want to file your packing slips with the corresponding Consultant order form.
Personal use records - Personal use of inventory includes all non-business uses of products—consumption by you and your family for personal skin care, gifts to family and friends, etc. Inventory you withdraw for personal use is not deductible, so you’ll want to take care that your business inventory is not depleted for personal use.
A good way to keep tabs on personal use is to use a Consultant order form clearly marked “Personal Use” to record items withdrawn. Keep these forms to substantiate personal use for your tax return. Copies of money orders, cashier’s checks, credit card receipts for product purchased - It is important to keep copies of your money orders, cashier’s checks and credit card statements to support inventory purchases. Inventory counts – For tax purposes, you should count your inventory on or as near as possible to December 31. More information about inventory can be found in the section discussing Schedule C, Part III, Cost of Goods Sold. Record of product given as hostess gifts - Keep a record of the cost to you of Mary Kay® products you give as hostess gifts or as gifts-with-purchase under the Preferred Customer Program. A good way to keep track is to record these items on sales tickets and indicate “hostess gift” or “gift-with-purchase.” There are two important reasons for this:
1. If you should ever be audited, these records will help you prove business
rather than personal use of inventory. 2. As a businessperson, you should know what this form of incentive has
cost you during the year. Non-recovered sales tax - Independent Beauty Consultants may prepay sales taxes that are not reimbursed by the customer, such as product discounts, hostess gifts, gifts-with-purchase and differences in sales tax rates. More information about non-recovered sales tax can be found in the section discussing Schedule C, Part III, Cost of Goods Sold.
Business Use of Your Home To support any office-in-home deductions, you will need to retain copies of records, documents and receipts for the following:
• Repairs and maintenance of your house
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• Insurance premiums • Mortgage interest • Rental payments • Painting and roof repairs • Real estate taxes • Utilities
Automobile Expenses Deducting automobile expenses requires good recordkeeping. The most important documentation is a record of your actual business miles. You need to be able to prove that these miles were driven for business. The Company strongly suggests that you maintain a mileage log to help you satisfy these recordkeeping requirements. Mileage logs may be obtained at any office supply store.
You should make each entry in the log at or near the time when you use your car for business, and each entry should specify:
1. The date and use of the automobile. 2. Number of miles driven. 3. Purpose of the trip (e.g., a selling appointment).
You should also record your odometer reading on the first and last days of the year so you can determine total miles driven during the year. This way, you will have to keep records of business miles only (and the mileage related to the first and last business stop), not all of your driving miles. If you use more than one car for your business, you must keep separate records for each vehicle.
In addition, depending on which expense method you choose, you may need to keep all receipts or other documents (cancelled checks are not sufficient) such as:
• Gas (consider using a credit card) • Repairs • Tires, oil, supplies, etc. • Lease payments • Car insurance payments • Registration fees • Interest on car loan • Parking fees and tolls • Personal property tax • Cost of your automobile for the depreciation deduction described under Form
4562 – Depreciation and Amortization.
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More information on automobile expenses and expense methods and information if you drive a Mary Kay career car can be found in the section discussing Schedule C, Part II, Expenses.
Business Travel It is your responsibility to prove that any given trip is primarily for business. Your datebook or daily planner is an important tool for documenting any business travel expenses. You’ll want to use it to record each selling appointment or team-building appointment held at your destination. Tax regulations require you to record the following specific information about deductible travel expenses:
1. The amount you spend each day on transportation, meals, lodging, cleaning and
laundry, phone calls, etc., totaled into reasonable categories, such as “tips” and “taxis.” Be sure to obtain and save receipts or other documentation to support these amounts. A cab driver will give you a receipt if you ask for one, as will any restaurant.
2. The time spent on business activities. 3. The dates of departure and return and the number of days spent on business. 4. The destination, designated by the name of the city, town, or similar description. 5. The business purpose of the trip or the business benefit gained or expected to be
gained as a result of the travel. 6. If the travel purpose is to attend a Mary Kay event, it is helpful to retain handouts,
meeting agendas, etc. to document this travel. More information regarding deductible business travel expenses can be found in the section discussing Schedule C, Part II, Expenses.
Business Meals and Entertainment Recordkeeping is especially important for business entertainment expenses because a deduction may be completely disallowed if you have not kept proper records. Your datebook or daily planner should contain the following information:
1. The amount and a description of each separate expenditure. 2. The date, time and place the entertainment was provided. 3. The business purpose, including a description of the business benefit derived. 4. The identity of the participants and their business relationship to you.
If the entertainment was associated with your business, you must also record: 1. The date and duration of the business discussion preceding or following the
entertainment. 2. The place where the business discussion was held.
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3. The nature of the discussion and its purpose as well as the benefit derived or expected from the discussion.
4. The identity of the people entertained who participated in the business discussion.
Maintain receipts to support your expenditures. A cancelled check is generally not sufficient documentation. More information regarding deductible business meals and entertainment can be found in the section discussing Schedule C, Part II, Expenses. Other Business Expenses Here is a list of the expenses that may be deductible and the records or documents you will need to retain to substantiate some of these expenses:
Advertising costs To support a deduction for advertising, you should retain: • The packing slips/invoices from your orders of Section 2 sales literature, such
as The Look brochure and copies of your Preferred Customer Program enrollment forms and online enrollment confirmations.
• Receipts for other expenditures such as printing of business cards, newspaper ads, greeting cards you send to customers, and cost for participating in the Mary Kay® Personal Web Site program.
Bad debts from sales or services – In the unlikely event that you have a problem with a bad debt, such as a returned check or a refused credit card payment, you should document: • The existence and nature of the debt. • That the debt corresponds to an item you previously or currently reported as
income (original sales ticket). • That there is reason to believe that you will never collect the debt (document
phone calls and other attempts to collect). Commissions and fees - Any dovetail commissions you have paid can be deducted on this line. You’ll want to support these deductions with entries in your datebook and on a sales ticket. Product and liability insurance - Keep any cancelled checks, invoices, receipts from money orders or cashier’s checks and credit card receipts used to purchase insurance. More information about deductible insurance can be found in the section discussing Schedule C, Part II, Expenses.
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Interest on business loans - Keep all bank statements showing the amount of interest you paid as well as documentation that shows the business purpose of the loan or other indebtedness. Legal and professional services – Keep all receipts and statements related to professional services such as accountants and lawyers. Office expenses – This includes office supplies such as stationery, paper clips as well as postage stamps, etc. As always, keep receipts. Rent on business property - Keep all rental and lease agreements and cancelled checks or credit card receipts to support a leased Mary Kay office or office-in-the-home deduction. Repairs and maintenance on office equipment - Keep all receipts for repairs and maintenance related to business equipment such as copiers and computers. Taxes and licenses – Proper supporting documents will vary, depending on the type of tax. Keep all receipts, packing slips/invoices, copies of tax returns, statements, cancelled checks, etc. Supplies - Keep copies of Section 2 supply orders sent to the Company and the packing slips/invoices returned with your orders, along with receipts for any other supply purchases such as cotton swabs and cotton balls. Business telephone – Documentation should be kept for all long-distance calls. It may be helpful to keep a log of these calls and include the name of the person who was called, the business nature of the call and the phone number. If you have call waiting or a second phone line, which is used only for business purposes, retain your bills to support the deduction. Wages paid to an assistant or household help – You should contact your personal tax advisor for advice on this matter. Dues and publications - Keep copies of your bills for these items and your cancelled checks, charge receipts, or other receipts to support this deduction. Freight – You should retain receipts of any freight expenses incurred in your business.
Preferred Customer Program – The cost of Preferred Customer Program premiums is deductible. If the premium is a Section 1 product from your inventory, you will want to treat it as if it were a cost-of-goods-sold deduction and record these items on sales tickets, indicating “gift-with-purchase.”
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Record Checklist Income
Inventory &Product Sales
Business Use of Your Home Expenses
AutomobileExpenses
___Sales tickets ___Form 1099-MISC ___Income Advisory Statement ___Monthly Consultant Statement ___Independent Sales Director Commission Schedule ___Bank deposit slips and statements
___Consultant order forms ___Packing Slips/Invoices from product orders ___Personal use records___Record of product given as gifts
___Copies of money orders, cashier’s checks, credit card receipts for product purchased ___Year-end inventory counts ___Non-recovered sales tax
___Repairs and maintenance receipts ___Insurance premiums ___Mortgage interest ___Rental payments ___Painting and roof repairs receipts ___Real estate taxes ___Utilities
___Business mileage log ___Gas receipts ___Repair bills ___Tires, oil, supplies, etc. ___Lease payments
___Car insurance payments ___Registration fees ___Interest on car loan ___Parking fees and tolls ___Personal property tax ___Cost of vehicle for the depreciation deduction
___Lodging ___Meals ___Transportation ___Cleaning and laundry expenses ___Business calls ___Tips related to above expenses
___Advertising ___Proof of bad debts___Product and liability insurance ___Interest and loan documents on business loans and credit cards ___Legal and professional services (personal tax advisor) ___Office expenses ___Repairs and maintenance on office equipment
___Supplies ___Taxes and licenses ___Business telephone bills ___Wages paid to an assistant/household help ___Dues and publications ___Freight bills ___Preferred Customer Program premiums ___Hostess gifts___Rent on business property
Business Travel Expenses
Business Meals and Entertainment
Other Business Expenses
___Meals ___Entertainment
Record Checklist
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1. Take inventory of all section 1 wholesale merchandise on your shelf as of Dec. 31 $__________ (Use your Consultant Order Sheet to record totals, add up the retail amount, then figure the discount at which you ordered during the year to give you the wholesale amount – 40, 45 or 50%)2. Go-Kit cost if you are a new consultant during the year. $__________3. All retail sales income from beauty appointments and reorders. $__________4. All other income. (4-13% checks, and other prizes and commissions from 1099 form). $__________5. Inventory carryover from last year $__________ (Wholesale inventory on your shelves as of Dec. 31 the year before.)6. Business Expenses: - Section 1 wholesale purchases for the year (On computer sheets from the company) $__________ - Section 2 business supplies (on computer sheets from the company) $__________ - Sales tax paid to the company on product purchases (on computer sheets) $__________ - Freight charges on product orders $__________ - Non-collected sales tax on gifts, discounts and personal use items $__________ - Products used for personal use at cost $__________ - Products used for demonstration purposes at cost $__________ - Office Expenses $__________ - Business supplies $__________ (Includes magazines & publications) - Discounts & hostess credits at retail value $___________ - Items used as gifts at cost $__________ - Product refunds at retail value $__________ - Bad debts (Money not collected on product sold) $___________ - Promotions and contest expense $__________ - Laundry for dry cleaning of business attire $__________ - Bank service charges $___________ (money orders, cashiers checks, Visa/Mastercard/Discover card fees, checking charges) - Interest paid on business loans or Mastercard/Visa/Discover for inventory and expenses $___________ - Advertising & Preferred Customer Enrollment & Premium fees $__________ - Postage & Express mail $___________ - Labor $__________ - Meeting expenses, workshops, conferences and seminars $____________ - Cost of Director suit or Red Jacket $___________ - Obsolete products (discarded) at cost $___________ - Accountant fees $___________ - Auto expenses $___________ - Total business miles driven ___________ - Gasoline expense $___________ - Travel expense Plane, public transit, taxi $__________ Lodging $__________ - Entertainment & Meals $__________ (interviews, luncheon meetings, and meals while traveling, etc.) - Charity donations $___________ - Legal expenses $___________ - Office rent or depreciation $__________ - Office Equipment $___________ - Telephone $____________ (include voice mail, Voice-Tel, cellular, etc.) - Utilities $___________ - Insurance $___________ - Product replacement insurance $___________ - Medical $_____________ - ________________________________________
Income Tax Preparation for your Mary Kay Business
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Income Tax Deductions Made EasyI was audited one year, and the IRS agent said that my records were excellent, so we know these tips work. Your income tax records can be completed in just a few minutes at the end of the year using these ideas and the Income Tax Preparation Sheet.
Use a consultant order sheet to take inventory of your product inventory (Section 1) as of December 31. Be sure to count products ordered, but not yet received at the end of the year, and product loaned to another consultant. Having a big stock at the end of the year is good for tax purposes. Count all the cleansing creams together and record on the order sheet, the same for each other group of products, no matter what the color or formula. This makes counting fast, and is something you can delegate out for someone else to do. Figure the retail value of the products using the Summary portion of your order sheet, and then figure the discount at which you purchase your products. That figure is the wholesale value of the products on your shelves that you will record.
Use a consultant order form to record the products you will use for your personal use. Add them up at the end of the year as above, and also figure non-collected sales tax on the retail amount that you can use as a tax deduction.
Purchase 12 large manila envelopes and label one for each month of the year. Place all your income and expense records for each month of the year, such as statements and receipts, weekly accomplishments, sales tickets and computer printouts you receive with your orders in the envelope for that month. Also include cancelled checks or bank statements for that month from your Mary Kay bank account, and your business charge card statement to document your charged expenses.
During the year write up all products used as gift items on sales tickets. Record the retail amount and amount at cost on the ticket. Keep track of the non-collected sales tax (the amount you prepaid in tax on those products). You can record gifts and non-collected sales tax as part of your Weekly Accomplishment sheet each week, and place the sales tickets in your large manila monthly records envelope as backup records.
Keep the computer sheets you receive with your product orders. They are records of your product purchases during the year, as well as section 2 and sales tax paid.
Use the bank ledger in your Career Essentials materials to keep track of your business expenses. Add in your cash expenses at the end of each month. At the end of the year, all you have to do is put the numbers in the correct categories and add them up.
Keep track of all hostess credits and customer discounts. It is a good idea to charge sales tax on the full retail value of their order, since you already paid the tax on those products when you ordered them.
Carry some petty cash with you from your profits for those items you don’t want to pay for by checks from your MK account. Record cash expenses in your datebook right away, and transfer to your business ledger at the end of the month. Example, lunch with your team member. Record the amount, reason for the lunch and whom it was with, so you have a record to back up your expense. Cash expenditures can add up, so keep track.
At the end of the year, record your ending odometer reading from your car, and place your mileage log and car expenses log with your other records for the year.
Use the Income Tax Preparation sheet, which appears in your January newsletter for compiling numbers for your income tax accountant. With the backup records, you’re all set.
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SPECIALIZING IN SMALL BUSINESSES & TAXES
Name Year________ If this is your first year - Give Start Date________
MARY KAY WORKSHEET
THIS IS AN INFORMATION WORKSHEET FOR OUR CLIENTS CALL IF YOU HAVE QUESTIONS.
Total Sales (Including Tax) Commissions Prizes Beginning Inventory (At Your Cost) Section 1 Purchases (Your Cost - From Packing Slips) Personal Use Product (Your Cost - Unseen - Physically Can Not See) Closing Inventory (At Your Cost) Advertising (PCP, PINK!, etc.) Telephone and Communication Expenses: Insurance on Mary Kay Product Mary Kay Long Distance Interest on Loan or Credit Card Second Phone Line Dry Cleaning Home Phone Add-ons Legal and Professional Cell Phone Office or Bookkeeping Expenses Voice Mail Weekly Meeting Fees Internet Access Supplies Sales Tax Paid (From Packing Slips) Current Year Assets Purchased: Travel Expenses Date Amount Description Meals and Food Bank Charges on Mary Kay Account Propay Fees Dues and Publications Postage Freight Expense (From Packing Slips) Section 2 (From Packing Slips) Workshops Misc. (description) Vehicle Expenses: Total Vehicle Miles Total Mary Kay Miles Purchase Price Gas, Oil, Repairs, etc. Tags Lease Payments Interest on Loan Insurance Office In Home Expenses:
Utilities (Gas, Electric, Water, Sewage, Garbage & Cable) Telephone Base Rate (For the Year) Insurance (Homeowners or Renters) Rent for Renters Repairs and Maintenance Real estate Taxes Mortgage Interest Sq. Foot Of Home or Apartment Sq. Foot of Mary Kay Usage Cost of Home Purchase Date
519 E. LEWIS & CLARK PARKWAY CLARKSVILLE, IN 47129 (812)283-9385 - FAX (812)283-9380 - (800)988-7324
www.accountingunlimited.com
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Tax Worksheet for the Month of _______________
Total
Income
Gross Receipts or Sales Sales of Mary Kay® product
Returns and Allowances Retail amount of product returned to you for refund or exchange
Cost of Goods Sold Amount of Section 1 wholesale product purchased from the Company, shipping/handling paid to the Company and amount of product given as hostess gifts/personal use
Other Income Commissions, prizes and awards earned from the Company and fair market value of prizes/awards received from others
Expenses
Advertising Company-produced sales literature, business cards, newspaper ads, Mary Kay® Personal Web Site program, names submitted for Preferred Customer Program, etc.
Car and Truck Expenses Business portion of gas receipts, repairs, maintenance, tires, oil, interest on car loan, parking fees, tolls and auto property tax
miles
Commissions and Fees Dovetail commissions and amount of prizes awarded to others
Insurance Mary Kay® product protection insurance and general liability only
Other Interest Interest on business loans and business credit cards
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Legal/Professional Services Fees for business-related accounting, tax and legal services
Office Expenses Business-related office supplies and postage stamps
Rent on Vehicles, Machinery and Equipment Business portion of auto lease expenses plus any leased office equipment
Rent on Other Business Property Rent or lease on office, if separate from home
Repairs/Maintenance Cost of repairing equipment used in your Mary Kay business
Supplies Cost of sales aids, Section 2 items and other sales appointment supplies (i.e. cotton balls), Starter Kit, etc.
Taxes and Licenses Business & occupation taxes, gross receipt taxes , local business licenses and non-recovered sales tax
Travel Business travel expenses such as transportation, lodging, tips, convention fees, etc.
Meals and Entertainment Meals from business travel and meals & entertainment directly related to your Mary Kay business ( 50% is allowable)
Utilities Long distance business calls, business portion of additional phone features such as call waiting and cost of a second phone if dedicated solely for business use
Wages Hourly wages or salary paid for office assistance. Please note that such payments are considered wages subject to withholding and reporting requirements. There are additional complexities for wages paid to a spouse or children or domestic help. It is recommended that you contact your personal tax advisor for advice on these matters.
Other Expenses – Bank Service Charges Service charges on business bank and credit card accounts, money order fees, credit card processing fees
Other Expenses – Freight Charges for shipping product to customers, team members, etc.
Other Expenses – Gifts-with-Purchase Cost of most Preferred Customer Program premiums
Other Expenses – Hostess Gifts Other than Mary Kay® Products Cost of Section 2 items given as hostess gifts (limited to $25 or less)
Other Expenses– Bad Debt Returned customer checks or refused credit card payments that you are completely unable to collect
Other Expenses Any other miscellaneous business expenses not already listed
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Expenses for Business Use of Home Maintenance, repairs, utilities, taxes, mortgage interest, etc.
The tax worksheet is intended to be used for general informational purposes only. It is not intended to be and shall not be considered tax advice. We recommend that you consult your tax/legal advisor with expertise in your local area to ensure that you are in compliance with federal, state and local laws.
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Mary Kay Independent Beauty ConsultantIncome tax summary for 2014
Income:Sales $ Total of all sales tickets, including sales tax, minus any refunds paidCommissionsPrizes and awards
Cost of product sold:Section 1 purchases $ Total from packing slips at wholesale, without tax or shipping chargesPersonal use Product used personally or given away (not a deduction)Beginning inventory Total inventory on hand, at your cost, on January 1 (on last year's tax return)Ending inventory Total inventory on hand, at your cost, on December 31
Expenses:Advertising PCP, Section 2, booths, MK website, MK ImpressionsPrizes Prizes given to other consultants, team membersInsurance Product replacement, business liability (not health insurance)Interest expense Credit card, business loanProfessional services CPA, lawyer, bookkeeping Office expenses Items that stay in office (paper, pens, planner, stationary, printer supplies, software, equipment)Child Care Amount paid to sitters/day care during times holding MK appts or on MK tripsRepairs Repairing business equipment (copier, computer, fax)Supplies Sales aids/items you take to parties, etc. (cotton balls, swabs, bags, mirrors, paper plates)Sales tax Paid on inventory purchases (total from packing slips)Travel Airfare, hotel, rental car, taxi/shuttle fares, parking, tips, meals while on long distance MK tripMeals & entertainment Breakfast, lunch or dinner meetings locallyWages or casual labor Office assistants, housekeepersTelephone Second line & long distance on home phone, cell phone, intelliverseInternet Monthly service chargeBank & propay fees Mary Kay bank account, Propay feesDues & subscriptions Magazines, professional groups, chamber of commerce, networking groupsWorkshops & seminars Registration fees & educational materials, meeting fees, CD's, InciteUniform & dry cleaning Red jacket, logo clothing, dry cleaningPostage & freight Freight on inventory purchases (total from packing slips), stamps, shipping packagesHealth Insurance ___________ If self-employed and pay your own
Vehicle expenses:Make, model, year (2014 Ford Mustang)Date placed in service Date you signed your MK agreement & beginning mileage reading on that day: ____________Purchase price Only applicable if you own the vehicle (not Mary Kay car or leased car)Mary Kay miles Deduction equals 56.5 cents per mile for 2012 (can track in your datebook)Total miles driven Record your car mileage reading as of Dec. 31st: ________________GasolineRepairs & maintenance Includes new tires, car washes, battery, parking, On StarInsuranceProperty tax Paid once a year to county clerkInterest on car loan Only if you own the vehicle
Home office expense:Cost of home Original cost plus improvements, excluding cost of land (or lot)Square footage of homeSquare footage of office Includes inventory storage space plus 3 foot walkway to nearest outside exitMortgage interest Reported to you by your bank or lenderProperty taxesHomeowners insurance Renter's insuranceRepairs & maintenanceUtilities Gas, electric, water, garbage, cableRent If renting a home or apartmentOffice improvements Paint or carpet in "office", shelving for storage, etc.
MJM Tax & Accounting ServicesMark J. Milslagle 705 Brookstone Court, Lexington, KY (859) 806-5607 [email protected]
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Quarter/Year: FirstQuarter
Second Quarter
Third Quarter
Fourth Quarter Annual Total
*For automobile expenses, you may either itemize your expenses or list your total miles driven.
Miscellaneous
Banking
Other
Automobile*Legal / Accounting FeesDebt
Total Miscellaneous Expenses
Independent Beauty Consultant Expense Tracking Form
Events / Entertainment
Communication / Office
Products / Sales / ClassesProduct / Section 1 ItemsCustomer Product RefundsDovetail ExpenseHostess Gifts / Section 2 ItemsNon-Recoverable Sales TaxPersonal Use Product (w/o tax)Other
Total Products / Sales / Classes Expenses
Mary Kay® Personal Web Site SubscriptionPreferred Customer NamesDues / PublicationsLetters / CardsOffice ExpensesPostage / FreightPrinting / Copying / FaxingSuppliesTelephone / Long DistanceOther
Air / Hotel / TransportationCareer Conference / SeminarMeals / Entertainment
Total Communication / Office Expenses
Total Events / Entertainment Expenses
Total Banking Expenses
Other
Bank Service ChargeBusiness Loan PaymentCredit Card Processing Fees
Total ExpensesNot all categories represented above reflect items deductible on your individual tax return. Please consult your personal tax adviser.
OtherOther
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I n d e p e n d e n t B e a u t y C o n s u l t a n t
E x p e n s e Tr a c ki n g F o r m
5 . 1 9 S u c c e s s T o o l s
Products / Sales / Classes Second QuarterFirst Quarter Third Quarter Fourth Quarter Annual Total
Bad Debt
Child Care
Customer Product Refunds
Dovetail Expense
Hostess Gifts / Section 2 Items
Non-Recoverable Sales Tax
Personal Use Product (w/o tax)
Preferred Customer Names
Professional Wardrobe
Communication / Office
Dues / Publications
Letters / Cards
Office Expenses
Postage / Freight
Printing / Copying / Faxing
Supplies
Telephone / Long-Distance
Events / Entertainment
Air / Hotel / Transportation
Career Conference / Seminar
Meals / Entertainment
Other
Banking
Bank Service Charge
Business Loan Payment
Credit Card Processing Fees
Miscellaneous
Automobile
Legal / Accounting Fees
Other
Total Expenses
Not all categories represented above reflect items deductible on your individual tax return. Please consult your personal tax adviser.
Quarter/Year
Please note:The Company grants all Mary Kay Independent Beauty Consultants a limited license to duplicate this document in connection with their Mary Kay businesses.This item should not be altered from its original form.
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Entering(your(Weekly(Accomplishments(on(InTouch!
!
There!is!a!great!feature!on!InTouch!that!allows!you!to!report!your!Weekly!Accomplishments!to!your!Director!in!a!few!short!steps.!!When!you!+)��*������!"/����%#&�)�#�$*)����*+(�3�/%+7""������"��*%�(�&%(*�/%+(�weekly!sales,!upcoming!appointments!and!any!questions!you!have!about!your!business.!!Please(be(sure(to(find(out(what(day(your(Director(requests(your(Weekly(Accomplishments.((
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If you choose to complete weekly accomplishment sheets, the following instructional information provides suggestions on how to fill them out.Please note:The weekly accomplishment sheet is not a complete summary for income tax or accounting purposes.
Orders Submitted to Company This Week
$______________________ Section 1 wholesale
$______________________ Section 2 at cost
NO. OF SALES (LESS TAX)SKIN CARE
NO. OF SETS SKIN CARE PREF. CUST. HOSTESS PRODUCTCALLS/ SOLD CLASSES/ ONLINE/ PROGRAM GIFTS/ GIVEN AWAY
TIME GUESTS NO. OF (BASIC, FACIALS/ PERSONAL SHOWS MAILINGS/ GWP AT AT SUGG. NON-FOR APPOINTMENTS INVESTED (INCLUDE NO. OF BOOK- TIMEWISE®, COLOR ON THE GO WEB SITE (COLLECTION REORDERS/ COST* RETAIL RECOVERED
DATE/TIME LIST HOSTESS NAME, ADDRESS, TELEPHONE NO. (HOURS) HOSTESS) ORDERS INGS VELOCITY®) APPT. APPOINTMENTS ORDERS PREVIEWS, ETC.) MISC. SALES SALES TAX (SECTION 2) (SECTION 1) SALES TAX
Mary Kay Weekly Accomplishment SheetPlease note: The weekly accomplishment sheet is not a complete summary for income tax or accounting purposes.
If you choose to, you can send a copy of this sheet to your Independent Sales Director. You may want to retain a copy for your files. Use additional sheets if necessary.
__________________________________________________ ___________________ ________________________________________ __________________ Page ____ of ____ Independent Beauty Consultant Name and Number Telephone No. Independent Sales Director Name Week Ending Date
Week’s Activity Recap
Number of Team-Building Appointments
Number of New Team Members
Number of Selling Appointments for Next Week
Number of Skin Care Sets Sold
$ Skin Care Classes/Facials/Color Appt.
$ On the Go Appointments
$ Online/Personal Web Site Orders
$ Shows (Collection Previews, etc.)
$ Pref. Cust. Program Mailings/Reorders/Misc. Sales
$ Weekly Sales Total Less Tax
Estimated Weekly Gross Profit
Weekly Sales Total Less Tax $ ________________x
Estimated Weekly Gross Profit = ________________
Deposit total amount collected in business account. It is suggested to allow 60 percent of sales for product replacement; 40 percent is profit less other business expenses.
*Section 2 items or gifts with purchase given to hostess or customer in addition to, or instead of, a discount from suggested retail price of Section 1 products. © 1999, 2002, 2004, 2007 Mary Kay Inc. Printed in U.S.A. 10-012656 6/07
Please note: The Company grants all Mary Kay Independent Beauty Consultants a limited license to duplicate this document in connection with their Mary Kay businesses. This item should not be altered from its original form.
WEEKLY SALES TOTAL (LESS TAX) YEAR-TO-DATE SALESTOTAL (LESS TAX)
.40
THIS WEEK’STOTAL
YEAR-TO-DATETOTAL
NEW TOTAL
4154
225.0050.00
200.00175.00100.00750.00
750.00
300.00
Anita Aikman J11223 (888) 555 - 1010 Christy McConaughey 3 / 5 / 07 1 1
3/1 10 am Meredith Ford, 1234 Main St., 242-8071 3 4 4 1 2 $225 $14.63 $2.00 $25.00 $1.63
3/2 1 pm Brenda Damon, 5678 Stanford, 224-6140 .5 1 1 1 1 $50.00 $3.25 0 0 0
3/5 1 pm Marianna Pitt, 999 Stanford, 222-1110 2 6 4 2 1 $175.00 $11.38 $2.00 $30.00 $1.95
3/5 5 pm IIII III Online Orders 2.5 8 7 1 0 $200.00 $13.00 0 0 0
3/7 11 am IIII Preferred Customer Program Calls 1 5 2 0 0 $100.00 $6.50 $7.00 0 0
9 24 18 5 4 $225 $50.00 $200.00 $175.00 $100.00 $48.76 $11.00 $55.00 $3.58
9 24 18 5 4 $225 $50.00 $200.00 $175.00 $100.00 $48.76 $11.00 $55.00 $3.58
9 24 18 5 4 $225 $50.00 $200.00 $175.00 $100.00 $48.76 $11.00 $55.00 $3.58
$400.00
$25.00
$750.00$750.00
Hostess Name,Address, PhoneFor selling appointments, listthe hostess’s name, addressand telephone number. Youmight wish to make hashmarks (III) to keep track ofthe number of calls youmake when following upwith customers. Do not listeach call separately.
Date/TimeRecord the date and timeof the activity.
No. of Skin Care Sets SoldRecord the number of skin care sets sold at each activity.
No. of BookingsRecord the number offuture selling appointmentsbooked from each activity.
No. of OrdersRecord the number of orders you received from a selling appointment,follow-up calls, etc.
No. of Calls/GuestsRecord how many calls you made if following up with customers. Record how many guests were present at a skin care class or other selling appointment(including hostess).
No. of HoursInvestedRecord how long an activitytook to complete.
Sales TaxRecord the total amount of sales tax collected.
Sales(Less Tax)Your retail sales total fromsales tickets before tax (suggested retail sales beforetax less any discounts).Separate by type of sellingactivity (skin care classes,shows, reorders, etc.).
Product GivenAway at Sugg.RetailFor inventory replacement purposes, record the suggestedretail value of any Section 1product you give away as hostess credit, sales incentives(i.e., a lip gloss given with thepurchase of several lipstickproducts), or any products forpersonal use.When product is sold at less than suggested retail, record the amount of the discount (in dollars). For example, if you gave a customera 10 percent birthday discount off an order totaling $50, thediscount amount appearing inthis column would be $5. Byadding the sales less tax columnto this column you will knowthe suggested retail value of theamount of product that has leftyour inventory during the week.
Hostess Gifts/GWP at CostRecord your cost for any hostess gifts (other thanSection 1 product given away) or gifts with purchase you give away. This does notinclude Section 1 product given away.
Non-Recovered Sales TaxSales tax based on thesuggested retail value ofthe product is remitted tothe Company at the timean order is placed.Normally this sales tax isrecovered at the time youresell the product to yourcustomers.When product(Section 1) is given ashostess credit or sold at aprice less than suggestedretail, you may not recoupthe sales tax from yourcustomer in this manner.Record the amount ofnon-recovered sales taxon any Section 1 items,for use in tax preparation.
I N S T R U C T I O N S – W E E K LY AC C O M P L I S H M E N T S H E E T
Weekly Accpl Sht paddedENG6-07 3/19/07 10:03 AM Page 1
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! $��*�&�C3�/%+7""��$*�(�/%+(��%�")!�%(�*���$�.*�-��!5���%+7""��")%������"��*%�tell!your!Director!where!you!may!need!help!with!your!business.!!���$�/%+7(����$�)����-�*��*��)�&���3��"��!�8��.*39��*�*����%**%#�(���*5!!!!!!
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I wou
ld li
ke m
ore
info
rmat
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abou
t th
e fo
llow
ing
area
s:
Book
ing
____
_C
losin
g M
y C
lass
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____
Coa
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___
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___
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____
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am
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lings
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____
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____
____
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Weekly Accpl Sht paddedENG6-07 3/19/07 10:03 AM Page 3
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New
or
Pro
spec
tive
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m M
embe
rsIN
TER-
VIEW
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CRUI
TED
NAM
ECO
MPL
ETE
AD
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ON
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MAI
L A
DD
RESS
()
()
Dea
r In
depe
nden
t Sa
les
Dir
ecto
r:
I wou
ld li
ke m
ore
info
rmat
ion
abou
t th
e fo
llow
ing
area
s:
Book
ing
____
_C
losin
g M
y C
lass
es__
____
Coa
chin
g__
___
Cus
tom
er S
ervi
ce__
____
Shar
ing
the
Opp
ortu
nity
____
_Bu
sines
s M
anag
emen
t__
____
Tele
phon
e Sa
les
____
_O
btai
ning
Reo
rder
s__
____
Skin
Car
e C
lass
es/F
acia
ls/__
___
On
the
GoA
ppoi
ntm
ents
____
__C
olor
App
oint
men
ts
Onl
ine/
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onal
Sh
ows
(Col
lect
ion
W
eb S
ite O
rder
s__
___
Prev
iew
s,et
c.)
____
__
Pref
.Cus
tom
er P
rogr
am
Mai
lings
/Reo
rder
s/M
isc.S
ales
____
_O
ther
(___
____
____
___)
____
__
Nex
t Wee
k’s
Goa
ls
Am
ount
of S
ales
$N
umbe
r of
Ski
n C
are
Cla
sses
/Fac
ials/
Col
or A
ppoi
ntm
ents
Num
ber
of O
n th
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A
ppoi
ntm
ents
Num
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of O
n With
the
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umbe
r of
Team
-Bui
ldin
g A
ppoi
ntm
ents
Num
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usto
mer
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ls
Thi
s Wee
k’s
Hou
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ss-P
rofit
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s
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ed W
eekl
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ross
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fit$
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ours
Wor
ked
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tal G
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fits
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ned
Per
Hou
r$
Weekly Accpl Sht paddedENG6-07 3/19/07 10:03 AM Page 4
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Thank you Tammy Crayk, Million Dollar ESD for sharing!!! DOLLAR$ & $EN$E Ever dream about having a MONEY TREE? You could just go pick off a fresh crisp HUNDRED DOLLAR BILL each day! BAD NEWS! There is NO Money Tree! You have to take care of your money yourself! Do you ever wonder where the money is going that you are supposed to be making in your Mary Kay career? It was not until I started to treat my business like a business and think like a business woman that I saw it! Sometimes, I used to spend cash on the way home from my classes or pay some bills and then wonder why I didn't have the money to order my inventory. Then the light bulb went on. I should have a separate account for my inventory! EVERY PENNY is deposited into this account and at the end of the week, I can write myself a check for my profit! To find your profit, take 40% of your sales without the tax. You should leave 60% + all tax in your reorder account to place additional orders! First though, we need to build inventory to a profit level! It is a proven fact that we do three times the business if you have sufficient inventory to service our customers immediately! Start by looking at your shelves to see how close you are to your retail level! Generally, you need about $7200 retail ($3600 wholesale) to be on a profit level. If you are not there yet…you will need to reinvest 100% of all money you take in into your reorder account! How long does this take? It can take one month, one year, five years!! It depends on YOU! How long will it take you to hold enough appointments to establish your business on a profit basis? Here is a plan of action! 1. Determine your present amount of products on shelf! 2. Subtract that amount from your determined profit basis! (The more activity, the higher inventory level needed) 3. Decide how many CLASSES it will take (at an average of $125 per class) to sell enough to reach profit level! 4. BEGIN! Part 2: WHY DO YOU NEED TO OPERATE FROM A PROFIT BASIS? It is harder to do business from an empty store! Plus, the motivation to set up appointments is destroyed by the fear of not being able to deliver. Customers will buy MORE when the product is readily available! WHY NOT JUST HOLD APPOINTMENTS AND TAKE ORDERS AND THEN DELIVER??? TIME IS MONEY! It is costly to retrace our steps delivering product owed from appointments, trading with consultants, etc. Yes, we all run short occasionally of some product.... but by having adequate inventory, this is very infrequent! You should NEVER borrow! Always do a trade! WHY A 60% - 40% SPLIT? When you divide your money correctly (60% of all sales + all the tax left in your reorder account) and only take profit of 40%, you are covering things like hostess credit, PCP, sales aids, etc. Part 3: WHAT COMES OUT OF THE 40%? Remembering that 40% goes in your profit account, and 60% + all the tax stays in your reorder account, let me share with you what comes out of the profit! First of all...understand that ALL that money is yours! However, you have a choice! You can treat this like a business, spend that money wisely and as a result you will grow your business and GROW your money! Now when I began as a consultant, I was not very experienced in handling money and it was
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EXCITING to have all that CASH in my hands! I spent it ALL!!!!! Yes, I did... and I want to tell you what a MESS I made of my business initially! I had borrowed the money to place what would now be equivalent to a $600 wholesale order. I sold about half of it and spent the money. Now I had a loan payment, odds and ends of merchandise and NO money! I couldn't even put together a complete set! I borrowed more money! This time I set aside my 40% profit (even though I wasn't on a profit basis), and used the 60% + tax to reorder product, make my loan payment, buy my gas, pay my sitter, --- needless to say, I wasn't able to buy much merchandise. You see, I thought that the 40% was JUST FOR ME! I didn't realize that my expenses needed to come out of my profit!!!!!!! I borrowed MORE money!! I FINALLY GOT SMART! I realized that the 60% was ONLY TO REPLACE MERCHANDISE and a minimum of Section 2! Everything else had to come from profit!! Doing anything else means that you are depleting your inventory little by little! It is for this reason that you really need to watch your expenses! Here are some of the pitfalls that I see happening... 1. Overbuying Section 2.... We look at what the order form says-- we think "I wonder what that is.... it's only a couple of dollars, think I'll get it." Those dollars add up!! Section 2 should be no more than about 5-10% of your wholesale. 2. Overusing credit cards .... A debit card serves the same purpose! If you began with a credit card, work out a plan to pay it off and work from cash from now on. (there will be a later message on reducing credit card debt.) 3. Using all your money to pay your loan...You should set your payments low enough so that you can build your inventory! 4. Giving away too much product! A simple and effective hostess credit plan is best! Here in Knoxville, we teach the following: The hostess gets 10% of the sales (before tax) in hostess credit. If she has TWO bookings from her class, we will DOUBLE her hostess credit! What is double credit? It is 20%! But it sounds much more exciting to tell her.... "If you have two classes booked from your class, I'll give you DOUBLE hostess credit!" That means, if the hostess has a $150 class with two bookings, she gets $30 in free merchandise. Your cost is $15. Don't get lured into these great sounding plans where you are giving away too much product! It just isn't necessary! Part 4 - How to Reduce Credit Card Debt! Do you currently have enough inventory to be on a profit basis...yet you still have some credit card debt? You will not be truly on a profit basis until you OWN your store, FREE and CLEAR! The important thing to remember is that you need to begin using a DEBIT card rather than a credit card if you want to significantly reduce that debt (or bank loan...either can use this system.) Remember that you MUST NOT eat into that REORDER MONEY... the 60% + all the tax, because each time you do, you are lowering your inventory level. Instead, work from profit. Here is a plan: When your credit card bill arrives, make four copies of it. Immediately pay the minimum payment which is due. Each week, at the end of the week, make another payment out of your PROFIT. You will be quadrupling your payment schedule and the balance will start shrinking! If you can do without your profit, put it all on the credit card each week and watch the balance go down quickly! If you have a bank loan, do the same thing with your payments. Many times, any additional payments go toward the principle entirely, although this depends on the type of loan you have. If you are not on a profit basis, you need to make minimum payments until you are and then follow the above plan. The worst thing you can do is pay everything on the credit card and then charge more. This usually results in sending that credit card amount sky high! Part 5 - Planning Your Business Expenses Part of running a successful business involves planning ahead for expenses that you will encounter during the year. When you work on commission, it is important to budget your business expenses, determine the money that you will need for them and set it aside each week or month. What are these expenses?
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They will vary according to your goals for your business, your involvement in your business and your family decisions. For example, a single woman whose entire income is from her MK business will want to figure her automobile expense in as a business expense, while a married woman who is just as involved with her business may possibly not be concerned about car expense since it is already figured in the family budget. If you have high goals for your business, you will also usually have more business expense. To a point, there is a high correlatation between the money you spend on your business and the return! However, you should never spend just because it is deductible! Plan carefully, but there are a few things you should not scrimp on! Here are list of business expenses with some thoughts about each! 1. PREFERRED CUSTOMER PROGRAM - For me, this expense comes out of the 60% I set aside in my reorder account. The gifts I purchase are just like Section 2 items. I am careful about who is on my list and I don't keep inactive customers (who have ordered nothing in a year) on that list. I also order only about 1 gift for each 5 customers...remember, you can always order more if you need them. 2. CAREER CONFERENCE - The cost on this is usually around $100 and for the consultant who wants to make this a career, increase her income significantly or move up the career ladder, this is a must! This is an item that must come out of either your profit or your recruiting commission. 3. SEMINAR - Also a MUST if you are planning to move up in this business! You'll hear more from me on this later..... cost is dependant on where you live and how you travel. 4. LOCAL WORKSHOPS, RETREATS, GUEST EVENTS, & SALES MEETINGS – Sales meeting fees vary greatly from city to city. 5. POSTAGE for product mailed 6. YOUR WEB SITE 7. PRODUCT PACKAGING FOR GIFT SALES Whew!! It is mind-boggling! If you have been in business for awhile, you might want to go back through your expenses, add them up, divide by the number of months, and plan to set that amount aside each month for expenses. However, here are some suggestions of things you can do to keep expenses down and plan for what is going on. 1. Make every expense pay off! Are you going to a guest night event which costs $5? BE SURE you have five or more guests going with you! It will MORE than pay off! 2. Increase your income! Sounds simple, doesn't it! Here is the good news! Product sales are through the roof! If yours aren't, perhaps you just aren't asking enough people! Maybe you need to brush up on your skills at Sales Meeting! Maybe you need the inspiration and motivation of being with your sister consultants once a week! THERE IS A DIRECT CONNECTION BETWEEN SHOWING UP EACH WEEK AT THE MEETING AND GOING UP IN SALES! 3. Recruit! Maybe you don't want to be a director or even earn a car! BUT, having even a small team can provide a significant commission each month! That commission could completely pay all your expenses and leave your profit entirely for your own use! 4. Take advantage of free offers! A bonus offer from the company of $45 worth of products on a $600 wholesale order, will offset some of your expenses! Plan your ordering to get the most free possible! 5. Work from a position of strength. Adequate inventory and a full datebook give you a sense of security and confidence. 6. Watch your spending on Section 2! (I know I've already said this once!) Remember that you are spending money for things you will give away or demo with.
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You Cannot Open a Store With a Can of Tomatoes and a Five-Pound Bag of Sugar
THIS IS MORE THAN AN ADAGE . . . . IT'S A PROVEN BUSINESS PRINCIPLE!!
ESD Jeannette Alexander
Everyone starts a MARY KAY business to be successful, and we all want to make money as soon as possible. The best way this can be accomplished is to start with at least the Superior Package or above ($1800 or more wholesale, Section 1 only), or to reach that level as soon as possible. In a “real job”, employers expect the first few weeks to be learning time and there is often no paycheck for 2 weeks to one month - depending on the time of hire. Your MARY KAY business is no different in that respect. There are skills to learn. Give yourself 4 to 6 weeks to ”hustle” and get your business off and running quickly! Fast is easy! Slow is hard! REASONS WHY YOU WILL BE MORE SUCCESSFUL WITH SOME INVENTORY: 1. Immediate product availability at the close of your appointments, after everyone has
tried the products, knows how to use it and is excited, will generate higher sales and profits. You will tremendously increase the day-to-day operating efficiency of your business because you receive full payment at that time, avoid trips required in delivery, avoid risks of losing the sale because your customer has “cooled”, and you can use that time to schedule and hold more appointments for continued sales! This merchandising strategy has created the great success MARY KAY Consultants enjoy today.
2. Those women who begin with $600 or less usually take it from savings . . . which is a
no-no. One cannot possibly sell enough from the first $600 order to have enough cash for a second order without borrowing at least $200 or more. She may not feel justified in spending more money because she feels she is not making any money. Frustration comes, and a consultant may even be tempted to quit without giving her business a chance to reach profit level, rather than deal with negative reactions from others.
Starting with a Superior Package or above disciplines you to work to pay back your invest-ment. This puts your business on a business basis and motivates you to manage your money wisely. Your commitment is greater, and you are encouraged to stick with it. You will also be excited to have a “salary” from the very beginning of your career! 3. SMART PEOPLE USE OTHER PEOPLE'S MONEY. No astute businessman will
tell you he began his business on his life's savings. He finances his business without putting personal funds at risk and he considers this an investment rather than a debt. IT WILL BE REPAID FROM THE PROFITS GENERATED BY THE NEW BUSI-NESS and will in no way interfere with your household budget or prior financial com-mitments. If you have not yet established credit in your own name, this may be your opportunity to do so. And . . . the interest on inventory accounts is 100% tax deducti-ble!
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4. If it is important for you to earn a salary immediately, beginning with a Superior Pack-age or above allows you to pay yourself right away. OTHERWISE, 100% OF ALL MONEY FROM SALES SHOULD BE REINVESTED UNTIL YOU HAVE PLACED AT LEAST $3,000 IN CUMULATIVE ORDERS.
5. Finally, the Superior Package or above establishes you as a STAR Consultant and a
winner, and we have found that winning attitudes will be repeated. You will receive your Ladder of Success as a symbol of your commitment. Gem stars will be added every quarter throughout your career. You also win one of many lovely prizes MARY KAY offers to STAR Consultants, and you will receive referrals from the Company in your local area. STAR Consultants strive for greater excellence, and this level of ac-tivity ($300 weeks) is necessary to build teams, win cars, and lead to management.
6. If it is not financially possible for you to begin with a full store, then allow no more than
6-8 weeks to work and invest to reach profit level as soon as you can. MONEY MOTI-VATES!! When you are earning a steady income you will stay excited and committed to your business.
The decision is yours to make -- although inventory is not required, it is strongly recom-mended. Using the NEW Consultant Inventory Worksheet will help you determine which level of inventory is best for you.
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Borrow $2200 from a bank for 18 months – assume monthly payments of: $132.13 per month if 10% loan x 18 months = $2378.35 ($2200 principal + $178.34 interest) $132.63 per month if 10.5% loan x 18 months = $2387.34 ($2200 principal + $187.34 interest) $137.25 per month if 15% loan x 18 months = $2470.50 ($2200 principal + $270.50 interest) $141.42 per month if 19% loan x 18 months = $2545.56 ($2200 principal + $345.56 interest) The interest on this should be tax deductible, particularly if you borrow it against equity line of credit. The monthly payment will be repaid from your 40% profit account. See Examples 1, 2 and 3 on previous page. Even under minimum circumstances ($100 retail sales per week) the loan payment can be made from the 40% account while still preserving the 60% replacement money so you can order with it and keep your inventory at the $1800 wholesale level which is where you started. Please remember that credit cards are not recommended for long-term loans such as de-scribed above!!! When you do not pay off the entire balance each month on credit cards, the interest is figured again on the unpaid balance, thus compounding the interest! Then each month that you add charges and don’t pay it off in full, you are paying more interest until it multiplies and becomes huge!!! Credit cards are VERY GOOD TO USE if you pay them off entirely every month. I use mine for almost everything (including groceries) because I get airline miles for every dollar I charge on my card. But I pay it off every month. I never pay any interest so I’m in essence using their money for free (except for the annual charge for the use of the card). I suggest you use your MasterCard or Visa on a monthly basis to buy Mary Kay inventory and then when the credit card bill comes due, PAY OFF THE ENTIRE BALANCE USING THE MONEY FROM YOUR 60% INVENTORY ACCOUNT. In fact, by splitting your deposits into 2 accounts, you’ll always know when you should order because the money will be there in the 60% account!!
THE VALUE OF A GOOD INVENTORY
Building and maintaining a good inventory is the first step toward establishing a strong personal care consulting business. Just as you depend on your florist to carry fresh flowers, your clients depend on you to have products on hand when they need them. By planning ahead for your client's needs, you'll be able to provide immediate product delivery. In addition to sav-ing time and money, a good inventory will motivate you to reach higher sales goals, increase client satisfaction, and reduce business costs.
Keep in mind that you are starting YOUR OWN BUSINESS and inventory is
KEY to success in business. Can you imagine the difficulty of a retail store opening for busi-ness with a minimum inventory versus the same store with a full and complete selection of mer-chandise?
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OUR FIRST FEAR - BORROWING Many bankers are more willing to loan to a good stable woman, regardless of age, because generally, she has a good repayment re-cord. (I guess that means if we decide to do something, we usually do it!) Also, remember that bankers appreciate the security of a MARY KAY business, that you have a 90% REFUND GUARANTEE. If you have ever financed an automobile and somehow found the money to repay the loan (many thousands more for a much longer time) . . . why would you hesitate to finance a small amount to start a business that could double or triple your income and provide future financial security? Money that doubles in value (buy for $5 and sell for $10) is an investment, not a debt!!
OUR SECOND FEAR - INTEREST RATES “Are they too high?” “Should I
only order a minimum amount?” Do you realize there is only a $30 difference between bor-rowing $3000 for six months at 18% versus 14%? Do you realize that if you borrow $600 at 18% for six months versus borrowing $3000, that it is only $90 more? Remember that interest paid is like a service fee for the privilege of using other people's money to run your own busi-ness. And . . . it is deductible as a business expense!
OUR THIRD FEAR - CAN I PAY IF OFF? The average class (3-4 people) will
conservatively yield sales of approximately $200. Keep in mind that you will also receive re-peat orders that bring a 50% profit! What does that mean? Simply this: if you begin your business with the Superior Package and you hold just ONE class and ONE facial per week, you will have your payment and realize some profit, too. But more importantly, you now have $1800 in product that you own, and that is valued at $3700 when you sell it! But . . . what if you hold 3 or 4 appointments each week, plus your reorders, plus recruiting commissions? Fig-ure it up - it will amaze you!!
And . . . don't make the mistake of thinking that because you now have a full store you won't have to order until it's gone. The Superior Package is just the starting point for growth and future income. Keep your product inventory up-to-date and plan for future growth by first maintaining, then increasing your volume gradually as your business activity dictates! Re-place what you sell EACH MONTH!!
Planning a good inventory is vital to building a strong and growing busi-
ness. You can't sell what you don't have. And NEVER, NEVER spend the 60% that belongs to your business. As long as you have adequate inventory, you can convert into more money.
IF YOU'RE OUT OF MERCHANDISE, YOU'RE OUT OF BUSINESS!
Created by ESD Jeannette Alexander
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MANAGING YOUR MK MONEY EFFECTIVELY By Future National Sales Director Amie Gamboian CONGRATULATIONS on beginning your Mary Kay Business!
HERE is How You Manage Your Mary Kay Sales Money Effectively. Building a business is exciting! It brings with it new challenges, fun opportunities, personal & professional growth, and additional income.
One of the most important things that successful business owners do is manage their income appropriately, stewarding this income both for continual development of the business and creating financial freedom in their lives. Mary Kay is a 'self supporting' business, with very little overhead in terms of expenses. We have the ability to run our businesses completely from the sales of the product, with team building and leadership commissions being an additional income benefit. Having Inventory on hand is an investment that many consultants make so they can develop a larger, stronger and more loyal clientele quickly. It is an investment that is guaranteed by a 90% buyback policy by Mary Kay Inc. It goes without saying that clients appreciate on‐the‐spot service and immediate access to their products. I have provided an example above and below of effective money management to assist you in understanding the financial side of our business. In creating this example, I have made some basic assumptions that are also important for you to know: * The Consultant has approx. $3000 wholesale in inventory on hand that has been financed on a credit card/ a bank loan * All Team building commissions paid to the Consultant from the Company are additional income and can be spent however the consultant deems appropriate; therefore, they are not included in this example. * The Sales average of $2000 in the example below is based on a consultant sampling product on 30 faces in a month (National average in sales for such activity is $1,500‐$3,000) * The MK Checking Account is a standard checking account with no annual fees or additional costs. * "Profit Level" Inventory is considered to be $3,000 wholesale or more....meaning that consultants who have this amount of inventory can very freely take their full profit margin monthly from their businesses right away, and simply "restock"(via debit card) store each month based on what they have sold. * Consultants who start out below "Profit Level" are wiser to not only re‐stock their stores each month, but to also invest some or all of their profits every single month in order to BUILD a full store inventory. * Having "Profit Level" inventory on hand allows a consultant to earn more money that she can keep ‐‐ and to earn it more quickly. * 0% interest credit cards are currently the best option for Consultants to finance an original inventory.
ORIGINAL FINANCED INVENTORY
APPOINTMENTS HELD
(Ex. 30 Faces)
SALES (Ex. $2000)
100% goes into MK CHECKING ACCOUNT (Ex. $2000)
About 50% (Ex. $1000) goes to RESTOCK INITIAL INVENTORY PACKAGE
(can be ordered on Debit card connected to your MK Checking Account)
About 50% (example $1000) PROFIT MARGIN
PROFIT (Ex. $500) Transfer to personal Checking Acct. & spend as you please
PAYMENT FOR INITIAL INVENTORY (Ex. $500) (0% Credit Card or Small Loan)
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Following the example below is important so that you are managing your 'Sales money" effectively:
ORIGINAL FINANCED INVENTORY
APPOINTMENTS HELD
(Ex. 30 Faces)
SALES (Ex. $2000)
100% goes into MK
CHECKING ACCOUNT (Ex. $2000)
About 50% (Ex. $1000) goes to RESTOCK INITIAL
INVENTORY PACKAGE
(can be ordered on Debit card
connected to your MK Checking Account)
About 50% (example $1000) PROFIT MARGIN
PROFIT (Ex. $500)
Transfer to your personal Checking Account and spend
as you please
PAYMENT FOR INITIAL INVENTORY (Ex. $500)
(0% Credit Card or Small Loan)
In this example, you see that the Consultant has sold an average $2000 from during her original 30 Faces. She deposits ALL of that money into her MK Checking Account. She then divides that money in about Half.....$1000 going to re‐stock what was sold so that she keeps a full store for upcoming appointments and re‐orders, and $1000 going to her Profit account. Of course, since she has financed her original inventory, she will want to make consistent payments until that is paid in full. In our example, the original financed inventory would be paid off in about 6 months, WHILE the Consultant is also making profit AND restocking her store. The most important thing to see from this example is that THREE KEY THINGS ARE HAPPENING ALL AT ONCE JUST FROM SELLING THE PRODUCT: 1) You have money from your sales to get more product (ie that is why you only finance ONCE) 2) You have money to take for profit 3) You have money to pay off an initial financed inventory ** Reminder, Team building commissions at 4%, 9%, or 13% are ADDITIONAL COMMISSIONS paid to all eligible consultants monthly from Mary Kay, Inc. Those monies can be handled in whatever way you choose! It is best to document all sales from your business so that you are keeping track of all of your income; this will also help you ensure that you are dividing it, and dividing it appropriately. Please discuss any further questions with your Recruiter or Director ‐‐ we are always happy to assist!
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60 here, 40 here: reinvesting makes “cents.”
pinkaccount for new lipsticks“You can eat an elephant one bite at a time.” – Mary Kay Ash
With Mary Kay® Creme Lipsticks arriving on the scene, you may want to consider using some of your 60 percent pink account to build up your new
lipstick inventory now. That way, you’ll be ready to purchase the exciting new facial powders and compacts in March 2008. With new color products
phasing in, it may be best to build your inventory one “bite” at a time so you don’t have an entire “elephant” to invest in next spring!
When you reinvest your earnings into your business, you’ll have more product on hand to service your customers.Here’s how to work Mary Kay Ash’s 60/40 method of money management.
moreresourcesYou can learn more about managing your money with the Money Matters for Dream Achievers for Independent Beauty ConsultantsCD set available online for $5. This two-CD set offers helpful tips on how to make money and keep more of it so you can achieve yourdreams. To order, log in to the Mary Kay InTouch® Web site, then go to “Ordering” and scroll down to the LearnMK® Media Source. Youcan also search online for the Business Tracking Register – a great worksheet for helping you keep track of your 60/40 goals.
60/40worksMary Kay Ash herself taught this method of money management: 60 per-cent of your weekly earnings should be reinvested into your business; theremaining 40 percent is your profit. Independent National Sales DirectorConnie Kittson calls these the pink and green accounts: pink for productand green for profit, less expenses.
“This is a great way to always make sure you replace the products you’ve sold,” Connie shares. “To accomplish this method, I think it is good to have twoaccounts. You could have two checkingaccounts or a savings and a checkingaccount.”
pinkaccountsThe 60 percent account, orpink account, is thenused to purchaseproduct inventory foryour reorder business,limited-edition items forseasonal sales and to replen-ish or build your inventory asneeded. Independent SeniorNational Sales Director SuzAnne Brothers suggests using your pink account to cover your Preferred Customer Program investment.
greenaccounts“Then, your goal is to keep as much of your green account as possible,”Connie says. “However, you may have some additional expenses that youmight want to pay for from your green account before you take a profit.” For example, these could be:
■ Hostess gifts■ Office supplies■ Investments for your future■ Special events registration and travel
If you want to save money to attend Mary Kay special events, you can estimate the cost ofhotel, registration and transportation. Then
divide that figure by the number of monthsbefore the event to determine what you’ll
want to consider saving every month.And with Career Conference 2008coming soon, you may want to hold
a few extra skin care classesspecifically for this purpose — setting aside profits from these
classes to cover your expenses. So what happens if your green account
needs are greater than 40 percent, lessexpenses? “Isn’t it great to know that as an independent businesswoman you have control over this?” SuzAnne asks. “You’ll likely want to evaluateyour expenses carefully to make sure you are spending wisely. You also candecide what you need to achieve in retail product sales every week and keeptrack of that every day. What you track and what you measure gets done.”
60% 40%
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Advantages �Higher Sales—Women are impulse buyers. They want their productsas soon as they fall in love with them. Your sales will be 57% higher if you carry inventory to give immediately to your customers.
�Less Chance of Losing the Sale—Women do not usually changetheir mind once they have the product in their hands. However, if they have to wait for the product, they may change their mind about their order due to money, stress, or husband.
�Your Confidence—You are more likely to actively work your busi-ness if you have product on your shelf. You will feel like a profes-sional and have more confidence in your sales ability.
�Motivation—Your inventory will motivate you to do your businesswhen you lack self-motivation. Product sitting on your shelf will moti-vate you to get on the phone and out there selling.
�Profit—You will see a profit sooner from carrying inventory. If youhave to place orders; it takes longer to see profit. Also, you can see a higher commission level from your sales because you will be able to order in larger quantities and less often.
�Higher Reorders and Less Drop off—If you are able to immediatelyservice your customers with product as soon as they run out, they will learn to depend on you. If you have to place an order to the company, they may look for another consultant that stocks an inventory.
�Less Frustration—Consultants who do not carry product tend to getfrustrated with their business….sometimes to the point of quit- ting. Not carrying inventory is one of the most common reasons for con-sultant dropout
Disadvantages Fear of DebtSome consultants look at borrowing money for an inventory as debt. This can cause fear. However, when you look at your inventory from a business standpoint, it’s really an investment. You double your investment each time you sell a product.
Remember also, you have a 90% buy-back, guarantee for an entire year from the date you placed your inventory order. (This guarantee is printed on your Beauty Consultant agree-ment.) You really have everything to gain and nothing to lose by purchasing an inventory to begin your business.
Financial Options/Suggestions 1. Apply at more than one bank or credit union.
2. Select the option that offers the best interest rate.
3. Consider a co-signer, if you are initially turned down foryour loan.
4. Consider borrowing against a CD.
5. Do not request a business loan. They are much more diffi-cult to obtain than a personal loan and require more paper work. They are usually charged additional fees and a higher interest rate as well.
6. Place your initial order using Visa/MasterCard/Discover.Your order may be split over four credit cards. And, any inter-est incurred on a loan or credit card is 100% tax deductible.
How to Apply for a Chase Visa MK 1. Go to the homepage of www.marykayintouch.com at the top left hand corner is the link for order-ing and then a drop down menu will reveal MK Connections, click the link. 2. Click on VISA MK Credit Card link.3. Click on Apply link.4. When you apply, make sure everything is perfect before you hit the submit button. Do not hit stop, back or refresh but-ton while they are processing your application. You will not receive instant approval if you do this. 5. Once you are approved, WRITE down the credit card number and expiration date and THEN print the screen shot. If youloose the number for any reason, federal law prohibits that CHASE give you the number over the phone and your card will not arrive for approximately two weeks. 6. You will receive a temporary limit (usually $1,000), so call immediately (800)216–1129 to find out what your final ap-proval limit is. You may need to press 0 to speak to a customer service representative.
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1. What are your Mary Kay goals? Check the answers that best apply to you:
$1,200+ = 4 points $800 to $1,199 = 3 points $400 to $799 = 2 points $100 to $399 = 1 point
I am committed to attending success meetings each week. = 3 points I plan to attend success meetings twice a month. = 2 points I plan to attend success meetings when they fit into my schedule. = 1 point
I would like to build a solid base of customers. = 2 points I would like to earn the use of a Mary Kay Career Car. = 2 points I would like to become an Independent Sales Director. = 2 points I would like to have a little extra spending cash. = 1 point
2. Calculate your points to see an inventory category for you.* 13 points or more: $3,600 wholesale category or more 12 points: $3,000 wholesale category 11 points: $2,400 wholesale category 8 to 10 points: $1,800 wholesale category 5 to 7 points: $1,200 wholesale category 2 to 4 points: $600 wholesale category
Name:
* Purchasing inventory is an individual decision, and it’s certainly not a requirement for you to begin your Mary Kay business. We always recommend that you determine what activity level you plan to pursue in your Mary Kay business. Then, if appropriate for your personal circumstances, invest in a level of inventory that supports that activity. If you decide that this opportunity is not right for you, Mary Kay will repurchase, at 90 percent of your original net cost, original and unused Section 1 products, as long as these items were purchased by you from the Company within one year prior to return. Please refer to your Independent Beauty Consultant Agreement for complete details.
Desired Monthly Earnings Selling Appointments
Success Meetings
Goals (check all that apply)
Before reviewing the ordering options featured in this brochure, you may want to complete this inventory worksheet with your Independent Sales Director or recruiter. The worksheet is designed to assist you in determining your ideal inventory investment.
3 or more appointments per week = 4 points 1 to 2 appointments per week = 3 points 2 to 3 appointments per month = 2 points 1 appointment per month = 1 point
Inventory WorksheetNew Independent Beauty Consultant
/ © 2015 MARY KAY INC. 8/15 WN393861
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Monthly Payment = $400 Monthly Income for family Desired = $1000 Income from Sales Per Month = $1,080 $3600 retail sales $1800 (50%) reorder section 1 $130 pcp/hostess giveaway $130 section 2 / hostess giveaway $360 hostess giveaway/meeting expenses Leaves $1,080 (30%) net profit (do you realize the average commission paid on the sale of an home-based product is 23% and we NET PROFIT 30-40%?? BE SO SO PROUD OF THAT!!!)
Sales Per Month = $3600 retail sales
Classes Held Per Month ($250 avg per class) = 10 classes x $250 sales = $2500 retail sales
Facials Held Per Month / Guests @ Meeting = 10 faces x $50 sold per face = $500 sales
Reorders / Misc Sales Goal =$600 sales
Team Building Commissions Per Month = $310
New Team Members Per Month = 2 2 new team members = $2000 wholesale avg ($1000 wholesale company avg per new agreement) $2000 x 13% team leader commission = $260 PLUS ½ OF NEW team members are qualified 4th personal recruit on that is qualified - $50 bonus $260 + $50 bonus n= $310
Interviews Per Month In Person = 10
Total Income from Sales and Team Building = $1,390 (Pretty close to needed amount)
MARY KAY INVESTMENT PAYOFF PLAN12 MONTH PLAN $3600 Wholesale / $4500 spent on order
12% interest on loan approx $5000 payoff in one year
Reinvest $____________ into Section 1 wholesale Reinvest $____________ into Section 2 Samples Reinvest $____________ into Preferred Customer Program Product Giveaway 5%-10% of retail sold = $____________ Total Profit Approx. = $______________ Amount for Payment = $______________ Leftover for Me for Business Expenses or other higher interest credit card debt, bills, etc. = $_________________
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YOU WERE MEANT TO BE “DEBT FREE”!By: National Sales Director, Linda Toupin
Wondering how you can start a business when you are already in debt? Here is howyou can start your business and use Mary Kay to pay off ALL your debt!
Sell $200 per week = $800 income for the Month! Take $100 to pay loan for your MK business (Leaves $700)! Use $400 to replace product sold (Leaves $300)! Give $100 to yourself (Have Fun!) (Leaves $200)! $200 to pay off other debt
Sell $300 per week = $1200 income for the Month! Take $200 to pay loan for your MK business (Leaves $1100)! Use $600 to replace product sold (Leaves $500)! Give $200 to yourself (Have Fun!) (Leaves $300)! $300 to pay off other debt
Sell $400 per week = $1600 income for the Month! Take $100 to pay loan for your MK business (Leaves $1500)! Use $800 to replace product sold (Leaves $700)! Give $300 to yourself (Have Fun!) (Leaves $400)! $400 to pay off other debt
Sell $1000 per week = $4000 income for the Month! Take $100 to pay loan for your MK business (Leaves $3900)! Use $2000 to replace product sold (Leaves $2000)! Give $300 - $1000 to yourself (Have Fun!) (Leaves $1000 to $1700)! $1000 - $1700 to pay off other debt
Rapid Debt Reduction Plan:
" Write down all debt, numbering them 1-10 from the smallest to the largest" Start paying off the smallest one first, making payments as large as you can." Make minimum payments on #2 through #10" When debt #1 is paid off, start paying big payments on #2 and continue minimum
payments on #3 through #10
As in all things in LIFE….Consistency is the KEY!
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