When Can You Quit? - The Happy PharmD

	A	B	C	D	E
1	Step 1: Make a copy of this excel file: Select File, then click "Make a Copy" or you can download this as an Excel file. Step 2: Fill out the Income, Monthly Expenses, and Business Goals Step 3: Review "When Can You Quit" Section to understand what income is required to quit Step 4: Email alex@thehappypharmd.com to share your results or questions about transitioning to business full time
2	Monthly Income
3	Personal employee income (after tax)	$7,000
4	Side income	0
5	Spouse income	$3,000
6	Other income	0
7	Total	$10,000
8
9	Monthly Personal Expenses
10		Current	Ideal	Note: The following expenses (for most businesses) can be transfered to your business expenses: Cell Phone, Internet, a portion of Mortgage if at home offer, Medical Insurance, Travel/Gas, Restraurants
11	Mortgage/Rent	$1,300	$1,300
12	Electricity/Water Bill	$100	$100
13	Grocery	$600	$500
14	Entertainment	$400	$100
15	Restraurant	$350	$150
16	Subscriptions	$200	$50
17	Car Payment	$500	$500
18	Travel/Gas	$150	$150
19	Medical Insurance/Savings	$100	$100
20	Internet	$100	$100
21	Cell Phone	$200	$200
22	Student Loan	$1,300	$1,300
23	Childcare	$1,000	$1,000
24	Car Insurance	$75	$75
25	Life Insurance	$70	$70
26	Other Insurance	0	0
27	Savings	$1,000	$1,000
28	Total Expenses	7445	5695
29
30	Monthly Business Goals
31			Example Goals	Your Goals	Actual
32	Revenue		$10,000	$12,000.00	$12,345.00
33	Marketing	10%	$1,000	$1,200.00	$1,234.50
34	Sales	10%	$1,000	$1,200.00	$1,234.50
35	Operating Expenses	40%	$4,000	$4,800.00	$4,938.00
36	Profit	15%	$1,500	$1,800.00	$1,851.75
37	Owner's Pay	10%	$1,000	$1,200.00	$1,234.50
38	Taxes	15%	$1,500	$1,800.00	$1,851.75
39	Total	100%
40
41	Total Personal Business Income		$5,000	$6,000.00	$6,172.50
42
43	When Can You Quit?
44	Income Goals		Can Quit?
45	Acutal Business Income - ACTUAL Total Expenses	-$1,272.50	FALSE
46	Actual Business Income - IDEAL Total Expenses	$477.50	TRUE
47	Actual Business Personal Income - Total Monthly Personal Income	-$3,827.50	FALSE
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