July has been an interesting month for us in Magic Mayan. We officially became a limited company and was our first official month of trading. We went and incorporated the company ourselves. It took a little time and effort and cost about €200. All we needed to do was to write out the constitution and fill in the CRO forms. Now, the forms did come back to us because of a reference to share capital was incorrect and we were missing a signature. But all that is now out of the way and we have a registered company. And it’s a good thing too because we desperately need to open a business bank account which we cannot do without the Certificate of Incorporation.
The reason we need to open the bank account? Sales to health stores and direct to customers have gone through the roof. Which is a great complaint!
The Aloe Tree in Ennistymon came back to us for 3 large orders and are now top of the leader board for our best stockist. Good job guys on spreading the word and promoting the awesomeness of Raw Chocolate.
Ok so here are the figures.
Sales for July: €3,877.34
- Online Sales: €562.92
- Invoiced to Health Stores: €3,314.42
Of this €250 was due at the end of July and the rest will be due to be paid in August.
Expense for July: €2,460.00
- Raw materials: €2,140.00
- Point of Sale Stands: €320
- Wages: €0
Gross Profit: €1,417.34
We decided not to take a wage for the month of July. We are a startup after all! Even though we have turned a profit after our first month, we want to make an investment into some more equipment (a tempering machine) which will help speed up production. This is more important that than trying to pull money out of the company.
We now have enough raw material to get us through the next month of production with probably only a few small purchases, so August will also be an interesting one.