KYBN - Why You Should Include Labor Hours in Your Cost of Goods Sold

Should You Include Labor Hours in Cost of Goods Sold (COGS)? Service-Based Business Owners Must Include Labor Hours in their Cost of Goods Sold in order to get a true cost basis and calculate a true gross margin on their services.  Especially when labor is part of the actual service. Most importantly, solo business owners need to include labor hours too! They need to assign a typical hourly wage as if they have hired someone other than themselves to do the job. This is the only way to get a true COGS for services.    ~~~~   The Local Small Business Coach Podcast is for Local Small Business Owners who are tired of living job to job and want to get to $100,000 in personal income. Each episode we discuss how to increase your profits, boost your sales, improve your processes and develop stronger teams.     HELPFUL LINKS   Know Your Business Numbers Course Youtube Channel – Training for Local Small Business Owners Join the Badass Local Small Business Owners Facebook Group! Email me at [email protected] Visit the Local Small Business Coach website Get Your FREE eBook -8 Steps to Increasing Your Profits in Your Local Small Business   WHO THIS PODCAST IS FOR: local small business owners, mobile businesses, brick and mortar businesses, handymen, landscapers, pool cleaners, cleaning services, QSRs, restaurant owners, mechanics, plumbers, real estate agents, dog groomers, franchisees, tradesmen, medical, dentist, insurance, & those looking to increase profits, boost sales, improve processes and develop stronger teams