Today we review the Start Up Budget iOS premium app by Thomsen Business Information. Even though this is a relatively new app, it already comes up as 6th place if you search for “Business Budget” in the iOS app store. Start Up Budget app is an app targeted at business owners, entrepreneurs, and start ups, to help them figure out how many sales they need in order to earn a certain amount of money.
For example let’s say you’re a small business owner that sells vegetarian a vegetarian product, and you want to earn $50,000 a year in profit working on your business. You put that into the box in the app that says “Demand for profit per year.” Now you still have to pay off the mortgage on your house, on your car, phone bills, electric bills, etc, and let’s say that all adds up to $25,000 per year, so you place that into the “Fixed costs per year” box. You have 4 employees and you pay them each $5000 per year, so you put in $20,000 into the “Salary to employees per year” box.
Let’s say you sell this vegetarian product for $10 a piece, but it costs $5 each to make, you put this data into the “Sales price per unit sold” and “purchase price per unit sold” boxes respectively. Now you’re ready to calculate, hit the calculate button and it lets you know how many products you have to sell per year to make that profit.
In my opinion this should already be very easy to calculate to begin with, but this app makes it easier for business owners and entrepeneurs who want to make things simpler for them
Even though this app is mainly targeted at business owners and entrepeneurs, you can also use this app if you are an employee working at a company and want to figure out how many hours a week you need to work, earning a fixed rate per hour, in order to meet certain quota.
It’s a similar process to the one above, except you must set the “Salary to employees per year” and “Purchase price per unit sold” to 0.
So if you want to earn $20,000 in profit working an hourly wage of $20 per hour, and you also have to pay apartment rent that is $1000 per month, you have to work at least 5 hours a day for a total of 1600 hours a year.
This app makes it easy for anyone to calculate how many units they have to sell or how many hours they have to work in order to meet a certain quote. It’s definitely recommended if you want to download an app that lets you do this quickly, although as stated earlier, it is very easy to do these calculations yourself on paper.
If you would like to check out Start Up Budget and give it a try, you can download Start Up Budget at the Apple App Store.
This review was written on: 5/27/2014
Last updated: 8/26/2016