In this post, I will share with you my online business budget strategy. Every successful business needs a budget, and an online business is no exception.
In this post you are going to learn the two most important resources in any business (hint: money is just one of them, and probably the less important one), and get some tips how to maintain a successful online business budget.
A lot of conventional businesses require a large investment of money to start, carrying a lot of risks to the business owner. Take restaurants for example.
Benefit of an Online Business Budget:
- You can start small: You can earn while you learn. Build your business gradually while you learn the necessary skills.
Disadvantage of Online Business Budget
- You can start small! (Surprise: same as the advantage…) When you don’t pay money, you don’t take things seriously. If you took a 100K loan to build a million dollar restaurant business, you will take it very seriously right? Well, the online business that you can start for free can be making you 7 figures a year for now, if you treat it the same way.
That being said, A lot of people, prefer to start with zero to a very small online business budget.
Why do they do that:
- There is so much information available for free! Why do you need to pay for something that you can find for free? Why do you need to pay for a tool that does what you can do for yourself?
- A lot of products cost a lot of money and they are practically a scam. Promising you to become rich in a click of a button! And when you buy it, you find out that it is a piece of crap, which simply doesn’t work.
To optimize your Online Business Budget, identify what is your most valuable resource
Money is one very important resource, no doubt about it. Time is another.
A lot of people start a home business part time. This means that in order to succeed one has to be very time-efficient.
If you have 10 hours a week to work on your business (which is the minimum in my opinion), and you watch a webinar for a full 2 hours, about a new super hot, amazing, some kind of magic tool, that you eventually decide not to use, you have completely wasted 20% of your most important resource: your time!
Continue reading to learn how to solve this problem.
Online business budget breakthrough tip: Free has a cost!
You sure can start an online business for free, but you will need a lot of patience and a lot of time until you will start seeing results.
The professional approach is to think about the online business as a proper business. Sit with yourself and decide what your monthly budget is going to be, and how many hours a week you can put into your business.
Decide that you are going to do it for the long term. Don’t “try”, because it is just as good as telling yourself that you are going to fail.
Make a smart business plan. When you make a plan, be realistic. Make sure that you will be able to handle it
Think what is more expensive to you, your time or your money? And this bring me to the final question:
How much does an hour of your time worth?
Put an hourly rate for the value of your time. For example, before I started my online business I was an engineer, so I know that my time worth at least $50/hour.
At the beginning, I used to think for hours before I bought a product that costs even as low as $10.
Then, when I prepared my online business budget and I took into the consideration the value of my time, I understood that I was losing money, because I got paralyzed whenever I needed to take out my credit card.
The hours that I was wasting thinking about whether or not to buy the damn product, were more expensive than the product itself!
In that case, what is more logical thing to do, is to buy the product first, and then see whether or not it is of any value to me. Most good products have a 30 money back guarantee or a trial period anyway! so there is no real risk!
So how much money are you losing because you are paralyzed whenever you need to make a purchase of a product online?
Including the value of my time in the price of product is another way that mentally helped me achieve faster decisions in my business. If a tool like TweetAdder, which helps me automate my twitter, saves me 30 minutes every day, this means that actually it saves me $25 in my business every day.
How To Save time & money from your 2012 budget
Are you happy with your results? If you aren’t, this tool can save you a lot of time, and make you a lot of money in the process.
Inside MLSP there are hours of trainings, that can make your business quantum leap in 2012. I am saying this from my own experience.
Join my MLSP team, and I will show you exactly how I incorporate MLSP into my own business to get me the results that I am getting with it.
Check the following video to see what you get when you join MLSP:
It cost only $10 for a 2 weeks trial. The trainings that I am going to show inside the system can make you literally thousands, and just think of the time that you will save looking for the same information.
When you join me, I will help you set it up. As I said before, my time alone worth $50 an hour, so think how much you benefit.
To your success,
PS: If You Still Do Not Have a Step-By-Step Blueprint For Success, Check This Out (Unless You Already Have Too Many Leads) – Click Here For Instant Access
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