Content Cash Creators
These Cash-Creating Message Sets, Just For ClickBank Affiliates, Creates Attentive and Receptive Readers Ready To Click and Buy and Puts Your Marketing On Autopilot. In Just 5 Minutes* They Are Ready To Generate More Sales For You Automatically! Just add your clickbank ID.
Author: Rex Madden
As a continuing series Internet Marketer's Money Making Machine explains how to review your personal financial situation to help determine if you should, or even could start an online internet business, or any other offline business. As we discussed before, a lot of people fall at making an online income, or a home based business, or an MLM. Even though they are most probably legitimate businesses. Most times it is not the business opportunity's fault, but yours. You are lacking something, or several things. You are either not putting enough time into your business or not enough money. Yesterday we discussed that starting an internet business took time. Real time, not just play time. I won't go over that information again but it can be found here at Internet Marketers Money Making Machine On Taking Stock . So if after a realistic analysis of your daily activities you determine that yes you do have enough time to work a business. Remember if you are going to be successful you need at least twelve hours a week to work your business. So now you need to look at if you have enough disposal income to start your business. Why do we go through this drill? Because it is a truism that if you don't have the time to grow your business, you need the dime to grow your business. And vice versa. You are either going to invest more money to advertise, market, and promote your business by subcontracting out work to others. Or you are going to have to do the work yourself. And even if you have the knowledge, the tools, and the savvy right off the bat, you still need to sit down every night and do it. Because consistency in the most important thing in promoting your business. The more you do, the faster you grow Most people never take the time to realistically review their personal financial situation before they make any important decision let in their life, let alone do I jump into a business enterprise of any sort. It is not that it is hard, it is they really don't want to know. They don't want to face the facts. Maybe realize their little lunches and happy hours everyday are eating up all of their money. Here is what I believe you need to have financially as a minimum to launch an internet business that has any real chance at succeeding as opposed. $1,500.00 as start capital (Given you already own a computer) to purchase various software tools and get training. And $250 a month use to promote your business or belong to a reputable membership club that will provide you with mentoring and training. Listen, be realistic, you are not going to start a business buying a $37 product. Because once you do, you'll notice they keep adding on these one time offers to suck a couple of hundred more dollars out of you. All you are doing is making the gurus rich. Just to give you a clue, most serious mentoring programs start at $8,000 and run up to $25,000 and you still don't have a product or website. If you lack the technical skills to set up a website count on at least $2,500 to $5,000. Then anywhere between $297 and $497 for support. Add in an autoresponder and a co-reg lead list and you're talking another $497 to $1,497 depending on the size of your list and frequency of mailing. Now are you starting to understand why you don't make it big quickly. Don't worry, you can get there if you stay focused and work at it. So go open up a spreadsheet and call it Annual Expenses and Income. Now my advice to you is to build this up on a monthly basis. Slot in your income and expenses on week-by-week basis so you build up a cash requirements tool at the same time. A little more work. But it is well worth it in the end. First record all of your income that you have to run your life and the household. If your spouse works and doesn't contribute, don't include it. You are fooling yourself otherwise. Now you can either start with your gross salary and deduct out your actual expenses for taxes and insurances if any, or just put in your net amount. The reason being is we are trying to determine if you have enough disposable cash to start and maintain your business. Make your spreadsheet four columns. The first is description, the second expenses, and the third income, the fourth Cash available. You'll use this column as a running total. Directly underneath the column titled descriptions, write in January. You'll do this for every month to visualize where you are at during the year. Now simply get a calendar for the year and write underneath the month header, the day your will get your money in the bank. Do this for the whole year. Payday by payday. This isn't a time to be a squirrel. If you receive alimony include it. If you receive child support, include it. If you receive a pension or any other periodic income, include it. You are really trying to determine what you receive and when you receive it. Now, let's take a look at your expenses. You need to write them in week by week, month by month. Now most people cheat at this. Fortunately, now a days most people use debit cards and credit cards fro 99% of their expenses. So all you have to do is go to each of your financial institutions and download the information. Then copy and paste them over to column 2, Expenses. If you don't use online banking, or don't have the technical skills to download these items and copy and paste them into a spreadsheet. Stop now. You already know an internet business isn't for you. Once this is done, put in any expenses you are anticipating incurring that wouldn't be included in the downloads. And double check to make sure any items you pay out of cash and all of your check payments are included. Load your formulas in to column four. It will self populate. If you don't have at least $250 a month to spend on your business above your requirements, don't waste your time, but work on saving your money and paying down your expenses. You'll have a tool where you can analyze expenses and reduce them that are frivolous and not contributing to your goals. But the $250 is only half the equation. Obviously more is better but you have a start. The second half of the equation is do you have the $1,500 start up cash? So now you know what six months expenses are estimated to be, does your savings excluding retirement funds and life insurance policies exceed this amount by $1,500. Look, you need to have at least six months to live on if you lose your job or other catastrophe occurs. That is your seed money. Your safety net so to speak. Do not, I repeat do not touch your savings accounts to do this. Leave them alone. This way your wife won't be pissed off at you. Trust me. If you can't meet these two criteria, put this notion of an internet business out of your head for awhile. Because all you will do is throw good money after bad. And you won't make it. All you will do is help the "gurus" launch their next product aimed at fleecing you out of $37 and enriching themselves. This doesn't mean you have to give up on your dream. You just need to wait and work towards. Hey, I get paid $10,000 to personally walk people through this as a financial professional and you just got it all for free. However, if after going through the first two test and you can still say yes, tomorrow we will discuss another important element required for your success - YOU.
Tags:
|
Print this page
