This is part 7 of an 8 part segment.
- Its never going to be enough
- Magic Calculator and the calculator itself can be downloaded from here
- Making Money 101
- The 4 step Plan
- Making Money 201
- Making Money 301
- Advice for your Business
- BONUS: Should I rent or Should I buy
You need to apply exactly the same money saving and budgeting techniques as you would for yourself. You need to budget each month and only make purchases that you can pay cash for. But, you should NOT be stingy about any expense that DIRECTLY helps you grow your business. This means that you can track the $1 that you spend today to at least $2 to $3 earned within the next few months to a year.
Making Money 201: With costs under control, you should focus on sales! Why? Cost cutting is limited in scope … you can’t cut more than 100% of an expense. Income earning is unlimited in scope … the sky is the limit!
Making Money 301: Don’t assume that your business will grow forever; either come up with new moneymaking ideas (new products, new markets, franchise) or … now is the time to sell you business!
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