Entries tagged with “budgeting”.

Is there something you’ve been hoping to purchase for your business, but you can never seem to be able to afford it because you always seem to be spending your money on other things? This may seem very simplistic, but make it a point to set aside some money to pay for what you want.

Create a “phantom” account in QuickBooks and set an automatic transfer from your checking account to that account every week. If you need to, go to your bank and open a separate savings account and have them automatically transfer a small amount into it each week. Think of it like a layaway plan and earmark an amount to go specifically towards your goal purchase and nothing else. If you don’t “see” the amount in your checking account, you probably won’t be tempted to spend it.

If it’s really important to you, you’ll find a way. Whether you decide to deposit $10/week or $100/week, review your current spending and start setting aside a small portion of your earnings now and you’ll be on your way to being able to afford what you want.

Of course, you can’t spend all of your capital and marketing and not have enough left over to be able to create the products you intend to sell. On the other hand, you can’t put all of your money into the products without developing some kind of marketing strategy to bring them to the attention of potential customers. Where and how you market will depend on the type of customers you hope to attract. When you have a niche area and you know there is a demand for your product or service, you do need to do your research to find competitive ways of bringing it to the attention of the buying public.

A friend of mine, marketing maven Stacy Karacostas, of SuccessStream Sales & Marketing Solutions, (www.success-stream.com) wrote in one of her Bright Ideas newsletters:

“Marketing is a mandatory investment in the success of your business…I regularly run into entrepreneurs with a terrific small business or product, and no money (or time) for marketing. But if you don’t get the word out about your business, no one knows you exist, and no one buys what you’re selling. Then you don’t have a business…You have a really expensive and time consuming hobby.”