How much money you make won't matter if you don't know how to MANAGE it properly. As someone who once went from having a multiple 6 figure business to falling into massive debt due to poor money management skills, in this episode I'm here to tell you: There are 3 KEY money skills ALL entrepreneurs must master if they want to not only make money, but KEEP more of it too!
As a marketing coach, I realize marketing and money go hand-in-hand. Without money management, your marketing means nothing. Because it doesn' tmatter how much you make, if you're not managing it properly, you can lose it all in an instant.
Here are the Top 3 Money Management Skills you want to master to protect the income you're earning:
Tip #1 Spending Money Habits
So many entrepreneurs build up their income only to spend it all and break even month after month. Then they can't pay themselves. Or, in some cases, they DO pay themselves, but then in their personal life, they are spending too much and in their personal life they begin to feel strapped for cash, which places an unnecessary burden on the business. Now, of course, you DO need to spend money to make money. That's business. But the important thing is to make sure you are spending WISELY. What I like to do is sit on an expense I'm considering for at least 3 days and if after 72 hours, I still want it, then I get it. But if after 72 hours, my desire has faded, I just move on and bingo! I've avoided another shiny object.
Tip #2 Your Saving Money Habits
Saving money can seem tough… especially when you're re-investing what you make to build your business. But successful SUPERpreneurs save at least a small percentage of what they make before they do anything else… and so should you. That way, when you hit those "bumps in the road," you're not scrambling for cash! I recommend having enough savings to cover at least 3 months worth of expenses. The way I usually do this is by setting up an automated transfer between my Business Checking account and my Business Savings account each month. That way, it happens without me even having to think about it and it takes all of the pressure off.
Tip #3 Your Making Money Habits
Notice Is aid the word "HABITS". Most entrepreneurs KNOW they SHOULD be focusing on making money in their business, but their efforts are scatter-brained and sporatic. You want to have DAILY, WEEKLY, and MONTHLY HABITS that you consistently follow to make money. For example, maybe EVERY DAY you follow up with sales leads. Then perhaps every WEEK or MONTH you make an offer to your following.The more offers you make, the more money you'll make too so make sure you make it a HABIT to ASK for the sale.
"Money" doesn't have to be a dirty word in your business - just focus on your Spending, Saving, and Making Money Habits and you'll gain control over your finances in no time!
Want the inside scoop?
Copyright © Market Like A Nerd, LLC