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After years in the industry, Cathie knows what works..and what doesn't. She's learned the BIG DOG SECRETS and wants to share them with YOU.
Fill out the form to get her free report, "ONE THING That Can Make or Break You" by email.
Critical Key to Staying in Business Every Marketer MUST Know...
If there’s a common denominator among Marketers, it’s our desire to “build”.
Build a team/downline…Build a client base…Build a list…Build our dream
You get my point.
We tend to operate on excitement and adrenalin, absolutely SURE that our company
and products are the best on the market (and they probably are!)
We attend the events, meetings, webinars and conference calls, living out the dream
of owning our own business…. thanks to the opportunities available to us in this industry.
Network Marketing is a GREAT industry filled with fantastic people, wonderful products
and great companies…and don’t let anyone tell you any different!
There is one thing, however that I don’t see discussed much at meetings, on conference calls,
or in forums that is a CRITICAL KEY to being here a year from now…
Your Business Budget!
I know…budgets aren’t exciting or sexy, but bear with me for a moment.
What is your monthly business budget?
Do you even HAVE one?
Successful business owners can tell you in an instant what their operating budget is...
this is something you MUST have a handle on. It’s common sense, and we all know that
you cannot continue to operate if your expenses exceed your budget month after month.
Unfortunately, we are bombarded with tools, widgets, courses, services, etc.
that PROMISE to help us build...so we open our wallet and leverage that credit card
“just one more time”
I hear of so many network marketers who’ve maxed out 3+ credit cards before their business
had grown enough to support the expenses they were incurring...so sad! Three people I know
personally actually lost their homes…how tragic! All because they didn’t determine...
and stay within...a monthly budget.
Yes…there are tools that you want (and need) to operate online. An autoresponder and
web hosting come to mind initially. Then there are the recording services, video hosting
services, marketing tools...not to mention your monthly autoship...the list seems endless.
And while the individual monthly fees may not be large, they can add up quickly.
Be a SMART marketer...
- Determine your budget FIRST and stay within its limits. As your business grows,
so will your operating budget, and you can add tools and services down the road.
NOTE: It’s ok if your monthly budget is $25 when you’re starting out...
it is what it is...be realistic - Use free services wherever possible until your budget allows for a paid one.
True, paid versions usually have more features, but free tools and services
abound that can help you build your business. - Many services offer an affiliate program. Recommend them to your friends and
colleagues, and soon your monthly cost will be paid for. (which also can free
up a portion of your budget)
My friend and colleague, Diane Hochman, is known for saying,
“The name of the game is ‘stay alive’”
Staying alive means operating within your means so you’re here next year...
in five years...in ten...
About the Author: Cathie Heath
Member Since: 05/01/2009
I'm a Distributor For:: Numis Network
Other Company: Heath Marketing
Industry: Other
Primary Web Site: http://www.cathieheath.com
Exactly!
So important to determine and stick with a budget, Cathie!
And you are right...
It's something that's not talked about enough but with SMART marketers like you to help teach...
I know this info will get around!
Thanks for putting it out here...
Shelly
Gotta know what your monthly nut is...
So true Cathie - If you don't know what your monthly nut (your overhead) is you will soon be out of business
Set an outcome for this month to cover your nut and do this every month and you will be able to remain in the game to make it happen!
Wes
Budgeting Is Key!
Cathie,
Budgeting is so important! It is so easy to fall into the trap of buying into every "new launch" before you even turn a profit in the business you are working.
Thanks for the solid information Cathie!
Liz
Nice One Cathie..
Hey Cathie,
Great wisdom and words here.
Most people almost forget that
they are operating a REAL business
and NOT a hobby. This is so KEY
to understand what's going out and coming in...
God Bless,
Ontarian
Illusion of Being In Business
The use of credit cards is something that has been embraced by society as an "okay thing" to do.
Learning to keep an eye on what's going out and coming in will help you remain in business for sure.
It's not about gambling. Yet I say stake a claim on black not red. Be savvy and knowledgeable about where you are and where you want to be in the future.
I agree with you Cathie. Ultimately it's your ability to set and maintain a budget that will help you see your business in the future.
~Miriam
Sound Advice!!
Yes, Cathie what you are saying is just good ole plain common sense. Unfortunately I am one of those who did max out the credit card and lost the house. It does take alot of research, but you can find great stuff that costs little or no money to fit any budget!
Bev Bojarski
You are so right!
Having a budget and sticking to it is the most important factor in my opinion when starting a business. I know it's hard because the sales copy says that you need to invest in your education or that if you can't afford their product/program/or service then you really aren't in business. Well, my credit card will tell you that I fell for that more than once before I put my head straight. Hopefully others will listen to you and make and keep that budget.
Budgets and Plans!
Cathy, I am so glad to see you write about budgeting. There is no one more guilty of neglecting to do this that I am. I've managed marketing budgets, as well as devised and directed marketing plans for Other People's businesses and my own for decades. BUT, In two short years as a MLM/Network Marketing and Internet Marketing NEWBIE, I lost ALL sense of REALITY and abandoned what I KNEW was RIGHT. The persuasive strategies used by most of these marketers are totally misguided, POWERFUL, and NOT in the best interest of the greatest majority of the people they prospect and claim to serve. Without treating my new Business like a REAL Business: Accounting and maintaining a budget, devising and following a business and marketing plan --- I had to RE-LEARN in the most EXPENSIVE way, that I had seriously DETOURED from what I ALREADY knew how to do... I nearly bankrupted my family and almost ruined the business I'd spent 12 years creating for myself. There's no faking a budget or a plan without the possibility of extreme financial consequences! Everyone, please be safe. Do your Homework because every assignment matters and contributes to your success or SCORE! :)
Great information
Having a budget is very important.
I found that out the hard way.
I also found out, that is important
to invest your budget on the right things.
I discovered it is easier and cheaper to
learn from others mistakes than to learn
from your own.
Budget
I certainly Know what its like Not to have
a Budget!!
I have learned the hard way - and now am Ready
to stay within my limits.
Thank you for your comments.
Clara McIlwain