Of all reasons we build a business, we will want profits. Our business can be to saves people’s lives, promote healthy living, fight against global warning…etc. Ultimately, a business has to make money. You have to generate profits.
It’s the same as a network marketing business.
You may have drawn out your network marketing business plan. The next thing you want to do, is to follow your plan religiously, and act on all the things you have planned out for your network marketing business. Profits will come in, if you take consistent actions on your business plan.
Now you have profits, what can you do?
Here are the 5 ways to spend my business paycheck once I get it 🙂
1. Go and Enjoy Yourself!
The reason we work so hard in our business, is because we want to earn some money and pamper ourselves. Okay. I’m not asking you to spend all your money here. It would be very unwise if you do that. However, it would also be very unwise if you don’t spend some money you have work hard for it!
Take 10% of the profits. Go and have fun. Go buy yourself a good dinner at your favorite restaurant. Go party with your friends. Just go and spend this money!
2. Promote Your Business More!
After you had fun, let’s come back to business. I also hope you bring back at 90% of your profits back after spending 10% on play. Now, set aside some budget and put them in promotion of your business. Promote your business more to generate more sales for your business.
As my business is almost 90% online, I will put my money in paid advertisements like Google PPC or Facebook PPC. (PPC=Pay-Per-Click). Of course, there are other paid advertising methods you can use to promote your business.
Many people regard promotion, or advertising as a expense, and many people cut down on advertising their business. Advertising and promotion is an expense, if you don’t know how to promote, but it is an investment if you know how to. That bring me to my next point.
3. Invest in Education.
Successful people are always learning. If you want to be successful, you must invest in self-education. Take part of your remaining budget and invest in new training courses, new books, new information.
If you want to get more clicks on your online ads, go and learn how to write better and more compelling ads that sell. If you want to improve your conversion rate of your advertising, go and learn how to close the leads you have generated. If you find that your business is going downstream, and you are struggling in it, go invest yourself in coaching. Go get a mentor to guide you.
I have highlighted one of the costliest mistake network marketers made online is not to have a Coach in their business. I explained why a Mentor/Coach is so important in my Free Report here.
For me this month, I have invested in a $297 course which will teach me how to get more traffic, get more leads, and close more sales 🙂
4. Prepare For The Future.
If you have drawn up your business plan, you would have some major events or projects in your calendar. If you don’t have one, I recommend you organize one. It can be a big product launch you want to create with your business partners, or a organize a competition or event for your team.
Whatever it is, you will need money to do it. Hence, save some reserve for your upcoming major project.
For me, my team, 2 major projects are coming up which will help our team members to build their business for effectively. My bonus just come in time for it 🙂
5. Give, Give, Give.
You say that if you are rich, you would want to donate money to your own religious organization. You say if you have money, you would want to save tress. You say if you have money, you would want to give to the poor.
Okay! Now your business paycheck is here! Shouldn’t you do what you have said?
Ohh… you may say that your paycheck is not fat enough. You will give once your paycheck hit 5-figures…
Don’t wait. Start giving now! You see, it isn’t really how much you give, it is did you give?
The time will just never be right. Just go do it. If you want to give to your organization, give now. If you want to donate to the poor, donate now. If you want to save trees, go do it now!
Yes. I’m going to do it first. I’m going to give part of my bonus away:). Shall we do it together too? 🙂
Point to note: Regardless of how small your paycheck is, it is crucial to start manage your business profits and use it in the right area. Don’t wait until you got a bigger check. Start now. Plan even before you get your 1st check.
That’s the 5 ways I’m going to spend my business paycheck! Of course, there are many more ways you can spend it. So how do you spend your paycheck? Share it with me below 🙂