Balancing Budget Basics: Your Guide to Multi-Level Marketing Success by Budgeting Your Money, Effort, and Time
Working from home and being the boss of your own home business is a dream come true for me and a path that many others have or would like to follow. It’s a great feeling and a very rewarding experience in more ways than just financially.
However, not everything is easy and it just fits in when you are working on your own business from home. One of the aspects that I struggled with and still have to work with on a daily basis is maintaining a balanced budget.
I always thought that if I could work within the limitations of my available money, I would be good to go. I soon learned (almost the hard way) through trial and error and success and FAILURE that creating a functional budget means much more than just keeping track of your money.
I found that there are actually 3 things that you need to keep track of during your daily work schedule. Money, effort and time are very important assets that you have at your disposal every day. Each plays an important role and neglecting one or all of them is often the difference between running a successful business, just surviving (you know the sentiment, hanging by a thread), and that dreaded word: failure.
I wrote this article to try to help others avoid some of the mistakes I made. For me, one of the best parts of working in network marketing and really any business from home is the amount of exchange and help available from people who actually follow this business plan.
So read on and find out that there is much more than just watching your money when budgeting for your network marketing business. To be successful in MLM, or any home business, you need to budget not only your money, but your effort and time as well. Tracking how you do things and the results you achieve can help you better manage all three – money, effort, and time – until you find the formula that works for you and your business. Learn how to build success and avoid the waste that so many start a home business get caught in.
Budget planning is not usually an issue that comes up when you are starting your network marketing business. Joint business planning is not at the top of the list when you are hired or when you “discover” your network marketing company that will make you millions. But once the dust settles and the initial ‘fire’ is out, are you ready to do whatever it takes to be successful?
Budgeting your money, working your best, and effective time management are skills that are needed to be successful, but they are not skills that we are born with. Procrastination and the lack of a boss and a deadline are real killers when you become your own boss.
Have you ever found yourself checking your email even though you checked it 10 minutes before? Or maybe you’re reading about the next great plan that will take your network marketing business to the next level. I mean who doesn’t want to double or triple their income simply by writing a better headline in their email. But honestly, if you’re just starting out and don’t have a list to send that email to, how are you going to double your money? I’m sure these programs work fine, but see where you are and what you have. Where can you spend your time, effort, and money most effectively to build your business?
I know you probably do these things because I did (and to be honest) and I still do unless I stay focused. To help myself, I created a little acronym: MET stands for money, effort, and time. I wonder: “HAVE YOU REACHED your needs and your budget TODAY?” Before I stray down the path of easy dreams
Let’s take a closer look at the three parts. M o money is the part that everyone thinks of when they say balance a budget or budget basics. It really is important, but it can actually be the simplest of the three to manage. First, you must decide how much you really have to spend on your business each month. Maybe it’s $ 100 or maybe $ 200; It’s different for everyone and it’s okay if it can only cost $ 20. Once you figure this out, you need to decide what’s important to your business RIGHT NOW! If you’re just starting out, you might need business cards or some office supplies. If you’ve been working for a while, you might want to invest in an email autoresponder system or buy some leads or buy some promotional material. It all depends on your goals and where your business is on the road. But once you set your money budget, stick with it. Decide what is really needed for where you are. You don’t have to buy all the good-sounding products or have all the bells and whistles. Settle down and then use some of that new income to help you get more and more of your needs.
Next we have E for Effort. It really is even better to call it Effort Cash. Many of us spend a lot of time in front of the computer or looking at the phone and say that we are at work. But how much effort are you really putting in and is it really effective? You may have two hours to work today. One around 7 pm right after dinner and one around 10 pm after the children have gone to bed. Well, if we decided to spend 30 minutes reading a training manual and then 15 minutes answering emails and 15 minutes working on writing an article, we have put in a lot of effort. These are all things network marketers should do. But if we did all of this at 7 and then saw that we needed to call a new prospect or call one of our new team members and we sat down at 10 pm to do this, we’ve wasted our time. It’s too late to make our phone calls. So even though we were very good at making our list and doing our work, we didn’t do it effectively, so we wasted some of our time. And I haven’t even mentioned that most people (myself being very guilty) go off track because of the great YouTube Video or the interesting email or the great sales pitch. Focus is critical to effort and making your efforts effective.
This brings us to T of time. I’ve saved this for last because that’s where the acronym fits in, but even more important because it’s what I consider to be their most important product. Money we can work with and even earn more. Effort can be relearned or refocused and therefore improved, but TIME is here only once. The hour that I wasted or did not take advantage of today cannot be replaced. He went. Time is precious and critical to everything you do and want to do. So take a good look at your time and how you want to spend it and how you actually spend it. You can’t get it back. I started this business from home as a way to spend more time with my family and do the things I love, so for me it was the first thing I budgeted for this block of time. I too (like most Network Marketers) started my home business while still working my 9 to 5 job. So once I got these blocks of time out, I was able to make a realistic budget for how much time I could spend on myself. business from home. Again, this is different for everyone. So don’t be guided by what someone else did, do what’s right for you.
Next, look back at all 3 areas and BE REALISTIC. Are you really going to work the business at 9 on Saturday night? Do you really have an extra $ 250 EACH month? Will you be able to focus and push yourself 100% at 5 o’clock when the kids are hungry and dinner needs are met?
To get a real assessment of what you have to spend with money and time and how much effort you can actually put in, start keeping track of what you do. Look around at successful businesses. You can bet they track things. Do you think they spend a million dollars on a Superbowl commercial and then not follow up to see if they are making a profit? What is return on investment (ROI)? You can do the same. Create a tracking sheet to keep track of when you work in your business or when you have downtime that you could. Keep track of where your money is going and if you have anything else to invest in your success. Keep track of what you do in the time you spend working.
Tracking will not only help you make a realistic balanced budget, it will also help you focus and use the resources you have more effectively. The effective effort looms once more. See how everything keeps coming together in a great circle.
It’s time to start. Don’t waste your money, effort or time anymore. Work on setting your goals, and then use your budget balancing basics to create a balanced budget. Stay focused and realize that success doesn’t come overnight, it comes in small packages if you’re just having fun and enjoying what you’re doing. That is why we want this home business in the first place. Remember?
Success in this business is not defined by speed. It’s okay to take a little more time than the guy you read about online. Honestly, most Network Marketers need 2 to 5 years to reach what they consider to be a level of successful business. Of course, the more you’ve REACHED your budget and the bigger the budget, you can speed things up. More money, more cash effort, and, of course, more time can get you to your goal faster. But before you give up, take a look at where you are now. Are you happy with what you have or where are you going? Are you willing to spend the extra money, effort, and time it takes to achieve the life you dream of, the life you deserve?
Have you met your goals? Avoid waste and start breeding successfully. Budgeting for your money, effort, and time is the best way to achieve success. Stay focused and remember to keep all 3 in mind during your daily routine.
Think about it!