It can be tempting to buy ALL the programs out there to continue to help you grow your business. You don’t need to be FOMO Francine all the time.
The copywriting makes you think that you really need to buy that course or that ebook or hire that coach or consultant.
But you may not always have the cash to be able to make these investments.
Your business needs to at least cover it’s minimum monthly expenses to be able to keep running. Don’t run a cash poor business.
So how can you keep your business spending in check?
Know Your Minimum Monthly Expenses at all Times
What is the amount of money that your business must make each month to stay open?
These are the expenses that you really can’t live without. Things like your email service provider, website hosting, subscriptions like Canva, stock photos, etc. are these expenses.
You need to know what the minimum number is that your business needs to make each month. This is the minimum amount of money that your business needs to make each month to actually stay functioning, or you’ll be borrowing money from your somewhere else. But that also means your business is broke.
Have a Business Savings Account
Every time you make money in your business, you should be transferring money into a savings account for your business so that you have money saved away for emergencies, for taxes, for those courses you just want to buy that can help you with your business.
If you make it a habit to transfer the money to your savings, it will be easier to do this going forward.
Don’t Buy Something if You Really Don’t Need it
It really can be quite simple.
You own your business, so you know the tactics that are used to get people to buy, well, at least you should know the tactics. That means that you really don’t have to fall for it and buy every course that is out there.
Spend some more time just thinking about whether or not you actually need the course or product you are about to purchase. Are you going to get an ROI (return on investment) on the purchase within the next 30 days?
Complete the Programs and Courses You Already Have
I know you’ve already bought tons of courses and programs and products that you have sitting on the interwebs just collecting dust because you haven’t finished them yet.
And I’m also willing to bet that this new program that you are about to buy, you already have something similar to it.
Don’t ask me how I know all of this 😉
Log into that course and start doing the work. Why spend the money to buy something very similar just because of the tactics that are used on the sales page?
Set a Monthly Budget or Allowance for Buying Things
If you really need to keep investing in your business, then give yourself a monthly budget or allowance to spend on courses for your business.
I know that it is important to continue learning new things in your business and continue to uplevel your knowledge and abilities.
So give yourself a limit of how much you can invest each month.
Track Your Monthly Expenses
You should always be tracking your expenses, this is called doing your bookkeeping.
But it’s not always something that gets done because it’s not your zone of genius, you don’t like to do it, it stresses you out, and you don’t really want to know what you really do spend in a month in your business.
Do you actually know where your money is going and what you are spending it on? You should.
Is Your Business Spending Out of Control?
Or do you actually have full control over your spending?
What things do you need to change in your business so that you always make a profit and have more than enough money in your business?
What do you plan to change?
In my experience, there are 2 types of business owners: those who spend everything they have to continue to grow their business and those who barely spend anything in their business.
Neither one is wrong. But there should be some balance between them, at least in my opinion.