As we approach the year 2015, I have a question for the guys who run a business online without much money or even a no-budget affair...
Are you in for the long haul or are in a one shot spark in the dark? It all depends on what you do with the money you have...essentially the profit you make from your online business, especially when sales are few and far between, profits are meager and you are always put into a dilemma of whether you want to continue with your online business or stop it altogether. Maybe you think your online business is a waste of time and resources after all...you put in so much money into your website..your stock of products..and it is not working enough to even break even...and you begin to think where and what you did went wrong.
Actually, if you think about it, it all boils down to how you manage the money you make from your online business, because eventually, you will want the business to be self-funding.
One way, of course, (you may know about this like most people but never crossed your mind to do it, perhaps) is to set aside a certain percentage..like 50% of your profit to accumulate in a stash pot for this purpose, instead of spending everything you make. Even if you make $50 a month..saving $25 a month will get you $300 a year. And if you can afford to keep saving without touching the pot.. well the pot can grow to a tidy sum without you realising it..and then.let it come to your rescue whenever you are short of funds you need. Of course, how much you will want to allocate to each pot is up to you.
For me, I tend to put away a certain sum of money from the profits I make in one special debit VISA card, to spend on certain essentials when my usual sources to fund my business runs low. You will never guess just how many times the funds from this particular debit card has come to my rescue when a certain payment is required and my pocket has no money.
If you haven't done this already, give this much thought. And start building up this fund with a portion of your profits instead of spending all of it, like I used to do, thinking what a miserably small amount of money can do. As a Malay saying goes, a little bit a day builds a mountain. May 2015 see all of us having enough to fund our online business for the long haul, in spite of the naysayers' predictions, and make it running our way.