Recently in our Elite Marketing Pro community, one of our regular Daily Dose of Awesome speakers shared with the community these five things.
Now sometimes when we think of a budget we only think of a financial budget, but that isn’t always the case.
Even though Penny did mention some financial budget items… Three of the FIVE had NOTHING to do with money.
Why do we need to budget?
Penny basically started off this call sharing that these are absolute things that you need to budget if you’re going to be scaling your business.
Alot of entrepreneuers start small and never think of their business as a BIG business. Because they really only started to earn an extra $100 a week.
But the reality is with every passing year that you ARE in business you need to realize that you’ve made a decision (consciously or not) to take your business to the big leagues!
Now if you’re going to do that you need to have a plan!
And one of those plans is your budget. So the obvsious question is – What do we budget?
Budget item 1: Ad Budget
If you’re marketing your business online, it will be completely insane if you didn’t have an advertising budget.
Many people believe in the FREE or organic strategies.
I still teach them, but you really use ORGANIC strategies for things you’re truly passionate about.
For example my I Am Catholic Facebook page had very little advertising thrown into because my faith is one of my many passions.
I was able to reach the people I wanted to reach so quickly that no amount of advertising dollars could have done it better.
But most likely your business isn’t something quite dynamic.
You have to use the systematic methods of reaching your audience and that requires Ad dollars!
So the first thing you should budget for marketing online is an Ad Budget
Budget item 2: Business Development Budget
The second item that Penny talked about as you will listen on the call below is what she termed as Business Development expenses.
Now this could include things like memberships, domain registration and hosting fees, products and services and even your personal development.
So you see those self-help books you love to buy on Amazon every week – you need to start budgeting for those.
Budget item 3: Time
No one ever thinks about it as an item to budget, but if you don’t your day can quickly run you rather than you running your day!
Time is the one commodity you just can’t get back, so using it wisely is like saying that gravity exists!
When you planning out your day you should try to ensure your time is spent on income producing activities.
Budget item 4: Energy
Now one may wonder, “How do I budget energy!”
Let me give you an example of something that happened to me.
My second daughter was just about turning 4 months old and my work partners started to shift again.
I was able to stay up longer at night and still wake up in the morning, BUT with a HUGE cavet – I needed a late afternoon nap!
So when my husband finished work and was able to watch the kids for a while, I went and took an hour.
That hour nap allowed me to be able to continue working until midnight and feeling like it’s 10 in the morning!
Budgeting your energy also means knowing what activities you’re going to be faced with on a daily basis.
If I know I plan to take the kids to the park, I know that is going to tax my energy, so I will have to readjust whatever I planned to do that evening for my business!
Budget item 5: Mental Capacity.
Now the last thing that people rarely budget for is the mental capacity required.
Now I will leave you to listen to how Penny describes it in the audio clip below. But let’s just say there are certain activities that require more brain power than others.
Which is why I can probably listen to personal development cds while driving!
You can catch a replay of the entire call right here.
And as you will notice there is the opportunity to ask the speaker questions, but usually this is only to community members.
So if you’re interested in this and many other benefits that Elite Marketing Pro has to offer, including one-on-one coaching, traffic coaching – with many of the Daily Dose of Awesome speakers, weekly and monthly training with our members then you should check us out right here
Found value from this post – I’d love to hear your comments below. And if you know someone who is now starting their online business share this information with them.
I’m Hilary De Freitas The Marketing Mom
My Mission: to bring as many moms back home and still earning a living!
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