Online Biz Ability may have finished its 10 Lessons, but the journey never ends.
Starting your own online biz? I BEG YOU TO HEED THIS ADVICE.
Follow a 3X rule of FINANCE:
Say $3000 comes in.
$1000 goes to yourself as your pay.
$1000 goes to EXPENSE, and that is NOT negotiable: you HAVE to spend it, whether on paid ads or assistants or anything else. SPENDING it ensures growth! Keeping it INHIBITS growth!
And the final $1000 goes to... YOUR BUSINESS, in a reserve you CANNOT touch. If you do not value your business, and your business has no money itself, what happens when ONE thing goes wrong? You're fucked! This ensures the security of your business!
1 part pay.
1 part expense.
1 part reserves.
And if you hire anyone, THEY BETTER BRING IN 3X WHAT THEY GET PAID OR THEY PUT THE COMPANY AT RISK!
This ensures YOU get paid. This ensures your business keeps GROWING. This ensures your business is SAFE.
Seem harsh? NO COMPANY ON EARTH would have been fucked by coronavirus if this had been followed.
Follow anything less than the 3X rule, and you are at risk!
Hope that helps anyone starting a new business.
Made with Bullet