Sunday, March 27, 2016

Make Sure to Enjoy Some of Your Profits

I'm Finally Making Money What Should I Do?

In a previous Post "Keeping Your Online Biz Financially Afloat" I wrote about the proper use of budgeting your income vs. expenses to make sure your business survives and grows.  If you have not yet experienced a profit in your business where your income is exceeding your expenses, make sure to keep that article handy and refer to it so you stay on track.

Once you are "in profit" and your income is more than your expenses consistently each month, it's time to enjoy a little bit of your success.  After all, we are in business to make money for a reason right?  Each of us has a different reason, so I won't even try to guess what they all might be. No matter what that reason might be, I recommend taking a portion of your profits and rewarding yourself.

One method that you may want to consider is dividing your profits into percentages.  So for example, you may take a percentage each month as a reward, a percentage to use for your needs or goals, a percentage for savings and the remainder for reinvesting in your business.

Please make no mistake that I am not suggesting you take all of the profits out of your business.  You need to keep money in your business to keep it going strong and headed in the right direction.  Only you can know what these percentages might be.  Having a good mentor to help you "run the numbers" would be extremely beneficial.  Or, feel free to start a discussion on this blog post.  I'd love to hear from you.

To Your Success,

Bob Swetz

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