Sunday, August 17, 2008

Keep to your budget!!!

When sales are good you can't help but want to indulge a little, whether it be on more supplies, an espresso, or a gift for a friend. I feel the same way. I don't feel as guilty as I used to spending money I've earned from my business, but now I am feeling more "protective" or "defiant." I have some big goals I am working towards, and I must have subconsciously hinder my desire to spend money faster than I make it.

My friend and I are participating in a summer long Farmer's Market in Key Center, Washington. It's every Sunday for the whole summer. At first I'd take money out of my half of the cash box and buy an espresso or a nice fresh loaf of bread from another vendor. Now though I bite my tongue and make enough time to drink coffee at home before going to the market.

I take a look at my room where I store my supplies. I have more beads and paper and boxes than I have appropriate storage for! Who doesn't love to shop? Who doesn't like indulging in the sake of their business? Although I'd love to buy more supplies until the piles hit the ceiling, I am going to force myself to organize all of it in such a way that it inspires me and challenges me to use the supplies I already have. The carrot I keep walking towards is extra spending money to buy more supplies for my business. There are so many ideas I want to dive into and invest in, but, as the saying goes, patience is a virtue.

What every business needs (and should have) is a budget. If you have another job working for someone else calculate your monthly income. Figure in bills, expenses such as food and hygiene. It is wise to save a small percentage of every paycheck into a savings account. It is just as wise (if not a little more so) to save a percentage of the profits you make from your business and put the rest back into your business whether it be for advertising, supplies, or time.
Managing your money is a big responsibility.

Every business owner needs discipline. If you can master the art of holding back your urge to spend every penny in your name as well as run your business in a steady gradual pace, then you are capable of just about anything.

I have a lot to improve on in regards to feeling too ambitious and spending more than I should (but not extremely). I am looking forward to the day where I can work from home on my business full time.

Thank you so much for reading. Good luck on your business endeavors. How rewarding it is.

CM Designs dba 1337 Art

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1 comment:

Amber Dawn McNabb said...

aaaak! I just spent the money I made from two recent oders on a lovely new purse from a fellow etsy seller. But I promise I have "needed" a new purse for a year now! Great Advice though. I hope to be able to keep my hands off future profits to pay for Christmas. My pumpkin orders will be rolling in soon.....


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