MLM Budget - Plan a Budget for Advertising and Growing Your MLM Business
MLM Budget? What do you mean I need to develop a budget for my MLM Business? I thought this was a low cost business.
Yes, you can build your business on a shoestring, but there must be some available funds with which to invest into your business. Just like you can't work your business on spare time, you also can not work it effectively on "spare change." We are going to cover budgeting for the tools of your business as well as budgeting for ways to advertise and build your business.
Spend some serious time going through your finances and determine exactly what you have to develop an MLM Budget for your business. If you are really struggling to come up with money, look closely at your current expenditures and find areas to pare down. I gave up “date night”, cable and lots of other things early on in my MLM business in order to have money to invest into building my business. It was tough at the time, but well worth it.
Always invest back into your business in the early days. Any profits you make from retailing, sponsoring, etc., should be poured back into your business.
Hopefully, you have a business that allows you profit when you retail the products. If so, use retailing to create money for you to work with to expand your business. Imagine if you retailed just a few products each week. That would provide money to put into other aspects of your business.
Each business is different and here are some items you’ll want to budget for that are a necessity in building the business. Look at your own business and make adjustments accordingly.
Products, you must know your product; Brochures and business information; Business Cards; Business and Prospecting CDs; Envelopes; Labels with your name, phone number and website; Postcards for follow up; Company Clothing line, why advertise for Hilfiger when you can advertise your own company?
Remember to factor in your monthly recurring expenses. These might include auto-ship; website; autoresponders; business phone line; cell phone charges; leads and advertising, etc.
Once you have the tools you will need, you are ready to take action. Develop your list of warm market contacts that you will notify about your business. Decide on a few other methods to promote your business and then take action! Start first with that MLM Budget.
Jackie Ulmer is a network marketing veteran, industry coach and MLM author. She's built a solid six figure income using the Internet. She may be reached through her website - http://www.mlm-success-training-tips.com