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Bootstrap your profits and begin to rule your niche.



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Bootstrap your profits and begin to rule your niche.

A ton of people out there want to be successful online but they don't know exactly how to handle their profits when they begin to come in. The one thing that I see happen so often is that when people start making an extra $10, $20 or even $100 a day they begin to spend it on stuff they've always wanted. The money coming in clouds peoples judgment and plans on making a stable income to pay them for years to come and spend it on spur of the moment things.

One way to fix this is to see any money coming into your paypal account, or account you prefer, as your businesses money and not your own. Doing this will make it feel like you work for the company and you're not making the money yourself. It sounds odd, but it works and I've been doing it for years. I pay myself enough for bills, food and a random movie here and there. Everything else goes back into my business account and gets funneled into marketing to increase my profits later on.

Think of it, you can buy a $1,000 suite, $200 shoes and $100 sunglasses with $1,300 or you can take that $1,300 and put it into a PPC campaign and profit $10,000 if you do it right. Then you take that 10k and push it back into marketing to increase your profits even more. If you continue pay yourself what you need to live and then push the rest into building a successful business, you will see the fruits of your labor sooner than later Bootstrap your profits and begin to rule your niche.

I know I don't want to be an 80 year old man grinding day in and day out to increase my profits. I want to grind now and pay myself less so that in 10 years I can pay myself $10,000,000 a year and sit on a beach with my family while my company which is self sufficient is ran by competent staff and managers Bootstrap your profits and begin to rule your niche.


People always say they're going to bootstrap, but not as many do it because they dip into their business funds to buy something they don't need. It's a hard habit to break once it starts, so never start it Bootstrap your profits and begin to rule your niche.


Like what you read here? Follow Me Bootstrap your profits and begin to rule your niche.
https://www.seoclerks.com/user/Razzy


Thanks,

Razzy

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RaduV

At the beginning the profits are not that big but in time, it's true, they can grow up to a nice monthly payment. As you said, you don't have to spend them all.

Actually the first rule in any business, not only this one, is to reinvest the profit in order to get more after a while. Indeed, it will be wise to have a wage but not everybody manage to get that much to pay a proper wage and have something left to reinvest.

For instance, I just arrived from a 3 months sea trip where I got a really good wage. I can afford to stay at home for half year before I will feel the need to go back to work. However, If I do that I will only spend and I can't save anything or at least not that much. For this reason, while I am at home I do some online jobs to attenuate the spending spree and the percentage of savings to be higher.

Everybody have to think for the future, like you said, money come in clouds( i would have said waves or showers, but we can work with clouds) Bootstrap your profits and begin to rule your niche.




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Lynne

Very good point RaduV - there are so many people that have mindset that they will relax and spend money coming in instead of reinvesting or saving some.

I like spending at times of course, but I find saving and reinvesting really important.

Right now I am investing all my profit and extra time I have into working on my online business.




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Lynne

Razzy spending money has been something I have been very good at for a long time. Saving and reinvesting in my business... well not so good right.

I am busy now with investing extra time and money into my websites and I have to say I am seeing the results. I am gaining momentum and I am starting to put everything I can back into my business now.

I agree with you, I would rather have less money now and work my butt off so I can relax more and have more money in the future. It is a much better way to do things.




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Cristian

You are talking about smartly re-investing your profits. This is a huge thing you need to master if you ever plan on being successful online. Always think about the amount you must re-invest into your business to turn around even a bigger profit next time.
Counting everything as profit will "dry up the well" fast leaving you wondering what the hell happened!

Think about retail supermarkets, if you sell one product for 10 bucks, you don't have a 10 bucks profit, you need to minus the initial cost of the product first to figure out the profit, if the product initially cost 7 bucks, then you have a 3 dollar profit.
Same idea you need to apply to any online business, figure out how much you need to reinvest and also evolve your business.




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Barida

Thank you for this advise. I'm planning on running a Facebook ad for the blog that I currently work for as a result of the fact that I believe that the profits that I made from working online should go back to earn me more profits in the end.




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Corzhens

I am earning coins right now because there is little time that I can give to my freelancing. But when I retire from my office job, I plan to go full blast in the internet and earn good money. First is the blog that I would create. With the monetization, it should earn me more than the little money that I am earning now. Next is the drop shipping that many suppliers have been offering me. Maybe in the first year I would be putting in all the effort but I’m sure the earnings will stabilize and I would be financially secure later on.




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