Money Matters - Planning on How to Use Your Money

Talking with some of my colleagues recently, we stumbled onto the subject of the current economic climate in North America. I had been collecting newspaper clippings and some magazine articles, all headlining the gloom and doom of today's financial climate and its prospects for the future.

"Y'know, I guess we just have to take it as a blessing," one colleague said as he shrugged over his coffee.

At first, I thought he was nuts. But he was a bit older than me, and had lived through the bad times of the early 70s and the 80s. He said it all boils down to how you handle your money. You can get through these phases if you just come up with a money plan that realistically suits your business and lifestyle.

He was right.

The same advice is good for an information marketer. As long as you budget according to what you spend, you can keep yourself from suffering any serious financial strain.

Here are some costs to consider for your information marketing
business:

-Cost of Tools. The beauty of information marketing is that you don't need a lot of tools. A desk, chair, some paper, pens, a computer that functions properly with a good Internet connection and a printer -- that's about it. The stuff that you might have at home anyway. Try to budget around these essential tools. If you have spare cash, feel free to upgrade to even better tools to help you succeed; i.e. a laptop, professional photocopier, etc.

-Cost of Location. Again, the beauty of being an information marketer is that you don't need a lot. Your office at home is, well, your office at work. However, once your business expands, you may want to consider moving into a work space that better suits the size of your venture. Look at cheap office spaces or a centre of commerce that might be beneficial to you.

-Cost of Services. Obviously, you cannot do everything on your own. You may have to contract out a courier to send important packages or have a print shop make you a series of customized envelopes with your logo. Think about what business-related items you might need that you cannot provide yourself and search out the most cost-friendly services for those items.

-Cost of Transportation. Don't get stuck at home all the time. Get out to a seminar or trade convention that can help you network or meet prospective partners. That said, it's good to search out the cheaper methods of getting to these events. You can find lots of cheap airline deals online and, when possible, use your own vehicle to get to local events.

-Cost of "Miscellaneous". This is that "extra cash stash." Like those old, cheesy sitcoms where the housewife keeps money stashed away in the bottom of her jewelry box for a rainy day,
keep a lump sum on hand for emergencies. This could include taking a client out for dinner, repair money for the day your computer crashes (and it will), or money you want to put towards your business at a later date. It's hard to estimate how much you may want to put away, but $1,000 is a good general figure.

Bottom line: be realistic. With some serious planning, you can plan these costs out and make your information marketing business that much more effective. It's hard to see today's news as a blessing, but, if you see it as a challenge, it will make you want to succeed even more in the end.


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