What Is The Formula To Find Area Of A Circle Budget Balancing Basics – Your Guide to Success in MLM by Budgeting You Money, Effort and Time

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Budget Balancing Basics – Your Guide to Success in MLM by Budgeting You Money, Effort and Time

Working from home and running my own home business is a dream come true for me and a path that many others either have or would like to follow. It’s a great feeling and a very rewarding experience in more ways than just financially.

But not everything is easy and just falls into place when you work with your home business. One aspect I struggled with and still have to work on every day is balancing the budget.

I always thought if I could work within the money I had I was good to go. I soon learned (almost the hard way) through trial and error and success and FAILURE CHASING that creating a budget that works is much more than just keeping track of your money.

I discovered that there are actually 3 things that you need to keep track of during your daily work schedule. Money, effort and time are all very important commodities at your disposal every day. Each one plays an important role and neglecting some or all of them is quite often the difference between having a successful business, just surviving (you know that feeling of hanging on by a thread) and that dreaded word – failure.

I wrote this article to help others avoid some of the mistakes I made. For me, one of the great parts of working in network marketing, and really any home business, is the sharing and help of people who are truly following a business plan.

So read on and learn that there’s a lot more to budgeting for your network marketing business than just keeping track of the money. To be successful in MLM, or really any home business, you need to budget not only your money, but also your effort and time. Keeping track of how things are done and the results achieved can help you improve your management of all three aspects (money, effort and time) until you find a formula that works for you and your business. Teach yourself to be successful and avoid the waste that so many home business startups get stuck in.

Budgeting is not usually a topic that comes up when starting a network marketing business. Business planning is not at the top of the list when you are being recruited or discovering your network marketing business that will make you millions. But when the dust settles and the initial “fire” burns, are you ready to do whatever it takes to succeed?

Budgeting your money, working with maximum effort, and managing your time effectively are all skills that are necessary for success, but they are not skills that we are born with. Procrastination and not having a boss and a deadline are real killers when you become your own boss.

Have you ever found yourself checking your email even though you just checked it 10 minutes ago? Or maybe you’re reading about the next great plan that will take your network marketing business to the next level. I mean, who wouldn’t want to double or triple their income by writing a better headline for their email. But honestly, if you’re just starting out and you don’t have a list to email it to, how are you going to double your money? These programs certainly work well, but look at where you are and what you have. Where could you spend your time and money more effectively to build your business?

I know you probably do these things because I have (and honestly still do) as long as I focus. To help myself, I created a little acronym – MET It stands for Money, Effort and Time. I ask myself, “Are your needs and budget met TODAY TODAY?” before I stray into the path of easy dreams.

Let’s take a closer look at all three parts. M, or money, is the part that everyone thinks about when you talk about balancing the budget or budget basics. This is really important, but may actually be the easiest of the three to manage. First, you need to decide how much you need to spend on your business each month. Maybe $100 or $200; It’s different for everyone, and it’s OK if it can only be $20. Once you’ve determined that, you need to decide what’s important to your business NOW! If you’re just starting out, you might need business cards or some office supplies. After you’ve been in business for a while, you might want to invest in an email autoresponder system, or buy leads, or purchase promotional materials. It all depends on your goals and where your business is going. But once you set your budget, stick to it. Decide what is really needed for your location. You don’t have to buy all the great sounding products and have all the bells and whistles. Get in and then use some of that new income to help you meet more and more of your needs.

Next we have the E of Effort. Really, it’s even better to call it an effective effort. Many of us spend a lot of time in front of the computer or looking at the phone and say we are at work. But how much effort is actually being made and is it even effective? Maybe you have two hours of work to do today. One around 7pm right after dinner and the other around 10pm after the kids have gone to sleep. Well, if we decide to spend 30 minutes reading a training manual and then 15 minutes answering emails and 15 minutes writing an article, we’ve put in a lot of effort. These are all things that network marketers need to do. But if we were doing all this at 7am and then we see we have to call a new prospect or one of our new team members and we sit down at 10pm to do it, we’ve wasted our time. It’s too late to make our phone calls. Although we were very good at making our list and doing our job, we didn’t do it efficiently, so we wasted some of our time. And I haven’t even mentioned that most people (I’m very guilty) get sidetracked by a cool YouTube video or an interesting email or a great sales pitch. Focus is critical to effort and effectiveness of effort.

This brings us to T for Time. I left it last because that’s where the acronym fit in, but more importantly because I think it’s your most important commodity. We can recycle the money and even earn more. Efforts can be relearned or refocused and therefore improved, but TIME is only here once. The hour I wasted or didn’t use today cannot be replaced. It’s OVER. Time is precious and crucial to everything you do and want to do. So take a hard look at your time and how you want to spend it and how you actually spend it. You can’t earn it back. I started this home business to spend more time with my family and do the things I love, so budgeting for that block of time was a priority for me. I (like most network marketers) started my home business while working a 9-5 job. So when I took out those blocks of time, I was able to make a realistic budget of how much time I could spend on my home business. Again, this is different for everyone. So don’t follow what someone else did, do what works for you.

Next, review all 3 areas and BE REALISTIC. Do you really go to work at 9 o’clock on a Saturday night? Do you really have an extra $250 EVERY month? Can you focus and give 100% effort at 5 a.m. when the kids are hungry and dinner needs to be made?

To get a true estimate of what you need to spend money and time on, and how much effort you can actually put in, start tracking what you’re doing. Look around at successful companies. You can bet they’re keeping an eye on things. Do you think they spend a million dollars on a Superbowl ad and then not track if they make a profit? What is Return on Investment (ROI)? You can do the same. Create a tracking page to keep track of when you’re working on your business or when you have downtime. Track where your money is going and if you have anything left to invest in your success. Keep track of what you’ve done while you’ve been working.

Not only does tracking help you create a realistic balanced budget, it helps you focus and use your available resources more efficiently. Effective effort rears its head again. See how it all ties into one big circle.

Time to start. Don’t waste your money, effort or time anymore. Work on setting your goals and then use the basics of balancing a budget to create a balanced budget. Stay focused and realize that success doesn’t come overnight, it comes in small packages if you just have fun and enjoy what you’re doing. This is why we want this home business in the first place – remember?

Success in this business is not determined by speed. It’s OK to take a little longer than the guy you read about online. To be honest, it takes most network marketers 2-5 years to reach the level of business that they believe is successful. Of course things can be sped up the more MET you have and the bigger the budget. More money, more effective effort and of course more time can get you to your goal faster. But before you give up, look at where you are now. Are you happy with what you have or where you are going? Are you willing to spend the extra money, effort and time it takes to achieve the life you dream of, the life you deserve?

Have you FULFILLED your goals? Avoid waste and start cultivating success. Budgeting your money, effort and time is the best way to be successful. Stay focused and remember all three aspects during your daily routine.

Think about it!

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