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The Main Course: Entrepreneurs Managing Time, Expenses, and Money

  • 3 min read

The Main Course: Entrepreneurs Managing Time, Expenses, and Money

I described a chef’s solution in the intro to this post because we all can relate to a good meal. Like the chef, entrepreneurs must also master how they manage their resources for their businesses to succeed. And business history influences them both. Many unhappy online business owners believed the myth that they could operate a company on the web for free. So how do I break the news to you gently? This is a beautiful fantasy, and unfortunately, people still make a fortune promoting it. The reality is that successful entrepreneurs have shortcuts to managing time, expenses, and money without losing their minds.

Operating a business online may be less expensive than a brick-and-mortar store, but making money still takes some money. The other doubtful idea is that running an online business is easy. Just remember, the easy way to do something online always costs more.

managing time, expenses, and money

Stretching Your Money, Increasing Your Time

Although there are costly marketing applications, there are also many that you can use without money upfront. The challenge is the time it takes to find the one that’s right for your business. The truth is that it is possible to successfully manage an online business using time, cash, and credit.

Managing the money you do have is the key to making this solution work. If you’re serious about operating an online business, the first thing to do is track where you’re spending your money and time.

Step 1. Record every penny and hour you spend for seven days.

Step 2. Separate the necessary from unnecessary expenses and time.

Step 3. Total the unnecessary expenses and time.

Step 4. Deposit this amount in your business bank account and dedicate the time to business tasks.

If you dare to do this, you will be surprised at how much money you spend. For example, your homebrew in a thermos mug could easily replace that $6.00 coffee shop brew. Convenience is highly overpriced.

Meanwhile, I must warn you that redirecting how you spend your time may be more challenging. It helps me think of my business tasks as 90-minute client appointments on my web CALENDAR and set alarms for them. Writing a blog post becomes a meeting with my publisher. Using a persona to describe the activity and scheduling an appointment with them has proven more effective than a simple to-do list.

The Not for the Timid Takeaway

To wrap up, not having unlimited money to spend on premium applications doesn’t have to be a problem. First, get an accurate picture of how much money and time you can invest in your business, and second, select applications that give the option to scale according to where your business is. Plus, taking this approach reduces the pressure of multiple options to configure. Please keep it simple.

Entrepreneurs building their businesses online using a schedule and sticking to it can reach the business status they want. Please, for your sanity, ignore the “get rich by doing nothing” program ads: owning a business is not a set-it-and-forget-it proposition. Thoughts? Let us know what’s on your mind here.

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