It can be overwhelming to think about using expert software or outsourcing to experts because it can be expensive. If you’re not earning a profit yet and just starting, all the choices can seem overwhelming.
One way to build resilience into your business and prevent continuing with an employee mindset is to use your budget along with benchmarking to signal the beginning of the next step on your path for success.
Most online businesses need the following:
✔ A Website
✔ Autoresponder Software
✔ Scheduling Software
✔ Landing Page Software
✔ Contractors and Freelancers
✔ Project Management Software
✔ Social Media Platforms
✔ Payment Processing
✔ Advertising and Marketing
✔ Automation Software
✔ Blog Content
✔ Graphics
✔ Analytics
✔ Hardware
✔ Products and Services
Each of these needs carries a cost, which is really an investment. It may seem like it’s expensive, but when you factor in how much you earn due to implementing the investment, it becomes clear that these expenses aren’t arbitrary. They are needed to build a resilient online business.
Ideally, you’ll be able to purchase and implement everything at the start of your business, but even if you can’t, you can add more resilience incrementally by benchmarking when you’ll do so, based on the criteria you set.
For example, if you want to use a particular landing page software but it’s going to cost you $600 a month to use it, and you honestly do not have that amount right now, you might want to set up a benchmark that once you earn plus $600 on your goal, you can buy the software.
Once you buy and implement the software, you can track your earnings to determine how much your revenues increased using that platform, software, contractor, or procedure. But first, you need to set up a business budget so that you know your basic needs, the cost of the basic needs and are keeping track of earnings so that once you meet a benchmark, you’re triggered to implement the next option instead of becoming reliant on that income for something else.
The good news is that when you are paying close attention to your budget, you eliminate the risk of overspending since you are noting how much you earn from an investment. For example, if you hire a contractor to write your landing pages for you, if these landing pages do not convert, you know it right away, and you can choose to hire someone else next time who may perform better.
The same can be said for anything you need for your business. If it’s not paying off, and you can check based on the data, you can easily switch it up and move on. Being that aware of your budget in advance will increase your resilience exponentially.
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