Own Your Money – 3 Money Tips
Belinda Rosenblum, president of Own Your Money, shared these money tips for direct sellers. Belinda has been an guest on the radio show several times and I have been honored to share the stage with her.
She is the go to person for direct sales financial advice!
Own Your Money 3 Big Money Tips
Your direct sales business profits depend on your ability to differentiate your profit from your expenses.
- Track your income and expenses. Not tracking or poor tracking of your income and expenses in your sales business make it very difficult to achieve success.
When you commingle your business and personal expenses it is difficult see any possible profits or losses. All successful businesses track their income and expenses so that they can determine their profits. In addition it is difficult to justify your home office deductions. The IRS is looking for records and documentation of your expenses when they are doing an audit.
- Focus on your sales revenue and profit
Most direct sellers do not focus on profit. Frequently we look at show averages, sales per month or number of shows. We are in business to generate a profit. Without a good understanding of profit which is what is left after the expenses, it is impossible to have a success focused business.
- Do not increase your lifestyle too fast when your income increases
Successful direct sellers have a tendency to spend more money disproportionately as their income increases.
When you make more money, don’t spend more money too quickly.
Frequently the additional income is immediately used to increase quality of life without any thought to paying off expenses or whether the long term income will be stable.
Belinda Rosenblum, Own Your Money, LLC