I remember when I first got into doing web design for clients. It was several projects before I actually started seeing the money. Since I had decided I was in it for long term, the first few projects went right back into various hardware, software and promotional materials.
Of course, the same thing really applies even if you are doing one revenue generating website for yourself.
Now, my budget is broken up into the following categories:
Hardware/Software - 22.5%
Marketing = 22.5%
Business Expenses - 10%
My Payments - 45%
Those are approximate percentages, but you get the idea.
Are you guys investing in your business, in addition to paying yourself?
yetanotherfcw posted this at 10:39 — 16th March 2006.
They have: 30 posts
Joined: Mar 2006
I keep building news sites in order to generate more revenue. Does that count?
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timjpriebe posted this at 15:51 — 16th March 2006.
He has: 2,666 posts
Joined: Dec 2004
Absolutely. Is it working fairly well?
yetanotherfcw posted this at 22:42 — 16th March 2006.
They have: 30 posts
Joined: Mar 2006
I can say that I made more money this January than last January. I can also say that I made more than this February than last February. I think I will make more this March than last March. It's not like I'm making twice or three times as much though.
With regard to reinvesting, the more sites I make, the more I need to pay to register domain names. I also get unique IP addresses for all my sites, so that costs as well. So, I suppose that I am reinvesting.
I might make a pretty big reinvestment this year, but I'll see ...
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percentages posted this at 07:55 — 22nd March 2006.
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>Are you guys investing in your business, in addition to paying yourself?
I am totally dedicated to investing in my business. Paying myself is not the goal.
I pay myself enough to live a nice life, but, I choose to limit that expense when it might conflict with growing the business. e.g. I can be very happy with a cheaper Porsche Convertible, I don't need the $450K model!
Having money is good, being successful is business is better!
Busy posted this at 09:59 — 22nd March 2006.
He has: 6,157 posts
Joined: May 2001
They reckon you shouldn't draw a wage in the first year then only in the next if you are profitable. Then again depends on the nature of the business etc
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locatepeople posted this at 13:24 — 26th March 2006.
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Joined: May 2005
that's good advice.
I learned that the hard way, everythign may seem peachy now but if you stop investing in your own business then evetually you hit a slow period that could have been avoided.
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bluecircle posted this at 14:52 — 2nd April 2006.
He has: 42 posts
Joined: Apr 2006
I spend a lot of my profits on afvertising (Banner advertising, Google Adwords, affiliate programs etc.). Investing in your business now and getting your website known will bring in increased profits later. It's well worth it in the long run.
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timjpriebe posted this at 12:44 — 3rd April 2006.
He has: 2,666 posts
Joined: Dec 2004
I've recently done some reinvesting in "existing" clients. I've started a program where clients who sign a webmastering contract with me get a free 1GB iPod shuffle or Palm Z22 PDA. How my contract is set up, they will have to pay a minimum of $150, even if they cancel right away. But hopefully this is helping me to make fans, not just clients, so that won't even be an issue.
I've given it to one client so far, and he couldn't believe it. I don't mention it ahead of time, until I ask which one they want. I'll be giving another away on Tuesday. It's pretty exciting, although it's certainly not a conventional way to do things.
Tim
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