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do you count how much you invest in IM tool n service?

by visimedia
9 replies
Hi people, do you count on how much you have been buying and investing tools n services in IM?
#count #invest #service #tool
  • Profile picture of the author Rod Cortez
    Originally Posted by visimedia View Post

    Hi people, do you count on how much you have been buying and investing tools n services in IM?
    Yes. I keep track of every penny I spend and invest, whether it be tools, seminars, office equipment, stocks for my business retirement account, etc. I also keep all business expenses and investments separate from my personal ones.

    RoD
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    • Profile picture of the author VaultBoss
      I stopped counting that a long time ago.
      BUT
      I admit, I'm only buying what is going to help my current line of business, no matter how shiny a new thing may look like ... pass!

      As an email marketer, I am most interested in all things related to this and usually don't even look at the rest.

      However, I also invested heavily in SEO tools and software when I started.
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      • Profile picture of the author James Clark
        I do. But when I started in this business had a lot of tools because my brother-in law had a web design business. I'm talking about Dreamweaver and other tools. Keep in mind, that can run into big bucks.

        The only stuff I buy now is information and not much of that these days. I have a couple of people who I work with, so I'm not running around looking for a new guru to work with. But I'm always looking for information that is going to save me time.

        When you think about it make sure you get your ROI. Making a purchase is an investment so you want to make your money back. Right now I'm about even. I would like to be in a position where I can triple my money, but that has not happen yet.
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  • Profile picture of the author MingJong
    Hi,

    I do track and record amount spent on this business, i.e. products, seminar, coaching, ads, graphic, landing page, outsource fee, etc...

    It is essential to track the expense, especially running a business. So, we will know if the amount spent is worth every penny. Education is important, however, only allocate certain % for useful education. Only study and implement 1 course/tool at a time. Until I master the strategy, I will then move on to the next one. Don't be afraid you will miss out the "super good deal". The market is always there...
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  • Profile picture of the author Davion Wong
    I set aside a monthly budget for that. All expenses including tools and courses I invest in average 25 to 30%.

    It's easy to buy on impulse if you do not plan ahead.
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  • Profile picture of the author rixlo
    Originally Posted by visimedia View Post

    do you count on how much you have been buying and investing tools n services in IM?
    If you are using your IM as a legitimate business, you should account
    for every penny. If you're using affiliates, you will be 1099. So, if they
    are reporting your earnings, you need write offs. Seek a professional
    accountant or CPA.
    ric
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  • Profile picture of the author ktmakwana
    Hi there...

    I certainly do.

    The key point is to distinguish whether you are setting up a business or is it just a hobby.

    If you are setting up a business then keeping count of all the money you spend and income is a necessity.

    Ultimately, like any business, it is to make a profit therefore if you do not keep accurate accounts of income against expenses then it will be impossible to establish break even point and finally to know when you are in profit from your online business.
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  • Profile picture of the author Danny Cutts
    Yes I track everything. IM is my business and so every penny spent needs to be accounted for.

    I use software and it has to provide me with a good ROI before I purchase.. I dont buy courses or anything like that any more I just concentrate on building an empire....

    A tool in IM is like a trowel to a plasterer or a hoover to a cleaner....
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  • Profile picture of the author manish_suneja23
    i still spend very low. going to read IM Ebooks which is available on the forum. really help
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