budgeting question

by wannabeaim

Posted: 16 years ago 2 replies

INTERNET MARKETING

I work a full time job making parts for ships and submarines. I get paid on a monthly basis. At the minute i can only afford to spend $150 a month on an internet business, would this be enough to get me started? I know its not alot of money but i have 3 kids and a wife to support. I have had a talk with the wife and she has agreed to let me spend this much every month regarding i take some action and get my butt in gear. Im so glad she is behind me on this because i thought she was going to go mad when i told her the idea but now i got her behind me, i dont care what my other family thinks. (My Dad, Mum, Brother and Sister) Are all laughing at me but the wife thinks there is a little potential in me and thats all im bothered about.

thanks

#budgeting #question

Kay King 16 years ago

It's plenty to get started. Initially, you'll need domains and good hosting and may need to outsource work such as writing as your time is limited.

The challenge you will face is resisting the urge to spend $150/month on "how to" products. Spend the money on real tools you need to get started.

For $150 you can buy a very good niche/keyword finding software - save a bit and for a little more than that you can buy Xsitepro to build html sites if you want. I'd start out by setting an IM budget of $50 and save the remaining amount each month until you know what you need - and then you'll have the money available to buy the most useful software and tools.

kay
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Zabrina 16 years ago

Totally agreed with Kay here. I started my IM business without ever spending a penny on IM that I hadn't earned from IM. Believe me, that motivates you to earn more money. So I would suggest setting aside that first $150 maximum for your initial investment, then directing the remaining $150/month to a savings account. It'll come in handy at some point, but it's better to save it for later. (Even better -- direct $100 of it to a 401(k), conservative investment account, etc to make your money grow guaranteed. $50 is even more than you need monthly to succeed.) There are a lot of different ways to get started in IM, so you may not need Xsitepro or niche finding software -- I've earned a lot without having ever invested in either. I'd advise subscribing to TalkBiz News: What you really need to know to succeed online - Online business building newsletter and reading the ebook very thoroughly, because that will really help you get focused and decide on a business model.
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