Taking a Cue from American Business -- and a 30 Day Challenge

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Hi Warriors!

I was recently reading a personal finance blog and the blogger was issuing a challenge: What would you do if you KNEW you were going to lose you job in 6 months?

For those in IM, especially those still trying to make a go of it, it's SO EASY to keep putting money into software, memberships, etc. even if you're not (yet) seeing a return. Sometimes it's a thin line between spending money for a necessary expense and an unecessary expense.

And it got me to thinking...

If you're in a cashflow crunch, for whatever reason, it's prudent step back and reconsider spending and expenses. I'm doing that now, realizing that for my overall, long-term financial health (business and personal), I need to reconsider some of my business expenses (like memberships). But the thought of stopping (or even just temporarily suspending) my business activities right now is depressing, demoralizing and -- well, just unthinkable. I love doing it.

But maybe I need to take a cue from American business rght now and institute a spending freeze -- with the realization that it's only for a season why I get my finances back on track. When I look at it like that -- as a smart (and temporary!) move -- it's a little easier to take.

In my case, I ventured into an area of IM that's separate from my main business. This is near and dear to my heart and something I've been working on and REALLY want to make work. So far though, the cashflow has been just one way: OUT. The amounts haven't been big, but it's added up. Just the thought of ceasing those activities is enough to throw me into a serious depression.

(In my case, my main business fell to the wayside over the last several months as I pursued the side venture, so I lost a lot of momentum.)

So I'm thinking that maybe instead I'll create a 30-day challenge (or a 60-day or 90-day challenge) using the tools I already have to build my main business back up and start bringing in money without any more spending! (Kind of like when the personal finance experts tell you to stop eating out and even forego a grocery trip and live off of what's in your freezer instead.)

In IM, this should be very doable. And it would enforce a certain discipline I've been lacking I suppose. It's easier to buy and learn the latest software program I'm convinced I need than it is to actually go out and MARKET. Marketing will bring in the $$$ but can scary, emotionally. Getting a new software program drains my cash and my available time. While it might help me in the long-run, it doesn't bring in cash NOW. And cash NOW is what's important.

In that respect, it might be the best thing that ever happened to my business, maybe give it the kick in the pants I need.

I know that 30-day, 60-day or 90-day challenges are nothing new here. But I'm very interested in hearing what everyone has to say about instituting a spending freeze (except for hosting and a service like AWeber) in their own businesses and following a 30, 60 or 90-day challenge to use what tools you already have and see how far you get. (This isn't about building a business with NO tools, NO spending and NO knowledge or experience. It's just about using what you've already got.)

I don't know abut you, but I have literally thousands of dollars worth of marketing kits and software tools already. Time to live off of what's in my freezer!

Two main measurements for this that I can think of that would apply to all of us regardless of what area of IM you're in is

1. number of new people added to your list (the money's in the list!)
2. sales

Thoughts? Comments? Suggestions?

Michelle
#american #business #challenge #cue #day #taking

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