19/02/2022
Money management and goal setting in your Avon business
We all want to earn an extra income and make a profit when we own a business right? But what happens when you are not seeing that profit and you are wondering where it's all going wrong?
Here are some of the tips l have used and l have seen my business grow and see profitability and the money 💵 💵 💰💰makes sense to me :
1.Have a separate purse
Mixing your capital for business with your personal money is a bad idea. You end up spending your capital. Then you realize you don't have money for your next order. We all know that you don't get your money on the same day from clients so maybe today you might get $20,tomorrow 10,next day 5 and so on, and it's easy to spend money when it's in not a huge amount of money. So what l would do is l cash in money everyday on my way from work, even if l get $2 or $10 from a customer. Find what works for you.
2.Pay yourself
The reason why you dig into your capital and spend it is because you don't pay yourself. You are working hard, learn to reward yourself. I allocate R500 reward per month from the brochure for myself just for the hardwork and l choose whatever l want. On that note l know some who end up ordering 80% of the order for themselves and end up saying there is no profit. It's because you are hoarding things for yourself and not selling. You should strike a balance.
3.Take deposits for orders
I take half down and balance on delivery for my orders. One of the reasons why businesses fail is because of a lot of people owing you money. Once you take a deposit, you have got a commitment from someone that you are not just ordering and someone refuses to take the order when it comes. You are also protecting yourself from your money being tied up in people or stock. When l first started selling Avon,l would actually take cash upfront. That helped my business in a tremendous way. My reason being people pay full amount when buying on Be forward(cars) and we are talking of huge amounts of money to someone they have never met. It worked out for me and l could do orders every week.
4.Invest in your business
Buy samples, brochures and demo offers. I cannot stress this enough. Your brochure is your shop and your samples encourage your customers to try.
5.Have goals
If you have a goal work hard to achieve it. It pushes you to work more and set aside money to achieve your goal. I challenge you to write down your goals.
6.Plan for each campaign
Each campaign l take a look at my goals, challenges and achievements. This is a way of planning for my business, and I want you to plan for your business too.
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