 How to make a budget business budget template. Hey, have you been trying to figure out this budget thing? And you're trying to start an online business. Well in this video I'm gonna go over two of the types of budgets that you have to set up and how you can do it and we're starting right now Hey, I'm JR Fisher. Welcome to my channel. I appreciate you showing up And this channel is really yours because when this channel what I do is I go over the things that I've done To make millions of dollars since 2009 selling both digital and physical products online I go over those things that have worked for me I go over those problems that I've had and I share that with you so you could get there that much faster So I really appreciate you being here and since you are here. Why don't you subscribe? There's a big button down there It's a red button and as soon as you click it it turns gray and once it turns gray a magical thing happens A bell shows up next to it and then you need to click the bell and Turn on all notifications. Okay when you turn on all notifications You'll be notified every single time I do a new video or I go live and maybe we can talk live on one of those live Videos, okay, so let's get right to this this budget thing So many people want to start an online business, but they don't plan it out correctly So what we're going to talk about in this video is how to plan it out While I'm thinking about it plan on getting some training There is a 97 dollar course down in the description when you click on it You can get it absolutely free. No credit card required. Just click and learn So when I got started my business, I gotta be honest with you I didn't have a lot of money and if you don't have a lot of money you got to put in time So when we talk about budget, there's two things that you need to budget You need to budget your money need to budget your time both of these things always need to be balanced So if you're starting in business and maybe you're one of those people who've got tons of money and you can invest in this Which most of us don't I know I didn't then of course you could spend money to get a lot of things done And you don't have to spend as much time I think this is a worse situation to be and I really do I believe it's worse because when people actually Invest money as opposed to time they don't learn things now when I got started I didn't have a lot of money to invest in it. I was a single dad raising two kids and I did have some time I didn't have a lot of time. I'll be honest with you I was working from you know, 738 in the morning to 738 at night. I was doing the six days a week Sometimes seven days a week. So the amount of time I had to put it in my business was also limited So here's here's what I'm left with I'm left with limited time and limited money So how much did I start with that's the one thing people want to know how much money do you need to start with? And I'll tell you I started with $100. It was a hundred dollar investment. I put it on a credit card So technically it wasn't a hundred dollar investment because I did charge it, but that's what I started with I don't know where you're at. I can't tell you where you're at I could tell you that it does take investment. It takes investment of time and money Which I just said, but it doesn't take that much money But once you decide that you're going to spend X number of dollars and you have money you got to stick with it So number one I would say is set an amount of money for Advertising if you have some money set an amount of money now I'll tell you that advertising is a funny thing Online it's a whole lot different than it is Newspaper TV But it's a whole lot better. Let me tell you why it's better if you were to run an ad in the newspaper Let's say you're gonna spend $500 a month to run your ad the newspaper You're not gonna even really know if that ad worked or not Now sure every now and then somebody may come in and say hey I saw an ad the paper for you or they may say I saw a TV commercial you did or I saw a billboard But for the most part nobody will you're never gonna know What your advertising dollars bought you if you're advertising off-line now when you're advertising online is pretty easy If you run an ad you're gonna know how many people clicked on that ad You're gonna know how many people bought off that ad because there's tracking I mean you could put a pixel there and there's actual tracking so you're gonna know, you know I spent $10 and I got $20 back. It's very easy to judge now the downside is Most of your online advertising will not work now Here's how most people go about this they'll say hey I'm gonna spend $500 a month on online ads on Facebook ads or on YouTube videos or whatever you're spending it on and When you do this you're gonna get some kind of a result But if you're only running one ad it's gonna be very discouraging and here's why it's gonna be discouraging because eight out of ten of Them on average do not work. They're not gonna be profitable. Yeah, you may get some results from it But they're not gonna be enough to make a profit So what most people do is they spend $500 a month on one ad on one video on one Graphic or whatever and it's the worst thing in the world They could do you would do a whole lot better off to run 10 ads and spend $50 a month Than to run one ad at $500 a month and the reason being is you know 80% of them are not gonna work If I run one ad at 500 a month and I pick one of the one out of eight that are not gonna work I'm gonna lose money in the next month. I'm gonna lose money in the next month I'm gonna lose money and I could literally go eight months before I have an ad that even works That's pretty discouraging. So the thing you want to do is you want to run $50 a month times 10 different ads Now what's gonna happen still you're gonna have those same numbers 80% of them are probably not gonna work out But you will be able to find one or two that do and once you find the one or two that do Then you can start putting more money into those So maybe you're gonna take half your budget now that at $500 now I'm gonna take 250 of it and I'm gonna put it in the two that did work and quit spending money on the other ones and Come up with eight more ads and spend $250 on those so you can see what I mean What I'm doing here is I'm going out there and I'm buying data. I'm trying to figure out what is going to work I'm trying to figure out what landing page works what ad works what graphic works and once I do that I quit spending on the ones that don't work and I start spending on the ones that do work now Here's what most people do they will pick a Product and they will take all their money They're five hundred dollars a month and run one ad and do that for two or three months and not get any results and say That product doesn't work. That's a bad product. So I'm gonna switch products so then what they do is they get another product and they take that same five hundred dollars a month and they run an ad one ad for that product and After two or three months, they don't make any money on it and they switch to another product now It may not have been the product's fault And in fact it probably is not the product's fault If you look out there in the market and that product is selling other people are selling it and other people are making money It's probably your fault. It's probably your fault for running the wrong ads But if you use my method where you take a product and you run ten different ads or eight different ads and you Spread your advertising dollars over that then you can get some winners now We're still hit with a question. How much can you spend a month to be successful? How much do you need to spend a month to be successful? An answer is Unknown we don't know we don't know now obviously if you have a bigger budget as opposed to spending more on ads I would run more ads. So let's say we decided that we were gonna run $50 ads We were gonna run ten of those there's gonna be $500 a month if I had a thousand dollars I wouldn't spend a hundred dollars on each one of those I would get 20 ads and spend $50 on each one of those and that's about how I would go about it And it's the best way to really budget your money if you clicked on this video and you thought well He's gonna tell me exactly how much to spend a month. Nobody can do that Nobody can do that we would all love to have that answer, but we can't do that because advertising online is a test thing It's a matter of spending some money up front and testing to see what works now once you get something that works Something that you know people are buying You still may not be profit maybe they're buying it and it's not as profitable as you had hoped Maybe you're a little bit below profit But keep in mind if you've got your funnel set up right if you're bringing in customers You're getting names and some people are buying you've at least bought some buyers Now if you're smart in your funnel set up You can send emails out to those people that bought from you now because now they're on your list And you can sell them other products and that very well may make your ads profitable because you took those people And maybe they cost you a dollar or two dollars to get on your list But then you sold them another $10 item or a $20 item. That's how you have to approach online advertising It's not a matter of Advertising a product selling that product making a profit and going on to sell another person You would do much better to sell a product maybe not even make some money But retarget those people with similar products so that you could make more money on them and that way it makes your advertising profit So when you're trying to set up this budget guys, don't think of I'm going to get a product I'm going to run an ad I'm going to make money. It shouldn't look like that at all It should be I'm going to test a product by running 10 different ads Seeing the results I get and the ones that are positive. I'm going to double down on those now Just a moment ago. I said once you get people who buy your product You can certainly market to those people more and you can get more sales off it But another thing you can do is those people who bought that product the next step The thank-you page that they go to can offer them an additional product It can offer a more of that product So you want to hit them with at least two different sales once they've gone through your phone that way it can make your Advertising dollars profitable the next thing I want to tell you is don't quit don't quit Keep running these ads keep trying different products keep trying different things, you know, no matter what you're going to work on Here's what you have to do You have to go out there and look is there a market if there is a market find out who's selling in that market Once you find out who's selling in that market and they've been in business and doing it a while You know it works. You know it works So if you go out there in that market try to sell a product and it doesn't work for you What's the common denominator the common denominator is you okay? It worked for other people. It's not working for you. So you need to change what you do You can't do the same thing over and over and expect different results What you can do is look at what other people are doing what ads or other people doing Buy into somebody else's funnel find out what their upsells are find out what their email campaigns are and you could do that with Just a few dollars by buying their product so many people go out and spend hundreds or thousands of dollars Trying to figure out ads instead of just going to an ad that they've seen running for a long time And spending the money on the product and finding the person's entire funnel and doing something similar Don't copy it, but you can do something similar Now the last thing I want to tell you is don't spend money. You can't afford to spend okay? I see so many people saying well I'm gonna spend five hundred dollars a month or I'm gonna spend a thousand dollars a month But I got to make it back in two or three months if I don't make it back in two or three months I'm gonna be screwed then don't spend the money Okay, that don't spend the money and if you don't have any money to spend I've had people say well, I can't afford to spend fifty or a hundred dollars a month You know to run ads and it not work then don't spend money on ads. Don't run ads Don't build your business. Don't set a budget. Don't do any of that go out and earn more money There's plenty of ways to make additional money on my channel alone I have a lot of videos on how to make extra money without investing anything There's plenty of ways to do that on the internet Absolutely free you could earn more money once you've earned more money And you have some money to invest in ads or in products or in marketing then you can move forward So I hope you've enjoyed this video. I hope this budget thing makes a little bit more sense Remember if you don't have much money You got to invest more time if you've got a lot of money you can invest less time But it's time or money those are the two things that you're gonna have to budget from this point moving forward I know I budget those things every single day I do things I don't want to do because I know it's the right thing to do It's hard to do but that's what it's gonna be guys those things that are hard to do Those things that most people aren't willing to do are gonna be the things that are gonna make you successful Thank you so much for watching this video. I really appreciate if you haven't subscribed yet Well, what's going on go ahead and do it hit that subscribe button down there Give me a thumbs up if you don't mind or thumbs down if you don't like it That's fine too. Give me a comment as to why you didn't like it Give me a comment as to why you did like this video. What is your budget? What experience have you had put that in the comment section below and if you have any questions Feel free to ask me once you've hit that subscribe button. Don't forget Ring the bell. Okay, you got a ring the bell. You got to turn on all bell notifications in that way I can notify you every single time I do a new video every single time I go live I can notify you and I can see you there and hey, maybe we can talk online I really appreciate you watching this video and I'll see you in the next one Also click one of these videos there watching on my channel