Building a money funnel. We know we’ll be earning money and spending it, so how are you building your funnel? Tonya gives actionable tips on how to create and manage your money funnel so you actually pay yourself first.
THIS EPISODE IS SPONSORED BY: THE PROFIT PARTY ACADEMY
If you’ve been in business for a few years and have hit a plateau, you’re ready to make more money, and you’re stuck, Tonya Rineer’s Profit Party Academy is designed specifically for you. She wants to help you break down limiting beliefs and mindset blocks to set you up to rock in your business.
The group academy will be a mix of group calls, mastermind and calls with Tonya. If you want more information, RSVP for her Profit Party Academy.
IN THIS EPISODE
2:04 The reason why Tonya calls it a money funnel is because it sounds better than a budget or spending plan. It’s important to build a good one.
2:36 How do you know that you are planning correctly? In her experience, women throw themselves into building a business and it takes time to get to the point of saving money or spending money on ourselves, instead of the business. What do you do when you feel like you are stuck on reinvesting into your business?
4:08 You create a plan so that instead of making emotional business spending choices.
6:26 At some point, you need to start paying yourself. Ask yourself, do you really, really need all the things you’re spending money on.
7:15 Ask yourself what skill you want to learn, then buy a course. If you need a guide, then invest in a coach. Maybe you need to have an investment coach so they can help you figure out where to put your money so you can create your money funnel.
8:39 Please pay yourself. Even if it’s not a whole lot, but it’s something that gives you a sense of self-worth. Start small, but you need to do something.
9:02 Building a visibility plan. At this point you’re looking to network and possibly increase your marketing budget. Which is good, but you have to create a plan for it. Your expenses are then listed out in a list of priority. You delegate money for each of your expenses.
10:57 You create goals of where you want to put your money and then figure out what you have to do to make the money to meet those goals.
11:30 You can also figure out where most of your income is coming from. When you know where your income comes from, you can spend time growing those areas. If your income comes from courses, maybe you create another course. If it’s products, figure out where you’re selling the products.
12:08 Having a snapshot is extremely valuable. If you don’t have one, please do this work. It gives you the feeling of control and certainty in your business. You’ll never have to worry about impulsive purchases or buyers remorse. You will also be able to contribute to your personal bank account which is why we’re in business.
13:20 This is something we cover in the Profit Party Academy. If you’re looking to have a coach and everything is about you. It will take you down the path of what it takes to make money. It’s a much greater investment than 1 on 1 coaching, but the focus is on you.Even if it's not a whole lot, pay yourself. It's gives you a sense of self-worth. Click To Tweet
- It’s important to build a good money funnel.
- Pay yourself.
- Create goals of where you want to put your money and then figure out what you have to do to make the money to meet those goals.
- Having a snapshot of your money is extremely valuable.
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