In this week’s episode 84 of Own It! The Podcast, Nicola and I talk about business budgets with the emphasis on having a budget for marketing your products/services. That budget should be “above the line” i.e. something you pay as a cost of sale, before paying your overheads or yourself.
Without marketing can you sell anything at all? Why do we stint on paying for marketing then and resist budgeting for it? Nicola recommends a book she’s mentioned before called Profit First by Michael Michalowicz, worth checking out if you are serious about creating a profitable business.
We discuss how we do budgeting and where we cut first when income is lower than anticipated. If your income were greater than expected, for every £1 over budget, what percentage would you re-invest in marketing? There’s a great thought to start with.
In other news we talk about rain and muddy festivals including Wild Life at which Nicola’s son, Nelson a.k.a. NelZen, was DJing. Nicola enjoys a luxe day out and I tell her my property deal might be back on and how much I am loving living with (even) fewer possessions than ever before.
Our fires are fuelled by podcast downloads and podcast listeners sponsoring us by buying summit recordings as a way of encouraging us to keep on keeping on with something they love.
Our words of the week are Rain and Execution, we update listeners on our summit plans which will be over by the time you hear this episode go out live on Friday 24th June. Pre-sales are at $759 which is encouraging, and our Thunderclap social media campaign goes out on Friday 17th June to 360,000 people and counting! We can only fit 1,000 on the calls – yikes! Will we break the internet?
Nicola’s investing in Gusto, a food delivery service, so that she can make evening meals from scratch and I’m fascinated by Duolingo which is helping me brush up my French before my travel adventures begin.