Why Making Rural Money Means Not Wasting Money
Don’t Waste Your Time or Rural Money! #makingruralmoney #ruralmoney #rural #money #ruralareas
Making rural money is easier than you think and the key is not to come up with a fancy new app or get lucky investments like bitcoin.
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Table of Contents
- Making Rural Money is Easier than You Think
- Be Focused and Be Honest With Yourself
- Watch Out For Scams
- Prioritize Essential Expenses
- Create a Detailed Budget
- Explore Low-Cost Marketing
- The Takeaway: Making Rural Money
Being sensible with the cash you have should be your priority. If you don’t have cash, you may have time, which is also a form of money.
Time is more valuable than money. You can get more money, but you cannot get more time.Jim Rohn
Spend it wisely
The concept of not wasting your time or money applies to both.
When you think about it, the two are inextricably linked.
You can use your time to make more money, but if you are always broke and unable to pay bills then there is no point in having a great job with a high salary as that won’t help your situation.
Let’s get back to the Benjamins
Making Rural Money is Easier than You Think
Be Focused and Be Honest With Yourself
Any business or side hustle will require a degree of investment.
Either time or money.
It is therefore super important that you are clear about what you are getting into before spending any time or money.
This tiny bit of self-reflection will save you a fortune and help you get to that one thing that will change your financial situation a hell of a lot quicker.
Watch Out For Scams
As an entrepreneur, you should always be aware that there are people out there who are just waiting to scam you.
It is important to stay vigilant and research any offers or investments you may come across.
Be sure to read reviews of any company or individual you plan on doing business with and ensure that they have a good reputation.
Also, never send money or share banking details before carrying out thorough due diligence.
Finally, if something seems too good to be true it probably is; so take your time when making decisions about your finances and investments
Multi-level Marketing / Network Marketing / Direct Sales
If you are not able to describe a product or service in a single sentence, then you are the product.
MLM or Network Marketing “opportunities” are the most dangerous, and should be guarded against.
The reasons they are so dangerous are plenty but can be summarized as:
- You will waste your time pushing a product or service on family or friends which they don’t need
- The only work when you recruit, so your opportunity is finite
- You will waste money investing in overpriced products or scam services with no recourse
- You will use predatory tactics to wring money out of vulnerable people that will undoubtedly have an impact on your own mental health in the long run.
It simply isn’t worth it.
Save your money and time and invest in something that is proven and you can be proud of.
Prioritize Essential Expenses
When starting a business or side hustle, distinguish between essential and non-essential expenses.
Focus your limited funds on things like product development, marketing, and essential equipment or tools.
Avoid spending on unnecessary luxuries or extravagant office spaces.
There is no point in business cards, fancy websites, branding and swag or any of these things when you are starting out.
Focus all your funds on whatever you need (not want) to generate actual sales.
Every time you think of spending money, ask yourself: “Will I lose a sale if I don’t spend this money?”
Create a Detailed Budget
Develop a comprehensive budget that outlines your expected income and expenses.
This budget should be a guiding tool to help you allocate resources wisely and avoid overspending in any category.
Be diligent in tracking and adjusting your budget as your business evolves.
This sounds like common sense, but we are emotional creatures and you may have the best of intentions on Monday.
However, come Friday, you had a hard week and then it becomes much easier to throw caution to the wind.
Get it on paper (or Excel if you are under 70) and stick to it!
Start Small and Test
Instead of sinking a large sum of money upfront, start with a minimal viable product or service.
Test the waters to see if there’s demand for your offering and gather customer feedback.
This way you can avoid wasting resources in a venture that won’t succeed.
If it shows promise, then you can gradually invest more and increase your budget as needed.
Be Prepared for the Unexpected
No one likes surprises but things come up all the time and often times they cost money.
Try to anticipate expenses such as taxes, insurance, legal fees, repairs
As you gain traction and revenue, reinvest those earnings into growing your business gradually.
Slow is Fast and Fast is Slow
Explore Low-Cost Marketing
Marketing is crucial, but it doesn’t always require a huge budget.
Utilize cost-effective marketing strategies such as social media, content marketing, and email marketing.
These strategies tend to have a higher ROI than traditional methods and can help you reach more people.
Also, look into other low-cost ways to promote your business such as referral programs or partnerships with influencers.
Measure Your Progress
As you’re running the business, don’t forget to take time to measure progress.
Make sure that the money you are spending is giving you a return on investment.
There is no point in spending $50 in Cash and $50 in Labor/Time to earn $60
Measure the ROI of each marketing channel and invest more in the ones that perform well.
Seek Cost-Effective Financing
If you need additional capital, explore options like small business loans, grants, or crowdfunding.
Be cautious about taking on debt and assess the terms carefully.
NEVER use a credit card to fund a side hustle or business startup. (In fact, unless you are 100% certain you can pay it off completely at the end of each month you should not even possess a credit card)
Look for unsecured loans with favorable interest rates and repayment schedules that align with your cash flow.
The Takeaway: Making Rural Money
Before I round this post up, that brings me to another tidbit of advice.
Don’t waste money on takeout food.
There are enough online resources that can make a half-decent chef out of the worst cook in the world.
Remember, prudence with cash is key to ensuring your business or side hustle can weather unexpected challenges and achieve long-term profitability.
It’s about making informed decisions that prioritize sustainability over short-term gains.
If you have any more specific questions or need further guidance, please feel free to ask.
I would love your opinion or tips you may have so please leave a comment below!
Gareth Grobler is a crypto enthusiast, a kiteboarding aficionado, and a staunch advocate for a healthy lifestyle. With an analytical mind fascinated by the intricate workings of cryptocurrencies, Gareth spends his time navigating the exciting fluctuations of the digital & financial landscape.
When not immersed in the world of finance or blockchain technology, you’ll find him harnessing the wind’s energy on a kiteboard. Gareth’s writing style is a reflection of his diverse interests – a mix of insightful analysis, thrilling adventure, and a touch of humor. Whether dissecting the latest crypto trends or sharing kiteboarding escapades, his perspective is bound to inform, entertain, and inspire.