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Shoemoneyx.com Week 12 Managing Operations

Shoemoneyx.com Week 12 Managing Operations

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Published by esrylx
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Published by: esrylx on Nov 09, 2009
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12/30/2012

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Week 12
 
Launch Day: How To Kick Start Your Business And Manage Your Projects
 
 
Welcome to the final week...
Do you know how well your company is actually doing?
 Most new business owners have no clue how much money they really have. Sure,perhaps you just got paid $50k from anaffiliate network, but have you accountedfor the $35k bill from Google AdWordsthat is coming due, $5k for freelance
work you haven’t paid
for yet, and $10k 
for all those new toys you’re just 
bought 
for which monthly payments
are coming due? What if you’re not surewhat bills you’ve already paid or new
expenses you need to cover? Use credit cards to solve this problem and they will kill you.
I’ve seen many affiliate marketers get in trouble by trying to wing it when it 
comes to their finances.
 
They never had a system to begin with and don’t knowthat you’re supposed to do things like:
 
 
Separate your personal from yourbusiness expenses
having separate bank accounts for each and even setting up aseparate company.
 
Creating a monthly financial reviewprocess
even if you are just one person, youneed to do this. We will cover why and how.
 
Set aside part of your profits for taxes
Uncle Sam will catch up to you, it’s just a matter
of when. Same is true for state governments, when it comes to payroll taxes,unemployment, and whatever else.
And like with the cops, you can’t plead
ignorance.
 
 
These Internet marketers THINK they must be profitable, just because they aregenerating a lot of revenue.
I am friends withone guy who runs a network doing over $100k aday who has no contracts in place, no
accounting, isn’t sure whether he got paid from
various advertisers, has the IRS after him and isabout to go broke
begging me for a loan. Yet,
he’s maintaining this high
-class lifestyle
hoping
people won’t find out the truth.
 There are many like him.
Don’t fall into the same trap.
 
 Accounting vs. Finance
 
We’re a small company,
but even still we have a lot of projects to track 
each with their own cost andrevenues. You may THINK you knowwhat is making or costing your
company money, but you’d be
surprised when you actually keeptrack. If you remember the first monthyou had a credit card or the first timeyou had a cell phone
then saw thebill at the end of the month, you knowwhat I mean.
Let’s talk about the difference between accounting and finance, then talk about 
simple processes you can set up for both types of systems. I
f you don’t have anMBA, you’re in luck, since you’re about to get $100k worth of learning without 
having to pay tuition and sit in class for 2 years.

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