only have $151 in my business bank account

I Only Have $151 in My Business Bank Account

Erik Entrepreneurship, Thoughts of a Mastermind 6 Comments

Not everyone wakes up one day and becomes a master marketer. It’s really hard to go from never selling anything, besides Boy Scout Christmas wreathes, to selling thousands of dollars of product a day. It’s been a busy 5 months, but I’m finally seeing the light at the end of the tunnel. Too bad that tunnel includes me waking up to seeing that I only have $151 in my business bank account.

At The Mastermind Within, I want to share with you my successes and my failures. Life isn’t perfect.. life isn’t Instagram, or Facebook, or Twitter. I see it all over, people only put the best of themselves out on the internet because they want to feel good. Guess what? People fail, people don’t become millionaires over night, and putting in the work isn’t all that glamorous. In this post, I want to share with you what I’m doing to build my business bank account up from only $151 to hopefully a couple thousand in October.

millionaire by 30You Have to Spend Money to Make Money

Starting out in May, I put $4,000 into our business bank account. Through 5 months, we’ve made a few thousand in sales, but we’ve definitely spent $2,500 on things that weren’t all that necessary. For example, getting an accountant for $1690 could have waited another few months because you don’t need to pay estimated taxes if you aren’t making enough money!

One thing that’s been tremendous is hiring a Facebook ads guy to build out ad campaigns for our products. For $500 a month, he has built out a number of landing pages and has been getting us leads for us to start marketing to through automated email campaigns. Really, we should’ve hired him back in May, but unfortunately, we were still learning.

Back to the Facebook ads guy, he said that these days, to make money, you have to spend money on different technologies: Lead Pages, Facebook Ads, etc. For another $500, we got Lead Pages, and I’m actually very impressed with the quality of it. With Lead Pages, you can build out awesome landing pages that are clean and professional, and integration to WordPress is amazing. I may leverage some of it for The Mastermind Within, but we will see.

The power of brokeI’ve invested quite a bit into this business, in terms of time and money, and I’m trying to work each and every day to ensure we can harvest our work. Right now, if we didn’t have these massive bills due to a poor planning and lack of experience (getting an accountant), we’d be running at a slight net gain. This has actually invoked the Power of Broke in me to get my butt going. I’m kind of exhausted, but it’s time to RISE AND GRIND BABY!!

Still Haven’t Paid Any Credit Card Interest!

So, the bills were racking up and the end of the month approached. Our credit card payment was due.

Over the weekend, I checked our bank account and we had about a $1,500 balance. Since I put the accountant charge on the credit card, our credit card statement read $2,362. At this point, I was comfortable paying only half of the credit card balance because I didn’t want to overdraw the account.

But then, I saw something that wasn’t right. Back in June, I set up auto payments for the 26th of the month to pay off the balance in full. This is good practice, because then you will never pay a penny of interest. The issue was, was the payment for $2,362 was pending. I couldn’t cancel it and when I called customer service, they said they couldn’t do anything about it either.

I was in a bind, we would be short $500 if I didn’t do anything. Luckily, I have a decent savings and emergency fund, and could fund the bank account with $1,000 extra dollars.

So, the payment hit yesterday and we went from $1,500 to $2,500 to $151. I still have never paid a penny in interest on my credit cards, but I’m feeling a little bit light in the pockets after that payment. I thought entrepreneurship was supposed to get my to baller status? Where’s my personal drink lady? Guess I’ll have to wait on that…

only have $151 in my business bank accountSummer is Over, It’s Harvest Time

Summer is over. We spent all summer planting our crops, plowing the fields, and now it’s time to harvest our work for the winter. Now that everything is set up and ready to go, it’s all on us to make sure our marketing is on point, and we make some sales. Consistency will be key, but with email automation and technology, I can keep nurturing leads and getting more people in the door each day.

We have a number of marketing efforts going on right now. Facebook ads, as I alluded to, some Twitter and Instagram marketing, freebies on our sites which are bringing people into our sales funnel, and Quora. I’m utilizing Quora for my main lead generator. I’m up to 295 followers, and lately I’ve been posting more and more about e-commerce businesses. I’m off to the coffee shop now to answer a bunch of questions that will essentially be low-key sales letters for our free webinar. People on Quora are hungry for information… I’m going to provide it to them!

Readers: are you harvesting any of your summer work this fall?

Erik

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Comments 6

  1. It’s very refreshing to see someone else learn, struggle, and grow a business. I’ve made a few mistakes too- paying people too much money to do things, paying them upfront and never finishing the job forcing me to pay someone else more money to do it, figuring out what I can do to get the best ROI… the list goes on. It’s not perfect, but as long as we continue to learn and don’t make the same mistakes, everything will be better in the future!

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      Thanks for the support Gwen. I love how life is a learning process. I think it’s awesome how you have a similar mindset and while growth is great, the negatives are fine to! 🙂 Just something to grow from.

      Hope things are going well on the rental front!

  2. Great update Erik! I like the hustle. If you need some help on Quora, I could do that. I can see also a way of you to help me back. Send me an email, let us join forces 😉

    Ben

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  3. Sounds like growing pains that will eventually sort themselves out and teach you how to better run your business. As for your question, the big one for me is my day job. I delivered something revolutionary for the company I work for..think changes many peoples jobs. Now I’m out there getting adopters and presenting to start executives.. the reputation benefits are starting to collect in other words.

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