Author Topic: Sole Proprietor's & Small Biz Owners - how do you apply MMM principles?  (Read 789 times)

kurtnyc

  • 5 O'Clock Shadow
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  • Location: Asheville, NC
hi,

I'm new and getting up to speed but couldn't find this topic in a forum search.
When I started looking over my last two years of monthly spending (family & business) to see where I was at, the question of how to use mustachian within a business jumps right out. Because in business spending is necessary and while running a tight ship is great, it's actually possible to underspend on growth/opportunity and loose income. I know there is no magic answer to this, so I'm mostly wondering if people will share their experience or psychology around it. 

The overview of my situation is I'm a sole proprietor (S corp) in NY, and I make my living and support my family as an artist doing commission work, mostly overseas. I've generally kept my overhead low (after early career lessons with commercial leases!) so I'm not really on the 'you got to spend it to make it' bandwagon like a consumer product based person might be, and I don't have a gallery managing my career or income.

I find the MMM ethos personally appealing, and am about to start the dive in with the family (a later case study post when I have the balls!). Still I can't quite figure how it overlays with business expenses, either the kind that might seem exactly what a mustachian might be horrified by: taxi's, expensive airport meals, international cell phone bills, and generally money thrown at last minute production problems, or business specific soft optional costs like: social media staff & advertising, marketing, pr, and assistants. These are just some examples, other big ticket ones might be a book or doc film, and another field would have different ones.

So to all the people who cut their own paychecks, I'd love to hear how you have found this balance.

thanks!

Note: I am looking at family & business spend combined to get an honest overview,  because while the bank accounts are separate, the spend all comes out of the same income in the end, and of course my spend habits are skewed to move expenses into the business when possible for tax reasons.



« Last Edit: November 10, 2015, 05:54:00 PM by kurtnyc »