As a new price per head bookie entrepreneur, it is important for you to understand that accumulating wealth takes time.
So, to count with a strong financial foundation is really how you make sure that your sports betting and gaming operation is going to last.
A base that is strong is more than relevant because it is where the seed is planted, where financial growth begins.
This is precisely why many lotto winners end up without a penny in a short period of time: because they lack a strong foundation.
A strong financial foundation not only includes the proper environment and the correct mindset. It also involves a clear plan of action, protection, and the right habits.
In order to start building a strong foundation for your price per head bookie business, the first thing you need to do is to get out, and stay out of debt.
When you are in debt, you are not growing. Indeed, debt robs you of your options.
The good news is that, if you are currently in debt, you can get out it, and here are the key elements to do so:
Focus and Commitment
When you first start a price per head bookie business, if you don’t have funds of your own, you will likely need to get in debt, either with an acquaintance, or with an angel investor.
And, although getting in debt to start a bookmaking and casino business is common, there are those wagering agents whom manage to overcome debt, and those who don’t, and fail.
The price per head bookie who manages to overcome debt is the one who focuses solely on paying his outstanding balances everywhere. All extra pennies are destined towards achieving this goal.
Say NO to New Debt
The reason why a lot of wagering and casino agents aren’t able to overcome debt is because they keep acquiring new debt all the time.
Saying NO to new debt is crucial to actually start getting profits out of a price per head bookie business.
Sure, when all of your earnings are destined to get out of debt, you may feel tempted to start spending such cash on something else. After all, this is your price per head bookie business!
However, when you focus on paying the money that you owe, once you are debt-free, all the cash that you make from that point on will be all profits.
When it comes to getting out of debt, there are a couple of plans that can come handy:
Debt Snowball: This is when you pay the minimum you can on all of your debts, and then, you proceed to pay as much as your pocket allows you to on the loan with the lowest balance.
Once that loan is paid off you must proceed to pay extra on the next lowest balance loan.
By doing this, you can have one bill less each month.
Debt Stacking: This is when you pay the minimum you can on ALL of your debts, and then you pay as much as possible on the loan that has the highest interest rate.
This strategy works because it allows you to pay less interest each month.
Casting a Safety Net
Indeed, one of the biggest mistakes a beginner price per head bookie makes is to fail to start building a cash cushion since day one.
There are two things that can happen while you grow your wagering and casino business: unexpected expenditures, and investment opportunities, and you should be ready to face both in the best possible way.
If your business is new, it is likely that you are not thinking about new investments.
With that said, after you have put aside the cash that is destined to pay your current debt, the next thing should be to also put aside as much money as you can for unexpected expenditures.
On the other hand, if you are a price per head bookie that already paid all outstanding debt and has savings in the bank, then you can consider setting a side fund for investment opportunities.
Remember that as a bookmaking and casino entrepreneur you are your own boss, so your future basically depends on the decisions that you take to make of your price per head bookie company a successful one.
So, to have funds that are destined for specific things is a business practice that can help you grow your sports betting and gaming operation even faster.
Save, Don’t Spend
“Spend less than you earn, and invest the difference wisely.” This is a quote by Todd Tressider, author of the ‘The Wealth Equation.’
The easiest part to change from Tressider’s quote is the amount to be spent, and that actually is the part where most new price per head bookie entrepreneurs gets in trouble.
In order to make sure that you are saving as much as possible, embrace the philosophy of spending cash to live. This means to cover the basics:
Remember that people that are non-wealthy value short-term satisfaction over anything else.
On the other hand, wealthy individuals are known for thinking about long-term freedom, so they spend their cash accordingly.
In order to save as much as you can, you need to get rid of the SOS, or Shiny Object Syndrome.
This means that you must avoid the mentality of having the need to go out and get new stuff.
These impulsive decisions can be costly in the future, especially if you have a taste for luxurious items.
It is normal to be impulsive about acquiring new stuff, but in order to be wiser about how you handle your cash, you can put the following method in practice:
This is a good solution to a common problem because when you manage to delay a purchase, you take the emotions that are attached to such a buy.
We often feel as if we NEED something in the moment, when the reality is that this is just another WANT.
Your main goal related to savings should be to make logical decisions that can help you acquire true wealth as a price per head bookie.