Money (Robux); what most developers, group owners, and ROBLOXians alike thrive on. The backbone of any company is the financial branch, without financing a group cannot grow and support itself. Groups have expenses such as paying developers, marketing, bidding on advertisements, game sponsoring, and so much more.
It is crucial to understand that for you to see a change in your business you need to have some sort of way to generate profits. For groups that cannot exactly nail down a good source of revenue, they simply create content like clothing. For example, a medical group cannot sell much, however they can make different colored scrubs (medical/surgical uniforms) for the group store, this will eventually pay off from ROBLOXians purchasing these items. If you lack a profit source you’ll find yourself pitching in all of your funds and losing your personal finances. It is not to say that you shouldn’t invest in your own company, because you should, but you should never have to suffer through economic depression so your group can grow.
“A good group will make funds for itself, therefore relieving you of utilizing personal finances.”
On a side note, even though the CEO, Owner, Founder or whatever you see fit to call the owner of the group should always be interested in the wellbeing of the group’s financial safety, it is beyond smart to hire a person designated to this. Often these are referred to as ‘CFOs’ which stands for Chief Financial Officer. This person’s sole responsibility is to safeguard your hard earned money. You should look to your CFO for most of your finance related transactions.
Why should you be worried about finance? You should be careful with your finances because without group finances your personal account will dry up, your investments will dry up, and without money a group can’t go too far.
So how do I finance my group safely? This can vary greatly on the kind of group you run, I have worked/am working at one of the largest Hospitals on ROBLOX, one of the best known clothing companies, and large scale cafés. The universal thing I always do is:
- Set-up a Google Sheets outlining your income, expenses, and where the money currently is (all of this information can be retrieved from Audit Logs).
- I provide comprehensive reports to the CEO/Board outlining the current status of the funds, what I think would be a smart move (example: running an ad campaign while we have a fluid source of profit).
- I keep track of finance over long periods of time to track group growth.
- I work on financial projects to create boosts in profits (example: run a clothing sale for a limited time).
Do I have to do the same steps? Of course not, this is just what I do to make sure I am covering all of my bases.
I hope this article was helpful!
Follow me on Twitter @RBLX_Chilly
Add me on Discord if you have any questions at @Maxwell // Graphic Designer#1447