So, how’s things going? Ready for Christmas?
Ok, then. We’ve started to explore some of the things that we must do to set up a sturdy portfolio of betting tipsters to give ourselves the best chance of making a good level of ongoing profit. There’s a lot more detail we’ll be going into, but before we do, I want to ask you something…
Have you actually sat back and thought about exactly what it is you’re trying to achieve with your betting?
You know a lot of people I talk to tell me that when they started out trying to raise their level when it came to their betting, they had no real target or specific aim in mind. This always seems strange to me. I see setting up and running a betting portfolio very much the same as setting up and running a new business. Would you start a business without first thinking long and hard about how you would go about growing and developing that business, and to what end? I would like to think not.
Similarly, I’d like to think we’d all draw up a proper business plan before embarking on our adventure. This would especially be the case if we intended to raise start up funds by means of a business loan. In fact, if we didn’t, there’d be absolutely no hope of getting that loan, let’s face it.
Set Realistic Financial Targets
So something I’d strongly recommend to anyone starting to build a tipster portfolio is to take some time to really think things through. Set some realistic financial targets, and write down exactly how you intend to reach them. It’s important you commit these thoughts to paper. It will provide a tangible and ongoing reminder of why you are doing what you are doing. In my experience, it will help keep you on the straight and narrow path of betting righteousness through the tough times when you’ll be tempted to veer off your course by the various demons that will be letting themselves known to you – chase losses, try a new tipster, don’t worry about having a big enough betting bank, drop that tipster as he’s had a bad month (but several successful years!), etc., etc.
Look. You are going to go through some very testing times. There is no escaping them. Indeed, you will go through more loss making and flatlining spells than winning ones, and they will undoubtedly test your resolve. Having a written “mission statement” as such, will help you through those testing times, believe me.
50% Is Not To Be Sniffed At
What is very important however, when you’re setting your targets, is to be realistic. If not, you’ll only add to the pressures involved in this project, and that’s the last thing you want to be doing. Personally, I’d always say that you should aim for an annual Return on Capital (i.e. the percentage of your original investment you make as profit or loss) of 50%.
Some will say that 50% is rubbish. Don’t believe them. If you were to invest £1,000 this year, isn’t making £500 from that initial investment a darned good return? Of course it is. And you know what, you might well make much more – hopefully so – but if not, then you’re not setting yourself up for a psychological fall.
So, be realistic, set targets you have a good chance of hitting, and commit everything to paper (or to a Word document at least). Write your business plan, and you’ve already done something that I imagine 99.9% of bettors don’t. And let’s face it, we want to be one of the 0.1%, do we not? We want to be one of the very few that actually make a good profit from betting. So let’s start on the right, professional, footing.