Blogging and online marketing the “work at home”, has increased phenomenally over the past couple of years.
Entrepreneurs are making use of various online tools, software and knowledge now available, to boost small to medium sized business.
Meeting fellow bloggers from various walks of life, many indicated not knowing how much money is being spent. It is amazing how many blogs are running without taking into consideration the financial side of the business.
Some bloggers who are now making money, related how they started off on the good old “hit and miss” system, with some regret.
How do we tackle this online career, with a notepad?
Jotting down every detail of money spent, but have no idea on what to do with these notes, other than it is reducing our bank balance?
Whether gaining knowledge, or trying various methods of attracting people to our sites, we all spend money before making money.
Some plain and simply hope that eventually making money online will recoup what has been spent!
Well established Marketers have the funding behind them to purchase either the required resources and/or assistance. When setting up – most of us don’t have this luxury!
Don’t beat yourself up about it, everyone started with little or no knowledge. Just be aware that if you are starting out online and require more knowledge, you will be spending money!
Listed are a few thoughts to keep in mind, expenses that may need to be addressed, some sooner rather than later.
- Loss of Earnings
- Rental or value of office space
- Web Host
- Domain Name
- Office supplies, i.e. Ink Cartridges, Paper, Files, Pencils, Note Pad,
- Electricity, Water, Phone line rental (apportion, deduct private usage in a home office)
- Travel expenses
- Educational expenses – Learning how to…
- Monthly asset expenses (depreciation) + interest + insurance
- Cost of outsourcing work – Article writers, Technical Assistance etc.
- Advertising costs incurred – for example Pay Per Click
- Discount given – Additional discounts for Affiliates
- Salaries – Should you employ an assistant
- Bank charges – No matter which bank you use, there is always a cost.
- Legal advice
- Software Purchases
Don’t put off work already in the pipeline, so long as finances are controlled with a simple spreadsheet, this should not take up a lot of time. Keep it simple, set-up a quick and easy reference system.
Once you get into the habit of updating expenses every couple of days, like anything it becomes less time consuming and a pleasure to have on hand.
Office Suite (free) visit http://www.openoffice.org/ Take a look at this resource to get you started, the next article will cover setting up a simple spreadsheet to share ideas on how to control your money. There is no need to spend money on keeping records for reference. If you have a Google account, sign up for Google Apps where you will have a document feature available, this is another free method to use.
- bookkeeping is the glue that keeps your business together
- if your records aren’t in good shape, the business could fall apart
- a healthy business is monitored through its records on a regular basis
- you can find problems and correct them before it’s too late
When I am not listening to the latest podcasts, or updating my blog, I normally sit back and relax and enjoy watching and learning from nature.
Nothing in the animal kingdom is wasted. When an antelope is killed by lions for food, and the lions belly is full, along come hyenas or vultures to clean up the remains.
If an elephant has a poop, the dung beetles roll it away.
Our naughty vervet monkeys pinch fruit and spill the seeds to grow again, nature is an endless cycle – with little or no waste.
Humans are notorious for being wasteful, so before throwing money away, tweak campaign pages and squeeze as much life out of a project before abandoning. Track every campaign, if you start losing money, see if you can undo or redo whatever did not work.
It may just require a bit more thought and less money spent. A new campaign might be the last thing needed, be patient and keep working at it.
Running a blog we are continuously ‘stalking’ the market place – just like a predator, to make the right decisions. Engrossed in our activities we often forget to count the cost. A lioness will size up her prey before going in for the kill – she will cautiously stalk before the charge.
In like manner we should also “size up” our Return on Investment before each product launch, stalk our opponents, know what is being spent on Pay Per Click advertising. Monitor every aspect of the launch, keep a beady eye on the expenses and enjoy the returns when successful.
Whilst marketing online I have had the pleasure of meeting extremely determined and learned people, wishing to overcome every problem they face. Finance is #1 pillar of any business, blog or not, no one can afford to overlook or ignore. “Final Growl” – Look after Your Money or Learn How To!
Thought to Ponder: “Remember, today is the tomorrow you worried about yesterday.” Dale Carnegie