One of the most important things that I counsel every blogger that showed any interest in making money through their blogs is to stay financially ‘in the black’ with their blog.
In other words, your goal is to make sure that you try to never spend any money on your blog that your blog hasn’t made for itself. For instance, until your blog starts to make money then you challenge yourself to not spend anything until it does.
Certainly when you start you might be ‘in the red’ or have spent money on hosting and a domain name and for many of you your goal in the first year is to make that spend back.
Here’s an example financial plan that you can use as a goal:
A Simple Personal Plan to Stay in the Black
Your goal is to make my blog completely self-sustainable from a financial perspective. Here’s how you will do it!
- Cost of Hosting = $100.00 per year
- Cost of Domain Registration = $10.00 per year
- Total Money My Blog has Made this Year = $X.XX so far!
Pretty simple, right? Continue to adjust the $X.XX value as you earn money over this coming year. With some skill, strategy, and luck you’ll find your blog floating itself towards success!
As I mentioned in the video it’s just a simple decision on your part to “use what you’ve got” – find the free apps out there and the tools that you need that won’t cost you anything. If you do, in fact, make some money then count it agains what you’ve paid for so far in your hosting and then feel free to pocket or spend the money you’ve made on top of your costs on a very specific high-return tool or app.
My intention of sharing this post is simply to encourage you to stay financially accountable and conservative with your blog – far too many people find that their blog is a financial sink hole relative to what they are actually making in return and that’s a sad fact.
It’s especially upsetting when I talk with people one-on-one and ask them what the “total cost” of their efforts has truly been. It’s an eye-opening conversation for them!
Your blog has the potential to be a boon for your financially but it won’t ever get there unless you begin to account for your spending today. You might even need to change your thinking a bit to see your blog as a business to help you move in this direction as well.
Be excited though! To think about your blog in terms of being financially solvent is awesome but it should never be a surprise when you wake up to that amazing fact!