3 Key strategies to build a business around your blog

 

This is a part of the “Getting Started with Blog Advertising” series.

So, now that you have had a taste for what it’s like to bring in a consistent stream of revenue through your blog you’re not going to want to stop, are you? Doesn’t it feel amazing when you earn a little through your blog, especially when you enjoy what you write about.

Although there is a difference between those that stay at a very “casual blogger” and those that continue to grow consistently and fruitfully and it’s simply this: Their ability to make decisions based on a business perspective. All it takes are a few very important ingredients:

1. Financial Management and Reporting

You will need to keep track of what comes in and what comes out. Technically this is called ‘Profit and Loss’ (what you earn and what you spend)

Any good business keeps a detailed account of their financial state and so should you! You can do this in a number of different ways, from Microsoft Excel spreadsheets to full blow desktop software like Quicken.

You could use pencil and paper if you’d prefer. You should begin seriously tracking both where you earn your money, how much you earn, and then (of course) what you’re spending (on anything).

Some expenses you might have to list are:

• Web Hosting
• Domain Registration
• License Fees for web services, products
• Capital costs for software purchases
• Design/Development

Your income lines could be categorized as some of these:

• Direct Advertising Sales
• Advertising Networks
• Affiliate Marketing
• Paid Reviews, Sponsored Posts
• Blog Networks, Guest and Paid Posting
• Selling Products, Merchandise, and Expertise

If you want to be a little more specific and list out the businesses or sources directly:

• Amazon Affiliates
• Direct Sales from abc Company
• Paid Reviews from zyx Company
• Product Sales for Z

2. Goal Setting

After you create your financial management workflow and/or system you should set some very strategic goals for yourself as it relates to your earnings.

Try to be both realistic and challenging; make an educated financial goal based on your traffic numbers, engagement, and push yourself to go above and beyond just a mediocre earning.

Set some financial goals based on your budgeting and financial management in step 1 and then write them down some place.

Then get started on completing (and beating) that goal! All businesses have financial goals and your blog (from a business perspective) should have some too.

If you’re interested in hearing some thoughts about how you might want to price an advertising slot per month so as to get an idea of a year-long financial goal, check out my post here on pricing.

3. Review and Refinement

It’s important to constantly review how you are doing maybe you need to refine strategy after reviewing data, maybe you are doing much better than you though.

 I would advise that you review your financial goals every quarter (every 3 months) unless something has dramatically changed

Review and refinement is critical to your financial growth for your blog! Your goal is to work smarter, not harder!

Remember that your blog is your blog and if it becomes too much of a business then you might have gone too far.  It’s about keeping a business eye on your finances, and your heart on your content.

Good luck and happy blog building!

This is a part of the “Getting Started with Blog Advertising” series.

 

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