Creating An Income Spreadsheet
Yesterday I thought it would be a good idea if I started noting down my expenses – my outgoings and incomings in terms of revenue. By the way if you are running an online business or website then I would definitely recommend doing this as a means of organising yourself.
Now as a young entrepreneur online, I thought it would be wise to go on Microsoft Excel and start entering my transactions on the net. After reading another “Income Spreadsheet”, I split the page into 2 columns: Expenses and Revenue. Then underneath I made a “Net Profit” section which I hoped would be in the positives!
In the expenses I would recommend you include Domain Names that you have bought along with Hosting. Also any scripts bought, services paid for, advertising online and so on and so forth. In the revenues show your Adsense or Affiliate figures, maybe your income created by eBay sales and even text links sold on your site. For me, this section even included being hired by a blogger to write an article for him!
I ended up getting most of my figures from my Paypal History tab in my account, and that proved to be a great help, as I could see where I was getting money from, and who I was sending the cash to. At the end I totted up the totals for each column, and subtracted the expenses from the revenue. Fortunately I ended up being in the “+” which was a great feeling seeing how I had already paid off 3 domains and 2 hosting accounts for 12 months, and how I have only been blogging here on Blogtrepreneur.com for a little more than 1 month. I can only now go into profit, so Im feeling on top of the world.
I would recommend you get started on your spreadsheet rightaway so you can know where you are losing and gaining money, and whether you know to cut back on expenditure or try and find another way to get some more income.