People often start their blogs as a hobby with some hope of earning some extra money on the side. In those cases, people often don’t think about their blog as a business.
The money doesn’t come fast and easy. When it does come in, it starts as a trickle and builds up. It’s easy to take that money for granted and lose track of your income and expenses.
Of course, earning more money is only part of the equation. You need to be able to control your expenses and stick to a budget to improve your financial situation. The key is to think of your blog as a business. It IS a business.
Like any brick and mortar store, you are selling a product. It’s easy to forget with blogging because you can’t touch and feel your product. With a blog, you are selling information. If your information is good, people will consume your information and keep coming back. Eventually, this leads to profit.
As a business, you need to track your income and expenses. This allows you to track your actual profitability and if you are earning money it will simplify your work come tax time.
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Finally, you want to plan ahead for your blog’s success!