well,
I also strated a few weeks ago (comming from Hattrick) and also thought, man... end of season, no revenue, not even the small amount from scrimmages... I must be bankrupt before the new season starts.
I didn't know about the 4 weeks of 50k back then, but now, after selling off some players, GOOD players (which are in fact only a little better than the rest, but okay) I am now at 500k !! (sold 2 players for a total of 350k, and yes at first I thought they where not even worth 20k!!) I also bought at least 10 players which are good enough to play in any team for 1k or 2 k apiece....
Do not underestimate your players, I don't think there are any real good ones in the game yet. Average is a prety good skill at this time. I believe, for what I have seen, that inept is a prety average for any player. The 2 I sold for over 100k didn't have anything above respectable.
So my advice: keep your very best player, sell the 3 players that are right behind him. Fire your 3 worst (which you already did). Sell off any players you think you won't be ginving playtime anyway. You should have about 8 to 10 players left which you want to play for you (f.i. 1 starter and sub for each position).
And either buy 5 new players for less than 5k each, or not, depending on the fact that you are satified with the trainability of the players you kept...
Please note that I am new myself, maybe it is bad to sel 2 or 3 of your best, because it might be more important to keep them... I chose to sell, and my bank is not complaining.
They are not your friends; they dispise you. I am the only one you can count on. Trust me.