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Best Business Practices: 

Best Business Practices That Can Increase Your Profits

Step 1: Finding Your Focus: 

Step 1: Finding Your Focus What do you want to be best known for? What’s your business mission? Is it a retail business or service-oriented? Do you have a clear vision of your goals? What major, unique advantage do you offer that competitors don’t? What’s your biggest passion in life?

Step 1: Finding Your Focus: 

Step 1: Finding Your Focus What are your top 4 strongest skills? What’s your unique, money-making advantage? Do you plan to hire staff or outsource? When? How much money do you want to make by year’s end? In 5 years? Write down your answers = make them part of your reality

Step 2: Your Business Plan: 

Step 2: Your Business Plan Business plans are meant to be A skeleton plan = to be fleshed out as you proceed Flexible = adapting to new information, demographics or needs Find free interactive business plan templates from US Small Business Association or The Canada Business Network

Step 2: Your Business Plan: 

Step 2: Your Business Plan Bubbl.us offers free mindmapping software

Step 2: Your Business Plan: 

Step 2: Your Business Plan If you need start up capital or business loans, you need to submit very detailed business plans to lenders. Consult your business plan once per week & before purchasing any new products If the product doesn’t fit your plan, don’t buy it Business plans should reflect short & long term business goals

Step 2: Your Business Plan: 

Step 2: Your Business Plan Be specific with your goals Create a business structure that works for you & stick to it Creates good habits Helps keep focus narrow & simple Helps you avoid distraction Keeps you organized Create daily & weekly mindmaps or lists to stay organized

Step 2: Your Business Plan: 

Step 2: Your Business Plan Work within your budget Startup = one-time setup fees, investments & payments Ongoing = regular monthly cost of operation Invest $20/month for an autoresponder to build your list Set a monthly spending limit for offers & choose only those that relate to your goals

Step 3: Setting Up PayPal: 

Step 3: Setting Up PayPal Simple way to accept online payments Begin by setting up a Personal Account & verify it by adding a bank account Learn more from the PayPal Help Center

Step 3: Setting Up PayPal: 

Step 3: Setting Up PayPal Merchant accounts associated with shopping carts can be integrated with PayPal Log in to PayPal Manager as an administrator Select "Account Administration" Select "Accepted Card Types" Select "Add Card Type" Select the specific credit card type you wish to add Select "Add Card Type" to update your account

Step 4: Legalities: 

Step 4: Legalities What are your state or provincial laws? Do you need to register your business? Will you do business with your name as a sole proprietor ? Do you want a branded, company name? Do you want to set up a corporation (LLC)? Invest in a meeting with a business lawyer

Step 4: Legalities: 

Step 4: Legalities Lawyers know which forms to fill out & how best to protect your business Probably Needs a Lawyer Less Likely to Need a Lawyer LLC company Leasing physical premises Trademarking your business name Entering into financial loans Planning on hiring staff or outsourcing heavily Sole proprietorship Business strictly online No employees or contractors One-on-one client service-providing Simple payments via PayPal

Step 4: Legalities: 

Step 4: Legalities Affiliate marketers probably don’t need a lawyer but be aware of state laws Learn about the Can-Spam Act Privacy policy about how you collect & use customer information is mandatory Earning disclaimer about how your results are not typical is mandatory

Step 4: Legalities: 

Step 4: Legalities Affiliate marketers Terms of use/disclaimer allows you to avoid liability for content on your site is highly recommended Copyright Notice to discourage rip off artists is recommended Link to the Digital Millenium Copyright Act

Step 4: Legalities: 

Step 4: Legalities Create your own privacy page Use the Easy Privacy Policy plugin for WordPress Or FreePrivacyPolicy.com for static websites Make sure these generated templates are specific for your country & state/province Ensure they don’t contain links to your competitors or harmful code

Step 5: Your Sales Funnel: 

Step 5: Your Sales Funnel

Step 5: Your Sales Funnel: 

Step 5: Your Sales Funnel Your targeted visitor gives you his contact info He receives your incentive You send him content You make him an offer Once he accepts the 1 st offer, you continue sending content & offers Eventually you lead him to a high end offer

Step 5: Your Sales Funnel: 

Step 5: Your Sales Funnel If you customer decides to leave, you can direct him to an affiliate product better suited to his needs (& still making money) If you customer continues to purchase your high end product, you start them on another sales funnel Present customers with multiple opportunities & build that relationship

Step 5: Your Sales Funnel: 

Step 5: Your Sales Funnel Each step of the sales funnel should feel natural Put their needs first & making money second Anticipate your customers’ needs Create the solutions

Step 6: Outsourcing: 

Step 6: Outsourcing The online equivalent of hiring employees Contractors are independent entrepreneurs who provide services on an as-needed basis Outsourcing saves you time & allows you to make more money Almost any task can be outsourced

Step 6: Outsourcing: 

Step 6: Outsourcing Finding reliable contractors Listen to word of mouth referrals (and complaints) from your peers & customers Avoid hiring a novice for discounted rates Large outsourcing companies often have package rates Always check references Interview your contractor prior to hiring

Step 6: Outsourcing: 

Step 6: Outsourcing Tasks to outsource Content creation Graphics Website design Affiliate management Autoresponder setup & management Shopping cart setup & management Social media networking

Step 6: Outsourcing: 

Step 6: Outsourcing Tasks to outsource Promotion campaigns Answering emails, article marketing Customer service Give your contractor a simple, small task first & evaluate their performance Stay organized & use your contracted hours wisely

In Summary: 

In Summary Review all the best practices steps Answer all the steps in Step 1 about your business goals Complete the 2-page Sales Funnel worksheet Complete your weekly assignment