Hope you have enjoyed the first part series whereby I shared on:
- Having the right mindset on getting started with your online venture
- The right planning strategies like Marketing Strategies, Monetizing each area of your marketing
- And having a Plan to guide you along
If you like to read back the first part series, click onto this link >> How To Run Your Online *Fill-In-The-Blank* Like A Real Business – Part 1 of 2
Once you are done, i’ll like to share with you the last part of the series on how to run your online venture like a real business, keeping in mind on keeping good records, a journal of your achievements and failures and lastly – bringing in the action!
5. Keep Good Records Of Your Investment And Profits
Every business has their own records of investment and profits – this is to keep you in track that you are spending wisely and every penny that you have spent has the potential of converting into a profit.
In the long run, this will help to ensure that you are running a business that’s profitable in the long run.
Example of Keeping Track Of Your Investment:
- $xx/month for 5GB of web hosting but site is down every other day – time to speak to representative / to switch to other web hosts. This can be a bad investment.
- $yy/month for email marketing autoresponder services – good tracking services, high deliverability of emails and resulted in good conversion and profits (more than what you have invested). This is a good investment.
- $zz/month for outsourcing services – the virtual assistants are responsible and produced good quality works. High subscribers’ rate or high sale conversions. This is another good investment.
At the end of the month, you do up your sums and if you are running in the blues (profit-making), you can continue to the next month or if you feel that you can have higher profits, you can look into each different area and do some tweaking. Remember not to exchange quality for rates!
6. Keep A Journal Of Your Achievements And Failures
Keeping a journal of your achievements and failures can help you in two manners – what you are good or bad with and maintaining a good relationships with your readers and customers.
Most successful marketers keep their own journals either by blogging about it or keeping it personal to themselves (reviewing the outcome at a certain period of time)
Example of Keeping A Journal
- Wrote two articles (on article marketing and affiliate marketing) and posted them on Helium.com. The ranking for my affiliate marketing article is high and attracting good comments and feedback. The article on article marketing is not that fantastic. This would mean to me that I do know something about affiliate marketing. Time to rinse and repeat!
- Wrote another two articles (on another topic of affiliate marketing and forum marketing). Attracted even better feedback and the readers love what you have posted for your topic on affiliate marketing. This would mean that you can create a niche out of affiliate marketing – your own ebook or coaching membership.
As you regularly monitor on what you are doing – assessing your outcome from what you are doing. You keep yourself in the loop of your strengths and weaknesses.
If you noticed long enough that there’s a current trend whereby many marketers are sharing your so-called “own systems to make money”, and in many, the contents are about what they have done correctly and the resources they used to bring in the money – this is part of keeping a journal and making it accessible to the masses (money!)
7. Bringing In The Action
The very last bit of running a real business is to bring everything into action.
- You can have the correct mindset – you want to be successful and you are serious but you just think and do nothing. Result – you are still achieving nothing!
- You can have a good blog or site or product but you do nothing to market yourself and your products. Result – you are getting nowhere!
- You start to have certain results but somehow you are getting nowhere because you have not created a Plan to guide you along. Result – you will get burned out and you may realize to yourself that you are not interested anymore! We may just lose out a good marketer like you and what you can bring us!
- You are on track and everything seems so positive. You re-invest your profits and hoping that it will have more profits. But somehow, your investments are not going to bear fruit in the long run because you have never keep a good record. Result – at end of day, what you have earned so far is not meant for you to keep!
- You are getting really successful now but you decide to try another manner of doing things – no result. You decide to try another method based on your friend’s recommendations – no result. You want to go back to how you are doing things back then and you have forgotten! Result – confusion, devastation, and disappointment!
So can you see how powerful it is when you have actions? And in summary of the two posts:
You need to have:
- A Correct and Good Mindset
- Marketing Strategies
- Monetize each area of your marketing
- A concrete Plan to guide you along
- Good records of your investment and profits
- A journal of your achievements and failures
- Bringing the above into Actions!
These factors are important in helping you to run your online venture like a real business! To your success!
