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10 Common Online Business Assumptions Made Daily By Solopreneurs

Not every online business strategy works for every business. Unfortunately, many Solopreneurs will continue to force themselves into one standard. Don’t let that be you. Learn some PROVEN tactics to help you avoid these common pitfalls of assumptions and set your brand up for profitable success.

With over 4 Billion+ active online businesses, and all of them fighting for attention, the Internet has made it possible for companies of various sizes to compete on a level playing field of sorts. The main issue remains that most of these companies are unsure how to gain the buying attention of potential clients for their products or services. Creating a Power Crew will be essential to your success as a Solopreneur because you will have to trust someone to help you handle day-to-day tasks. Check out these 10 common assumptions made in online business that you should avoid in order to have a successful head start.

Skimming on Investing. There is a large difference between spending smart and just being cheap. The Cheap Comes Out Expensive (“Lo Barato Sale Caro” – Judge Marilyn Milian). Reciprocity goes a very long way and helps you build a secure and trusted network. Everyone wants a deal when spending their hard earn money. Most business people have heard the saying, “you have to spend money to make money.” Actually when you take your brand seriously enough to invest in it, be it time or money, you will ensure that everyone on your Power Crew is properly compensated. This could be financially or through barter systems. Either way, you should be willing to give as much or more than you take from others.

Remaining Blissfully Ignorant. Are you leaving clients under-serviced because you refuse to explore new opportunities and creative possibilities? Put some investigative action behind your motives. Ask your Virtual or In-House Assistant to check out some new avenues. Hire someone to manage these new avenues for you and add them to your Power Crew. They would usually be focused on these tasks for at least 5 hours a week; 1 hour a day. Ignorance is not bliss, especially in business. there are too many opportunities out there for Solopreneurs to get on track and dominate some corner of their market.

Financing Blindly Without Reason. How can you properly guide your brand into financial success or at the very least avoid bankruptcy if you cannot track how much money is flowing throughout your business? If you are shocked at the amount of money you have spent over a one-year span, are constantly hunting down all of your expenses at tax time, and/or are always living in the red then you’re doing everything all wrong. Don’t become accepting of your business being a financial burden on you. You should have a budget in place to help you remain on track. Remember, you started this for FREEDOM not to trade on pair of frustration created shackles for another.

Maintenance Is An Option. I see many clients who believe that paying someone to manage their website is a waste of time, yet these are the same people who’s websites are constantly outdated behind the scenes and left vulnerable. Your carelessness is a hackers dream key to your Information Buffet. So much of these items can and should be automated, but you have to remain vigilant in protecting your online business. If you are collecting customer information, there is no room to be casual about Website Security and Maintenance.

Keeping Up with the Joneses. Doing all you can to follow what the crowd is doing rather than taking stock in what will work for your brand is ultimately a waste of time for you. This is not to say that watching your competition and friendly peers cannot be a learning experience. you simply have to learn to take the learning knowledge and map out your own destiny.

Online Businesses Don’t Need A Budget. As an extension of financing your business blindly, you need to realize that just because you have an online business, you are not exempt from having a budget. many believe that because they don’t have the rent of a brick-and-mortar establishment, they are free to spend wildly. That is not the case. Your “rent” is your hosting provider, your domain name, and your SSL Certificate. Your “utilities” are your financial manager (accountant/apps), email automation services, payroll, and anything else that helps you run your business. You MUST track these and be sure that you are not using up all of your resources without turning some type of profit to pay the rent or mortgage AND put food on your table.

Disconnected from Reality of Running A Business. Remain grounded and connected to the roots of your business so that you are aware of what is happening and are ready to rework any strategies accordingly. Even when people consider themselves “successful” they know there is continuous work involved in maintaining the level of success they enjoy or want to excel to. Taking into account everything we’ve discussed, these pieces all come together to help you face, head-on, the realities of running a business.

Blaming Others for Your Failures. The Blame game is a waste of time. Don’t allow Accountability to become some passive catchphrase in your business. Live up to how you would want clients and another business to treat you. If you or your brand fell short or messed up, take that as an opportunity to improve and get back on track. Ask for feedback. Failure is not a bad thing if you don’t allow it to become a stumbling block or a crutch. Boss up and take responsibility while showing others working with you that they need to do they same. Showing is way better than Telling!

Being Online Is An Automatic Success. No online business is an automatic success and anyone who tells you different is lying to you. I thought that once my website was up and running I would be set. Well, not exactly set, but the bulk of my work would be complete. I was so wrong and didn’t even realize how wrong I was. I had to become a quick study on e-marketing, copywriting, and product creation to really get my business going. Not an expert, but I had to get my rump in gear fast so that I could manage just enough to get things where I wanted them to be. Automation can make things easier for you, but without you putting ACTION behind the KNOWLEDGE you collect, your brand is dead in the water.

Misinformation. Stay as informed as possible. “He said, She said” doesn’t work when you need to share information with your Power Crew and customers. Never allow yourself to miss out on innovative moves occurring within your industry, or in other industries. If an app or software was not compatible of your business in 2011, check back and see if things have changed. If you didn’t think Twitter, Pinterest, or Instagram were a good fit for your business and your customers would not be interested in a company blog, rethink these moves. Try things out. You may be surprised at the results and new information that flows in from these various options.

Boss Up

Once you have figured out what causes your business to thrive like a well watered plant, you’ll begin to reap the benefits of a profitable business and brand overall. I think of my business as a well-watered plant because there is energy tied to it. It needs my care in order to survive. My emotions affect my business and I need to maintain them both.

Clients want to know that you, as a business owner, care enough to pay attention to small details while maintaining the overall picture of success.

The Rundown

Put your all into your business. After all, most of us are not here for a one-night stand. Instead, we’re in it to win it! So get yourself out there and arm your brand against these 10 common assumptions most Solopreneurs make in online business.

To Your Continued Success & Learning!

Limited Liability Insurance for Small Business Info: A Brief Summary of LLP Insurance

Every business has to have insurance of some kind, but what about partnerships? If you do have some ownership in a business arrangement but not the entire organization as a whole, you should only be required to insure your share. This is what limited liability insurance for small business is for. Why should you be liable for everything? If you have a limited role in daily business practices and operations, you should only have to pay for coverage of your own assets.

The term “limited partnership” refers to a partnership in which there is at least one general partner and one limited partner. The general partner typically has the same role as in a general partnership, as someone who controls the business’ daily operations and being considered personally liable for business-associated debts.

The “limited partner”, as mentioned above, doesn’t have a lot of say in the daily operations and decisions of the business. There can be more than one limited partner involved in a small business. To make up for not getting an active role in decisions, you get the benefit of not having to pay off claims or business debts with personal assets. However, the limited partner can still potentially lose his / her financial investment in the company depending on the circumstances.

What Else to Look for in Limited Liability Insurance for Small Business

Another thing to consider when looking for limited liability insurance for small business is that the tax rules different somewhat. All partners are required to report and pay taxes individually on their share of the yearly profits. You probably won’t have to pay self-employment taxes since your status in the business is not “active”, thus your share of the partnership isn’t considered “earned income”. The general partner(s), on the other hand, do control the business’ day-to-day operations and therefore liable for business debts.

There is another type of partnership referred to as “limited liability partnership” or LLP, in which all owners are provided with limited personal liabilities. In this kind of situation LLPs tend to be professionals such as accountants or lawyers. In certain states, only professionals are allowed to be LLPs.

An LLP requires less paperwork than corporations and LLCs. Learn about the rules in your state, pay the relevant filing fee, and create the partnership agreement.

This is only a short overview of limited liability insurance for small business. To learn more about your options, look into Hiscox Business Insurance and the benefits this company offers. There are a variety of custom small business insurance plans tailored to your needs.

How to Create Wealth: Formula for Generating $10,000 Monthly

I used to think that learning how to create wealth to the tune of $10,000 monthly was unheard of. And then I recently listened to a webinar that spells out a formula that actually makes sense…

How to Create Wealth Step One: Getting a Clear Intention…

You need to have a clear intention of how much you want to create. For the purpose of demonstrating this formula, I’m using the figure of $10,000 monthly. It’s important to use daily visualization by imagining yourself at a future date, but thinking of it as present, being sure to pay attention to the feeling you have when you actually see this much income flowing into your bank account on a consistent basis.

How to Create Wealth Step Two: Determine your Outcome…

If you have no idea how much your income goal is, there is no way of attaining it. You can’t just move blindly in your business and “hope for the best”. You have to have a plan – strategy that will take you closer to your goal as you progress. And remember, it’s not necessarily just the outcome that makes a difference… it’s the journey…

“The major reason for setting a goal is for what it makes of you to accomplish it. What it makes of you will always be the far greater value than what you get.”

– Jim Rohn: American entrepreneur, author and motivational speaker

How to Create Wealth Step Three: Determining the Number of Sales you Need…

Take the monthly figure you desire and divide by 31 to get your daily expectation of creating wealth. In this example, $10,000 divided by 31 = a goal of $322.58 daily (we can round this up to $325).

Take this figure and work backwards to determine how to create wealth in your own business. For example, in my business, I know that statistics reveal that one out of every 40 people who watch the sales video will decide to buy on the spot.

Now, I also need to do a little research in my own business to figure my own upselling statistics. Why? Because this will give me concrete figures to move forward with. While the average person who decides to buy will generate me a $25 commission, I know that one of every three of these people will upgrade to the $100 monthly program, giving me a commission of $125 monthly. One in five of those people will elect the $500 product, and one in ten will buy the $997 product.

So to figure out average commissions, let’s work backwards from a 30-sale point. Thirty sales = ($25 x 30) + ($100 x 10) + ($500 x 6) + ($997 x 3), or $750 + $1000 + $3000 + $2991, or $7741 for 30 sales, divided by 30 = $258.03 each. Let’s round that to an average value of $258 commission for each sale.

Judging from this scenario, I would need 38.76 sales a month (or 1.25 sales daily) to equal a monthly income of $10,000, or a daily income of $325.

How to Create Wealth Step Four: Determining How to Get the Sales…

Judging from my own statistics, I know that one in every forty people who watch my video will decide to buy on the spot. So, to get 40 sales a month, I would need to find a way for 1600 people monthly (52 people daily) to watch my sales video. And how to I do that? Well, this brings us to step five for creating wealth…

How to Create Wealth Step Five: Determining Prospects…

The easy way, of course, is to simply buy leads. However, this is not always very cost effective, especially starting out. Some people pay as much as $5 a lead, depending on their marketing strategy, and this would cost $260 daily to get 52 leads!

While many people choose paid marketing strategies, I elect to use free marketing – blogging, article marketing and videos – to bring in my leads. Assuming you want to go this route as well, let’s determine how to get those 520 people daily to reading your blog posts and articles, and watching your videos. (520 visitors is based on my own 10% opt in percentage for my content to produce 52 leads.)

How to Create Wealth Step Six: Determining Lead Flow…

This is where keyword research comes in. You don’t want to waste your time blogging about stuff that nobody wants to read! You can determine the potential visitors to your site by accessing the free External Google Keyword Tool at ‘Google.AdWords.com’ and click on the link “keyword research tool”.

Determine the number of people searching for your “keyword phrase” that you’ll be using throughout your content. For example, I know that the keyword phrase “how to create wealth” gets roughly 590 exact match searches monthly, or 19 searches a day. This knowledge tells me that if I can promote this content to rank on the first page of Google, I can expect about half of those people (10) to watch my video or reach my article or post, and 10% of those people (1) to become a prospect.

So in this scenario, this particular piece of content for the keyword phrase how to create wealth should yield me one lead daily. How do I get 52 leads daily? Simply put out more content for other keyword phrases – 52 pieces of content each yielding one lead a day will give me 52 leads, which generates 40 sales a month which equals an average of $10,000 monthly. Your future for creating wealth is now in your hands!

Understanding Organo Gold: Can You Really Make Money With Organo Gold?

Founded in 2008, Organo Gold offers beverages and supplements that are nutritional, simple, and delicious. Products are mainly coffee and tea related. They focus almost all of their products around an ingredient known as Ganoderma. What Ganoderma is supposed to do is build a strong and healthy body while increasing life expectancy. In addition to products that contain Ganoderma, they also offer a business or income opportunity for those that have an interest in sharing their products with others. However, can you really make a legitimate income with Organo Gold’s opportunity?

The Thing: As mentioned before, Organo Gold offers beverages and supplements containing Ganoderma. I will explain a few of these products along with the benefits of each along with the price when available. Two of the products will be beverage related and one will be supplement related.

1. Premium Gourmet Organic King of Coffee – This $46.50 box of coffee comes with 25 Sachets per box and contains pure organic Ganoderma. In order to enjoy this beverage all you have to do is pour one of the packets into your coffee cup, add hot water, and mix. It is designed to give drinkers the benefits of Ganoderma and supports overall body wellness.

2. Gourmet Hot Chocolate – For only $31.50 you can get a box of this product with 15 Sachets all enhanced with Ganoderma Lucidum. It has a rich flavor and requires the same instructions as the Organic King of Coffee; Pour, Add Hot Water, and Mix! It is designed to support overall body wellness and health as well.

3. Ganoderma Spore Powder – Like almost all of their products this supplement is enhanced with Ganoderma Lucidum. This product can be bought in containing 90 capsules for $99.00. It was designed to extract as much potency as possible from Ganoderma and contain rich and natural beneficial compounds for overall health and wellness.

The Opportunity: Just like every other company in the entire world, Organo Gold has a compensation plan. This is how distributors are able to make a profit marketing or selling their products, payouts can be daily, weekly, and/or monthly. There are seven total ways to make money or rewards through Organo Gold’s business or income opportunity: Retail Profit, Fast Track Bonus, Dual Team Bonus, Uni-level Bonus, Uni-level Matching Bonus, Generational Bonus, and Global Bonus Pool. I will explain a few.

1. Retail Profit – This is where making money through Organo Gold all begins. By selling products to retail customers you are able to earn profits up to 50% paid daily and/or weekly.

2. Dual Team Bonus – This form of payout is only offered weekly but if you are able to grow your business, you will be achieving payouts in this form. They use a Binary point system when it comes to this payout building one team on your left and another on your right. Once you are able to build and motivate your two business teams you will have the potential to earn an incredible $75,000 weekly!

3. Global Bonus Pool – This is the ultimate reward Organo Gold offers their distributors and is earned Monthly, paid Quarterly. When and if you achieve this level of payouts you will be able to actually earn 3% of the Total Worldwide Uni-level Commission-able Volume. In other words, you sort of get paid upon the entire success of the company at 3% share. Wow!

The Cost: In order to become a distributor and take advantage of Organo Gold’s business or income opportunity there are two main things that you Must do!

1. Enroll – Enroll yourself into the company and as Independent Distributor. This process is very simple and only takes a few minutes to complete.

2. Purchase A Business Entry Kit – The cost of the Business Kit is $49.95. Once you have completed the enrollment and have purchase this Business Kit you are ready to rock! The Business Entry Kit is a free access for one year to your BackOffice and Organo Gold will also create a Pro Replicated Website for your new business. The Business Kit also includes a Distributor Binder, Brochures and Applications, A Variety of Samples of Coffee, and Access to Wholesale Purchases.

To conclude, yes you can make money with Organo Gold!

Final Thoughts: Organo Gold is a very interesting company. Their products are great for overall wellness and health containing Ganoderma. The compensation plan is also very lucrative as long as you know how to effectively use network marketing. However, even if you don’t know how to effectively use Network Marketing, you will still be able to earn an income stream from taking advantage of their business opportunity provided you work at it daily. If you don’t work at it, obviously, you won’t make any type of income at all. But you if you devote yourself to the industry and make a commitment to create a substantial amount of income, this company definitely offers that ability.

The only difficulty I see with this company is the products itself. Don’t get me wrong, they offer outstanding products. However, when it comes to Network Marketing you should look for a product with a Massive Market! The reality is, not Everybody drinks coffee, tea, or hot chocolate regularly enough to feel the need to purchase large quantities of the product. However, for those that are complete coffee lovers, they would Love to be educated on Organo Golds products and experience it as well and may become steady, forever-existing customers as well.

If you are looking for a company with a Massive Market, I assure you, there are plenty of them out there! I have actually been able to discover a way to make a substantial amount of residual and passive income all from home with a product that has a Massive Market, meaning there is only a handful of people in which wouldn’t have any interest in it.

It’s called Saving Money! Connect with me and get your free report on how exactly to get involved with a company with a Massive Market relating to saving Thousands of Dollars Each Year in addition to Earning Thousands of Dollars as well!

*Dustin Hale is Not affiliated with Organo Gold or their business opportunity.

Just The Basics – How to Start Generating Income In Your New Network Marketing/Direct Sales Business

Whether this is your first year in a home business or your tenth, there are some basic things that you should do in order to start generating regular income.

It is important to understand that your attitude is critical when it comes to being successful in any business. Therefore, you must start your new business with the mindset that it is a real business. The fact that you are working from home does not change that. It certainly doesn’t stop you from earning a tremendous income should you desire to do so. There are people just like you that literally earn millions from the comfort of their homes . These people not only recognize the potential of the industry but always treat their businesses with the respect and dedication that they deserve.

Personal growth comes before the fortune. You may have heard that before in one form or another. It simply means that you must educate yourself first and the money will follow. Can you bake a cake without knowing the recipe or how to operate an oven? How about drive a car without knowing how to get it started? Do doctors practice performing surgery before they learn the skills required? Hopefully, you will get the picture. It doesn’t matter if you are doing something as simple as baking a cake or complicated as brain surgery, you have to learn some fundamental skills first or you are certainly headed down the path to failure.

So, what skills are required to build a profitable home business? Assuming that you have already mastered having the right attitude about your business, here are some basic skills that you will want to learn or improve.

People Skills

Time Management Skills

Marketing Skills

People skills are required because this is really a people business and not necessarily a sales business. Yes, there are plenty of individuals and teams that teach sales techniques as the primary way to build their businesses, but it is not always the best solution for the average person in network marketing. Most people are resistant to this method of team building and it makes it very difficult for them to grow a profitable business. There are always exceptions but we are not talking about those people. By developing some basic people skills, it will help you to communicate more easily and find out what the other person actually needs. Maybe they need your product versus extra money. It is your job to find out how you can help them and not push them to join your business. You might check your local bookstore for “How to Win Friends and Influence People” by Dale Carnegie.

Time management is extremely important because it is very easy to get distracted while working from home. Children, televisions, and other things can result in zero productivity for anyone who is not accustomed to this environment. You must learn how to use your time wisely and to set aside consistent hours each week to work your business. In addition, you want to use your allotted time effectively. That means that you are constantly working on tasks that will help to truly grow your business. Organizing your office every day may indirectly help in having better time management but it really isn’t a “business growing” activity. Focus your time on tasks that will expose your product or service to potential customers or partners. It is very difficult to be successful without good time management skills.

Marketing is an income producing activity and another critical skill that you should constantly learn and improve. Marketing is a very broad term but it basically means “the activities involved in the transfer of goods and services” or how to get the word out about your offer. Creativity and consistency are two words that come to mind when one thinks about effective marketing. So, how does a new home business owner go about marketing their products?

First, you must realize that network marketing is a business based a great deal on duplication. If effective marketing techniques are duplicated throughout your organization, that provides the greatest opportunity for rapid growth. You should find and use strategies that can also be used by anyone on your team. There are people that have the financial resources to purchase full page color ads in national magazines but that is not the kind of marketing that is easily duplicated by everyone in your business.

Here are some other suggestions…

Read and learn about marketing tips

Learn from team members that are successful

Be consistent and persistent and market daily

Watch your marketing dollars/budget closely

Hire professionals or outsource when required

Employ sweat equity or money equity

Use marketing that fits your personality

Distribute samples whenever financially possible

Put your business cards into the marketplace

Network with other business owners

Share with family and friends when appropriate

Search internet for creative marketing ideas

Know your primary target market and how to find them

Many years ago a very successful network marketer told me that success was based on 99% consistency and persistency, and 1% skill. Those numbers may not be totally accurate but the basic concept holds true. If you performed a very simple action of giving out 2-3 business cards daily for 90 days, you are very likely to generate interest, customers, and potential business partners.

There are many ways to build a business and start making money in network marketing. However, if I had to narrow it down to just one thing, it is targeted MARKETING.

However, keep in mind that having a marketing plan without action is useless. You must commit and implement your full marketing strategy. How many times have you ordered business cards and left them in the desk drawer? Have you ever ordered 100 leads and called only 10 of them? Your business will not thrive unless you tell someone. How you go about telling them is up to you.

If you are serious about generating income in your new home business, make a personal commitment for the next 90 days. Find a marketing technique that is a good fit for you and put it to work daily. At the end of that 90 day period, evaluate how successful you have been at being “consistent.” Your check will normally be a direct reflection of your previous daily actions.

Remember, “procrastination is the killer of all dreams.” Make a decision today that you want to generate a real income from home. Once that decision is made, identify the products/services that you want to promote, choose a few marketing techniques, and take action. 90 days (or less) is all you need to see measurable results. A few weeks of solid dedication can change your entire life.

The Difference Between Front-End Products and Back-End Products For Your Home Business

So you have a website, a landing page to capture your customers’ details and you are about to send them an offer of your product. Now what? Why do most of them not buy from you? What are you doing wrong? Questions like these are common with a home based business and when there is no answer available,thoughts of failure occurs.

This is where you will have to know the difference between a front-end product and a back-end product and what it can be worth to you and your prospects. There is a way where you can over sell a service and burn your list very quickly instead of building it. The fact that people have signed up to your website for free information, does not indicate that they will buy from you in the future.

That is why it is necessary to offer a product at the beginning of the sign up and then follow it up with numerous different ones. You have to remember to present all your list of customers with valuable information. Otherwise, you take the uniqueness away from your service and you become a familiar tune amongst those that will not buy!

Your front-end product is displayed straight after a person has signed up. They might not buy anything but at least it is there to be considered. This can help you cover the costs for paid advertising if used. An example will be if you have a daily budget of $50 set on getting exposure for your home business and you make 5 sales at $20. Now you have the privilege to cover your daily budget and make a profit of almost the same amount. Can you see what an asset this can be to you?

You can even put forward a discount or trial as they click away from that site. This way you can still at least cap the cost of the paid advertising and break even for the day. The important approach that you took was to continue building your list of prospects and selling your front-end product simultaneously. Even if you do not make a profit for that day, you still added a big number of potential buyers.

The back-end product is then offered afterwards through the use of e-mails. This is a proven formula for any home business that has a healthy number of customers. You can practise this method indefinitely and concentrate on always getting more people to join. Any offline business needs to grow on a daily basis and endeavor a better turn over each year. The same goes for your online business and that constant efforts to increase your followers will create great diversity.

Your home business will be very successful if you implement this method consistently and you will make money online daily. Once it becomes irregular, every minute of profits will be lost.

Work Only 8 Months Per Year and Play for 4 Months With Your Own Window Cleaning Business

Are you an outdoorsy person? Or do you dream of traveling for months at a time? Or maybe just someone who appreciates long periods of down time. Whatever the reason, starting a window cleaning business may be the answer you’ve been looking for.

While working only 8 months out of the year might seem like a pie in the sky dream, it is in fact more attainable than you probably think. I should know because I’ve done it, as have many other window cleaners from around the world.

In most parts of the world, the window cleaning markets boom for a little over half the year and then slow down through the winter months before picking up again in the spring. Therefore by operating a window cleaning business you have roughly 8 months (or more in some places) to rake in the money with steady window cleaning jobs.

But can I really make enough money in 8 months to live on for the full year?

The answer is a resounding YES! Of course, knowing how to live within your means is required. Let’s look at some basic numbers to explain how it is possible to only work for 8 months out of the year.

Most people in the US could live quite comfortably on $50,000 a year, in fact a large percentage of the population would kill to earn this much in 12 months, much less 8. So we will use $50,000 as our required income for the example.

Nobody wants to work 24/7 at any job, no matter how much you love it. Most good paying jobs require you to work 5 or 6 days a week, so we will use these numbers in our example.

Full-time solo window cleaners typically earn between $300 and $400 a day. Sometimes they may earn as much as $500 per day working by themselves. Simply by hiring a laborer to work with you can jump your daily income by 80% or more.

Now that we’ve got all of our criteria nailed down, let’s see how it all breaks down in our 8 month time frame:

– Working 6 days a week for 8 months, means you would be working a total of 192 days per year. And with our required income of $50,000, that means that you would need to earn an average of $260.41 per day.

– Working only 5 days a week for 8 months, means you would be working a total of 160 days per year. And with our required income of $50,000, that means that you would need to earn an average of $312.50 per day.

Looking at the above examples, the goal of working only 8 months out of 12 is looking more tangible by the minute and considering that the average residential window cleaning job is around $200, earning $50,000 in eight months could easily become a reality.

Cash Management – How to Prepare Daily Cash Position Report – Part 2

If your company maintained 2 or 3 banks for payment processing, we have to modify a little bit of the technique so that we can control effectively all the bank’s accounts and at the same time manage to earn extra income by carefully invest surplus fund in short term investment. Lets assume that your company has 3 bank accounts and we name it as Bank A, Bank B and Bank C. We should choose one bank as your major bank where you pool all your cash in that bank. Let’s assume that our major bank is Bank B. That means all your major collections must be deposited into this bank account. Your major payment which comprise big amount such as subcontractors and salary payment must also from this cash pool account.

Any payment prepared which is small in amount but the rate of recurrence is high such as utilities bills payment, petty cash reimbursement, staff claim and other payment should be prepared by using Bank A. We will deposited the incoming cheques into Bank A with more or less the same amount of cheques prepared so that the account balance in Bank A is always in ideal balance.

If we have specific payment pattern for the month, for example we only pay for our suppliers and workshop every 25th of the month, then we use Bank C for our cheque payment. Here we use ZBA technique which means Zero Balance Accounts technique where we will only transfer fund from our cash pool account which is Bank B to Bank C only once a month. That means there is no extra cash in Bank C, which means we have pool all extra cash in Bank B for our short term investment purposes. I will explain further the topic of short term investment when we reach to that topic soon.

All the suggested techniques above looks complicated but the reason behind that is we manage to prepare daily cash position more faster and accurate without spending your time to figure out the serial number for every categories if we use one bank only. From our example above, you will notice that bank A is for bills payment, staff claims and other payment. That means you only have to identify 3 series of serial cheque numbers for the payment using Bank A. Bank B only has 2 payments which is subcontractors and salary while Bank C meant for suppliers and workshop payment. The second reason of doing that is to avoid idle balance in Bank A and Bank C which do not earn any interest income. All our income has been pooled in Bank B where we can place short term investment placement from tenor of overnight to one week.

To reach our bank balance for that day, we just calculate by simply using simple arithmetic which is Opening Balance + Incoming Cheques – Payment made = Closing Balance. When place all the bank column side by side, we manage to get the total closing balance when we total up Bank A,Bank B and Bank C closing balance. This is what I call the cash dashboard where we can see all our bank balance with only one glance. Of course it is not complete yet because we still have not taken into consideration the available balance and cash & cash equivalent figure. I will explain in depth all this terminology later.

Learn to Love the “P” Word-PLANNING

Keeping all the aspects of a coaching business organized and running smoothly is difficult at best. And, if you don’t have a system or a plan of what to do when, organizing it all can be overwhelming. Even if you have an overall vision of where you want to be in five years, you still need a quarterly, monthly and daily plan to coordinate admin tasks, marketing activities, and content creation.

Let me tell you from experience, “winging it” just doesn’t work. Sitting down to write a blog post, facing a blank screen with no idea what to write is an awful, deflating feeling. You have a LOT to say and your audience wants to hear from you, so don’t be afraid of the P word-PLANNING!

WHAT TO PLAN

There are 3 kinds of business planning:

1. Planning your goals

2. Planning out your marketing strategy

3. Planning out daily tasks

1-Goals

Setting business goals is always the first step for either starting a business, or starting a new phase/year in your business. Your business goals will be the basis for the rest of your business planning. Once you decide on say, an annual income goal, you’ll want to plan out action steps to take throughout the year in order to achieve that goal. When business actions are based on goals, they provide structure and meaning to daily activities, they strengthen social connections, and they help people weather difficult times.

2-Marketing Strategy

Your content marketing strategy planning starts with what you want to promote. Most businesses know a year in advance what they want to promote. You may only have one coaching program to start out with, and that’s OK. Start by planning out when, where, and how often you will promote it. You’ll also want to think about different kinds of promotions for the same program, for example, a lead magnet, a challenge, a webinar, or an email series.

Later on you may add additional coaching programs for your advanced clients and/or digital products that you sell for additional income. Then you’ll need to plan out when and how you will promote each of those items.

3-Daily Tasks

Now that you have a plan for what you will be promoting and when, you need to break down the admin tasks necessary for your promotions to get implemented. For example, a webinar will need a registration and thank-you page, a series of follow-up emails, time to script the webinar (and record it, if it’s evergreen), and time to make slides, if you’re using them.

You’ll need certain amounts of content to go along with each of your promotions. So content planning needs to become a part of your daily schedule. You won’t have to create content every day, but you will at least need to schedule for when you will create it. Think about how often you want to share new content, and that will tell you how often you need to spend time creating it.

When I started writing blogs, I would designate every Monday morning for writing a weekly article. Sometimes it only took a few minutes and sometimes it took several hours. But it got done!

Creating a plan of action or a daily task list will help keep you organized and focused from the moment you sit down to work. You’ll know exactly what has to get done, without question. You’ll know when you need to write blog posts, when to send emails, when to write new content, when to do your billing, and when to schedule your client calls.

Some entrepreneurs like to use a 90-Day planner to schedule their quarterly events, promotions, and overall tasks. This gives them the big picture. Then they break down tasks into monthly, weekly, and daily.

HOW TO PLAN

Make Yourself a Client

Imagine you are working with a client who needs help planning out their business tasks. What process will you give them for this? Now apply that process to yourself as if you are your own client.

As much as you want a full coaching calendar, leave some space for yourself to complete your administrative tasks. Running your business is equally as important for sustainability as caring for your clients, so give your business tasks equal priority, including your content creation. Blocking out time is a popular way to schedule longer tasks, such as blog post writing, video or podcast recording, or email marketing.

Set aside an hour or two, write up those posts or emails, do the recordings, get them scheduled, then move on to the next list item. If you block out enough time often enough, eventually you’ll start having two or three (or more!) pieces of content ready to publish as needed, which can relieve some stress.

Eliminate Writer’s Block

Create a calendar that makes note of important topics or themes occurring throughout the year.

What holidays inspire you to write content about?
Is there a big event coming up in your city or in your niche? Write about it. Interview event panelists and speakers.
Are you planning the launch of your signature product? Create and schedule special content around the launch date.

USING PLANNERS

With all the organization that needs to be done in your business, it’s helpful to have what I call “mini planners.” These are planners that help you focus on tasks that are specific to a particular project in your business. There are planners for creating a webinar, for producing a lead magnet, for creating a product or course, as well as planning out your content and your social media posts.

The International Association of Professional Life Coaches® provides planners as part of their product line, because it just makes so much sense to use a planner that’s designed to include only the tasks that you need to focus on for any given project.

For example…

The 90-Day Planner: plan out the next 90 days of blog posts, videos, social media posts, and email content. It includes pages for monthly and weekly action steps.

The Cash Content Planner: guides you to create profitable content by covering 5 different income sources for a coaching business and how to plan content to produce income from them.

The Product Creation Planner: guide you through the process of creating a product that you can either use as a digital product you can sell and get some passive income for, or give away as a freebie.

The Private Coaching Program Planner: walks you through the essential steps to turn your proven system into a sellable product that get your clients the results you promise.

In Conclusion: Planning out your business tasks, projects, and source(s) of income will significantly increase the odds of your business success. Using planners professionally designed by experts will save you time, organize your action steps to reach your goals, and make sure key elements of your business activities don’t slip through the cracks because you didn’t know all the necessary steps involved.

What Are the Benefits of a POS System?

A POS system is an easy to use and efficient option for processing transactions in a shop or restaurant environment. They have the ability to generate sales reports and stock inventory to make a business easier to manage. Here are a few of the major reasons to use a POS system in place of a traditional cash register:

Greater efficiency

A practical benefit is the ability to make life a lot easier for the employees. For instance, there is no longer a need to enter a lot of data into a traditional cash register. Also, there is less need to memorize a long list of product prices. With less information to remember, the error rate in processing transactions is certain to be a lot lower compared to manually entering transaction data. A further positive is the speed in which these systems can be used to make the turnover more efficient.

Stock management

The traditional method of monitoring stock is to physically review the volume of goods left in storage. But, this is certain to be a very time-consuming and laborious job, especially for the large size business. A more practical alternative is the POS system which has the capacity to hold a digital database of all available stock. This gives the convenience of being able to check the volume of stock at a glance.

Accurate reports

Many of the latest POS systems have the ability to generate a wide range of customizable reports. The reports can include useful information like daily income and expenses which keeps a business owner updated on the overall success. Other useful information includes stock management to help know when to reorder supplies.

The most high-tech systems are designed to calculate seasonal variations and sales trends to know which items sold are most in demand. This is a useful indicator for business owners to buy in stock that is the most successful and increase the ability to maximize the potential income.

Also, the historical data created can help to highlight areas of wastage or overspend which can be better controlled in the future.

Employee tracking

The POS systems often include a unique clerk code which helps to track the activity of an individual employee. This tracking ability can even apply when multiple employees are using the same machine.

The option to track staff behavior can help to give an idea of staff with strong or weak sales figures. This information can be used to help the weaker staff members or to create a healthy competitive spirit in a business environment. Also, there is a much lower risk of employee theft when all transactions are tracked.