Newsletter #037 – Build Systems, Build Wealth
Systems can improve efficiency.
When there is a good system in place it can be automated and delegated creating freedom to work on other projects or just enjoy the freedom of life-work balance.
Systems build wealth. When your systems are good you have a saleable asset.
But what are the different types of systems that can be used for an Online Business?
Why You Need Systems
Most business owners shy away from systems. Who wants a system, I know what I’m doing is a common answer when I ask people about their systems.
Yes, you may know what you are doing but if you wanted to grow or sell a business would anyone else know what you do?
The first business I had with my husband was a fire protection company. They designed and installed fire alarms, sprinklers and emergency exits.
My husband is dyslexic so the thought of trying to write down how he designed, installed and tested his products was the worst thing imaginable.
The next problem was with every installation being different, how did you write a generic system?
But as soon as the business started growing, he soon realized he needed help and had to train his team from scratch.
Systems were needed so every team member could pick up the instructions and install or test the installation.
When the business went up for sale, the work done in creating the systems was one the most valuable parts of the business.
You might not think you need a system today but think about the future. Do you intend to run your business as a one-man-band until you die when it is no longer your problem or would you prefer to have a ready-made business to sell and be able to enjoy life?
Online businesses are the same as a traditional business, you just run your business from a computer rather than running your business from an office, shop or warehouse.
There are systems necessary for building an online business.
Once those systems are in place an online business can be sold.
Systems for an Online Business
When you look at systems what are the ones needed for an online business? Surprisingly, they are similar to a traditional business. They are often just more automated than a traditional business.
For example – Customers
In a traditional business, you know your customers. Online businesses tend not to know who the customer is. Ensuring you have a system that attracts customers to your website and product and then capturing details and payment are essential.
You work hard to get a customer so retaining them is important.
Some of the systems to look at are
- Marketing – Is social media ad-hock or is there a system for ensuring your marketing goes out daily, or weekly and are the results monitored?
- Funnels – how do you bring customers into your sales funnel? Do you have a funnel? Do you know how to move prospective clients from your free lead magnet to a paid product and then upgrade them to other products or services?
- Payment Systems – how do you take payments and deal with refunds?
- Communication – do you keep in contact with your customers? How often do they hear from you?
This is just part of the systems needed in an online business there are many more.
A Saleable Asset
Most people think of an online business as something they do in their free time and forget when they are no longer interested in it.
Online businesses are an asset. Like all assets, they can be sold.
One of my mentors started building an online business. He was at the 8- month level and the business was generating about $2000 per month. He had big plans to grow the business but received an offer he couldn’t pass. The offer was $100k. He accepted it and moved on to the next online business idea.
Just because the business is online doesn’t mean it can’t be sold. Just check the numerous Facebook groups for buying and selling online businesses. It is a big industry.
Are you treating your business as a side-hustle which you’ll work on when you feel like it or are you building a saleable asset?
This Week’s Action Step
Make a list of the things you do in your online business.
Choose one item and document the system. You can use Google docs or Microsoft wo
The Online Entrepreneur
I created The Online Entrepreneur Website as a site of learning and resources to help grow an Online Business – visit https://theonlineentrepreneur.co.uk regularly as more content is added weekly.
Newsletter Backlist
A backlist of newsletters is available at https://theonlineentrepreneur.co.uk/published-newsletters/ please note not all newsletters are published to the site. The site is about 2 months behind on publishing.
Online Training Courses
There are some courses available to help you grow an online business.
The Affiliate Marketing Courses are designed for people who have little or no money to start an online business and will show you how to get started with some free tools.
Course 1 – Quick Affiliate Profits is about getting started covering niche, customers, social media, emails sytems and more https://courses.karennewtoninternational.com/products/courses/view/1136385/?action=signup
Course 2 – Sales Booster Strategies covers building sales funnels – for get the expensive programs and start with very little money or even for free using the tools created in course 1
https://courses.karennewtoninternational.com/products/courses/view/1136386/?action=signup
I recommend starting with Course 1 – Quick Affiliate Profits as you will get discounts of the price of course 2.
Follow me on Social Media
For the past 2 years, I have been growing my Social Media presence. I would love your support. Links to my Social Media sites are below.
Facebook Page – https://www.facebook.com/karennewtoninternational
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Chat again soon
Karen
Karen Newton International
Wealth Income Lifestyle
3x #1 International Best-Selling Author
