By Karl Augustine
Because their time is limited, part-time netrepreneurs have the difficult challenge of prioritizing the many tasks that need to be accomplished in order to maximize profits in an online business. Truthfully, making a living online can be a full-time job if you are serious about being a success.
Since their time is limited, how does the part-time netrepreneur make sure that his/her time is spent in such a way that profits will be maximized?
Through categorization and prioritization of tasks.
Once the netrepreneur categorizes tasks based on the USP, the prioritization of those tasks and the execution of them becomes more streamlined. And, since the part-time netrepreneur has limited time to work on their online business, this system limits opportunity their costs and allows them to hopefully maximize profitability.
The following categories and details aren’t static and don’t necessarily apply to anyone with an online business, and the examples in these categories could potentially overlap. But, all online businesses encompass most, if not all, of these examples and more. The tasks outlined below are “ongoing” for a netrepreneur who wants to have sustained growth.
The part-time netrepreneur who already has a product to sell and has set up a business and marketing plan, could categorize tasks as follows:
1. Website Maintenance and General Operations- This can include making simple updates, adding links, setting up locked pages, changing passwords, uploading new web pages, installing scripts for marketing or affiliate tracking, negotiating contracts, assessing products and services, organizing the Inbox of the mail client, and more.
These “website maintenance” and “general operations” tasks are necessary to the success of the netrepreneurs business but should only represent a fraction of the overall time allotted to all tasks of operating the business.
2. Enhancing the USP - This can include adding bonuses, writing articles, changing or tweaking sales copy, developing graphics, updating an existing product, adding a complimentary product or service, and more.
These tasks that “enhance the USP” are vital to the long-term success of the business because they will come as extensions of testing and marketing.
Example: If it is determined through testing that the Value Per Visitor (VPV) for a given site is 40 cents and the desired VPV is 60 cents, then something will need to be added most likely to enhance the USP to substantiate a price increase given the same line of traffic to that site. The only way this information can be obtained is through testing, a subset or “task” of marketing.
3. Marketing Execution - This can include generating targeted traffic, setting up JV’s, establishing pricing, testing, networking, running ads, nurturing the list through mailings, surveying, list building, and more.
Tasks that fall under this category are by far the most important of any category because they are essentially “the money makers”. Of course, the preliminary work needs to be done in order for these marketing tasks to show profit. No amount of marketing in the world will give any online business owner wealth if the product or service isn’t quality and isn’t delivered properly to a market willing to pay for that product or service.
The way these tasks are prioritized will differ to some degree based on the timelines established in the business plan as it was laid out by the netrepreneur. Common sense and general prudence will lead the part-time netrepreneur down the right path of prioritization for the execution of these tasks.
As a good general rule of thumb, the part-time netrepreneur should spend as much time as possible on all marketing tasks. If there are other tasks that aren’t categorized as “marketing” tasks, the part-timer should do what’s necessary to finish those tasks so the main focus can be “marketing”.
Be humble, keep it simple.
Karl Augustine
“The Regular Guy”
(c) Karl Augustine
http://www.9mistakes-online.com
http://startingsmart.9mistakes-online.com
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