Business Basics
Maintaining accurate records is essential for your digital marketing business’s success. Use our provided templates or accounting software like MYOB, Zero, or Reckon to streamline your financial management.
Essential Documents
- Invoices & Purchase Orders
- Use our customizable templates to ensure professional and consistent billing. Alternatively use accounting software to sent and records invoices.
- Costing Templates
- Track your service costs to maintain profitability.
- KPI Worksheets
- Monitor key performance indicators such as break-even analysis, acquisition costs, budgeting, cash flow forecasts, and profit & loss statements included in your business plan template.
- Letterheads
- Create branded correspondence with our customizable letterhead templates.
- Expense & Income Diary
- Keep daily records of all financial transactions to stay organized and prepared for tax obligations.
- Credit Application Forms
- Manage client accounts efficiently with our standardized forms.
- Email Accounts
- Utilize a Google email account for all marketing purposes, including Google Ads.
- Marketing Materials
- Business Cards: Receive 250 PDF business cards. Order more via Vistaprint.com or get custom designs on Fiverr.com.
- A5 Flyers: Get A5 flyers in PDF version. Order additional flyers through Vistaprint.com or customize on Fiverr.com.
- Secure Information Storage
- Use a dedicated notebook to store all logins, passwords, usernames, API keys, and URLs securely.
- Insurance Certificates
- Protect your business with necessary insurance policies.
- Business Registration
- Ensure your business name is registered and you have obtained your ABN.
Additional Resources
For comprehensive record-keeping and tax obligations, visit the Small Business Record Keeping Guide. Enhance your financial skills by enrolling in bookkeeping courses at institutions like Open Colleges.
Next Steps
- Complete Documentation: Use the Getting Started Checklist in your toolkit to ensure all necessary documents are in place.
- Consult Your Accountant: Discuss specific requirements and customize your templates with professional guidance.
- Leverage Coaching Support: Reach out to your business coach for personalized assistance in setting up your accounting systems.
Your success is our priority. Let’s ensure your digital marketing business is financially organized and poised for growth!
THINGS YOU ABSOLUTELY NEED BEFORE STARTING YOUR DIGITAL MARKETING BUSINESS
To successfully start and run your digital marketing business, you’ll need the following essential resources and tools.
These will not only help you look professional but will also make it easier to onboard clients and get results quickly:
- Business Cards (Gloss Printed)
- Subscription to LeadGeneratorX.com Partner Portal – $149 per month (suggested)
- 250 Business Flyers (we provide templates you can customize)
- PowerPoint Presentation (white-label presentation kits available for customization)
- Sales Training Manual (you’ll receive a basic sales training guide, and an advanced manual after a qualifying period)
- Lead List Database (target businesses in your area—training provided on hiring a data miner)
- 12 Months of Monthly Mentoring Support (to help kickstart your business, business growth & marketing and provide ongoing support) – at least ONE session per fortnight – $99/ 1hr session
You’ll also require:
- A Registered Business Name and ABN
- Stationery
- A Presentation Folder
- Telemarketer, Data Miner, and Virtual Assistant (we provide training on hiring these roles, optional but recommended)
We have several marketing materials and resources available at your disposal. If you need assistance, feel free to contact Neil at 0400 720 129 for support.
Know Your Costing & Pricing Your Services
Setting the right prices for your digital marketing services is essential for profitability and competitiveness. Here’s how to approach it effectively:
Pricing Strategies: Recommended markup – 10% to 50%
- Hourly Rate: As a reseller, you simply markup your prices on top of the product/service you purchase from LeadGeneratorX. For example, if you sell an Ai Chatbot service, you can purchase it for say $120 and mark it up by 20% to 50% – so you can sell it for say $180 (giving you a Gross Profit of $60 -recurring every month)
- Project-Based Pricing: We offer fixed prices for specific services like SEO audits, social media campaigns, or PPC management. Similarly to the hourly rate, simply mark up the prices to suit your profitability.
Determine Your Costs
- Factor in Expenses: Include your time, software subscriptions, marketing costs, and overhead costs.
- Hire an Accountant: Consider professional assistance to accurately calculate your costs and set profitable pricing.
Market Research
- Analyze Competitors: Research what other digital marketers charge by obtaining quotes from the competition.
- Understand Client Needs: Tailor your pricing based on the complexity of services, client size, and industry standards.
Utilize Resources
- Educational Articles: Refer to How to Price Your Services for detailed strategies.
- Templates: Use the pricing templates in your toolkit to create structured and competitive pricing models.
Next Steps
- Research and Set Prices: Conduct thorough market research to establish competitive and profitable pricing.
- Use Tools and Templates: Implement our provided templates to streamline your pricing strategy.
- Consult Your Mentor: Work with your business coach to refine your pricing model and ensure it aligns with your business goals.
Take Action Today
Proper pricing ensures your digital marketing business thrives. Let us help you set the right prices to achieve lasting success.
Contact Us:
For personalized assistance, call 0400 720 129
Your success is our priority. Let’s set the right prices to propel your digital marketing business forward!
Administration – Tips for Organizing Your Admin Work
Effective administration is crucial for the smooth operation and growth of your digital marketing business. Here are key strategies to help you stay organized and efficient:
1. Purge Your Workspace
Start by decluttering your physical and digital workspace. Remove unnecessary papers, duplicate files, and outdated documents. A clean environment enhances productivity and reduces distractions.
2. Optimize Your Office Layout
Arrange your office furniture to support your workflow. Ensure that essential tools and devices are easily accessible to minimize interruptions and maintain an organized space.
3. Organize Your Desktop
Keep only the tools and gadgets you use daily on your desktop. Streamline your digital workspace by minimizing clutter, which helps you focus on important tasks without unnecessary distractions.
4. Develop an Efficient Filing System
Create a consistent filing system for both physical and digital documents. Organize files by client, project, or campaign, and regularly sort and purge outdated information. Use a master index to avoid duplicates and ensure easy access to important records.
5. Master Time Management
Utilize tools like to-do lists, project management software, or time-tracking apps to stay on schedule. Allocate dedicated time blocks for focused work and allow extra time for unexpected tasks to maintain productivity.
6. Schedule Communication
Set specific times each day to handle emails and phone calls. This approach improves efficiency and ensures that important communications are addressed promptly. Prepare agendas for calls to stay organized and achieve desired outcomes.
7. Organize Digitally
Maintain an organized digital environment by creating folders and subfolders for each client and project. Regularly file emails and documents to prevent inbox overload. Use cloud-based storage for archiving completed projects and important files, ensuring easy access and security.
8. Ritualize Your Workday
End each day with a 15-minute routine to update your to-do list, file completed tasks, and prepare for the next day. This practice keeps your workspace tidy and sets you up for a productive start each morning.
Next Steps
- Implement These Tips: Start applying these administrative strategies to streamline your operations.
- Use Our Templates: Leverage the tools in your toolkit to organize your files and manage your time effectively.
- Seek Guidance: Consult with your business coach for personalized advice on optimizing your administrative processes.
Your success is our priority. Let’s organize your digital marketing business for maximum efficiency and growth!
Accounts Fundamentals
Efficient accounting is crucial for your digital marketing business. Utilize accounting software like QuickBooks or Xero for streamlined financial management. Consult with an accountant to set up your systems correctly.
Manual Accounts – Receivables
If you prefer manual tracking, use an Excel worksheet to log daily, weekly, and monthly receivables. Ensure accuracy by consulting with your accountant.
Manual Accounts – Payables
Track your business’s bills and expenses using an Excel worksheet. Discuss your setup with your accountant to ensure all obligations are managed correctly.
Payables – Utilities etc.
Manage your business expenses, including internet, web hosting, insurance, and taxes. Use your Profit & Loss statement or an accounting software Chart of Accounts to track these costs. Consult your accountant for precise management.
Small-Business Bookkeeping Basics
Accurate bookkeeping is vital for your digital marketing business. It provides a clear financial picture, aiding in better decision-making and planning. It also protects against disputes, audits, and fraud, saving you time and ensuring compliance.
What is Bookkeeping?
Bookkeeping involves recording and organizing your business’s financial transactions. It helps you track profitability, identify financial challenges early, and uncover growth opportunities. A bookkeeper manages invoices, payments, and financial statements, laying the foundation for accounting.
Understand Business Accounts
Business accounts categorize financial transactions into Assets, Liabilities, Revenues, Expenses, and Equity. Properly setting up these accounts ensures accurate financial tracking and reporting. Use common accounts relevant to digital marketing, such as software subscriptions, client payments, and marketing expenses.
Set Up Your Business Accounts
Choose an accounting system that suits your digital marketing business:
- Spreadsheet Software: Cost-effective but time-consuming.
- Desktop Software: High upfront cost, owned permanently.
- Cloud-Based Software: Lower ongoing cost, accessible anywhere.
Alternatively, hire an accountant to manage your accounts for you.
Decide on a Bookkeeping Method
Choose between single-entry and double-entry bookkeeping:
- Single-Entry: Simple, suitable for very basic businesses.
- Double-Entry: More complex but ensures balanced books, ideal for digital marketing businesses using software like QuickBooks Online.
Double-entry is recommended for its accuracy and comprehensive financial insights.
Record Every Financial Transaction
Accurately log all financial transactions in your chosen system. Each transaction should have a corresponding debit and credit to maintain balanced books. Proper recording ensures accurate financial reporting and helps in tracking business performance.
Balance the Books
Regularly balance your books by tallying debits and credits. Ensure they match to confirm accuracy. Balanced books reflect a healthy financial state and facilitate the preparation of financial reports.
Prepare Financial Reports
Create financial reports such as Balance Sheets, Profit & Loss Statements, and Cash Flow Statements. These reports provide insights into your business’s financial health and guide strategic decisions. Use accounting software to generate these reports in real-time.
Stick to a Schedule
Maintain a consistent bookkeeping schedule:
- Weekly: Record all transactions.
- Monthly/Quarterly: Balance and close your books.
- Daily: Tackle bookkeeping tasks when fresh to ensure accuracy and efficiency.
Regular scheduling keeps your financial records up-to-date and reduces errors.
Store Records Securely
Securely store all financial records, both physical and digital. Use cloud storage for digital documents and keep physical files organized. Proper storage ensures compliance with legal requirements and easy access during audits.
Don’t Go It Alone
Bookkeeping can be challenging without expertise. Consider hiring a bookkeeper, outsourcing to an accounting service, or using comprehensive accounting software. Professional help ensures accurate financial management and saves you time.
Disclaimer:
LeadGeneratorX provides general advice and resources. Consult with a professional accountant or bookkeeper for personalized financial guidance.
Typical Modules and Features in Accounting Software Programs
Accounting software for digital marketing businesses typically includes:
- General Ledger: Central repository for all financial transactions.
- Chart of Accounts: Organized list of business accounts.
- Trial Balance: Ensures accounts are balanced.
- Balance Sheet: Snapshot of financial health.
- Accounts Receivable: Manages client payments and invoicing.
- Accounts Payable: Tracks business expenses and vendor payments.
Choose software that fits your business needs and offers the necessary modules for comprehensive financial management.
Other Useful Documents
- KPI Indicators: Track lead generation, conversion, and marketing effectiveness.
- Break Even Analysis: Determine required sales to cover costs.
- Cash Flow Projections: Plan for future financial needs.
- Customer Acquisition Costs: Measure cost-effectiveness of marketing campaigns.
- Employee Timesheets: Track work hours and payroll accurately.
- Income Statement: Monitor profitability over time.
- Bank Reconciliation Form: Ensure bank records match your books.
- Profit & Loss: Track income and expenses for profitability.
- Balance Sheet: View business’s financial position at a specific time.
- Delivery Docket: Document and track shipments.
Use these documents to enhance your financial management and support business growth.
Banking – Banking Process – Cash
Record all cash transactions in your deposit book daily. Ensure all deposits are banked regularly to maintain accurate financial records.
Cheques
- Record Cheques: Log all cheques in your deposit book.
- Deposit Cheques: Take cheques to the bank for deposit.
- File Receipts: Store deposit receipts in your deposit book for record-keeping.
Sign Up For Online & Mobile App – PayPal NOW / SQUARE / ZERO – Accounting Software
Enable online payments to streamline your digital marketing business operations:
- PayPal Transactions: Directly debit payments into your business account. Use PayPal invoices for clients.
- Mobile App Payments: Use PayPal NOW or Square apps for on-the-go payments.
- Direct Debit Transactions: List your bank details on invoices for easy client payments.
- EFTPOS – Credit Card Facilities: Accept various credit cards using mobile EFTPOS devices.
- Accounting Software Integration: Use software like Zero to process payments in real-time.
- Website Payments: Set up an online payment system on your website for easy transactions.
Your success is our priority. Let’s integrate seamless payment solutions into your digital marketing business!
Disclaimer:
LeadGeneratorX provides general advice and resources. Consult with a professional accountant or bookkeeper for personalized financial guidance.
Buy Your Equipment or Use Your Existing Resources
Starting a digital marketing business requires the right tools to operate efficiently without breaking the bank. Use the Equipment Checklist in your toolkit to identify and acquire the essential equipment you need.
Smart Equipment Acquisition
- Assess Your Needs: Only purchase equipment that is absolutely necessary for your digital marketing operations. Common essentials include a reliable computer, high-speed internet, quality software (like SEO tools, graphic design programs, and analytics platforms), and communication tools.
- Leverage Existing Resources: If you already own a computer and have access to basic software, utilize these instead of making new purchases. This helps you save on initial costs and keeps your overheads low.
Minimize Overheads in the Early Stages
- Rent or Lease Equipment: For software subscriptions or high-end hardware, consider renting or leasing instead of buying outright. This approach reduces upfront expenses and allows you to upgrade tools as your business grows.
- Borrow or Buy Second-Hand: If you need specific equipment that you don’t currently have, explore borrowing from a trusted friend or purchasing second-hand. Many digital marketing tools and devices are available at discounted rates without compromising quality.
Cost-Effective Strategies
- Free and Open-Source Software: Utilize free or open-source software options where possible. Tools like Canva for graphic design or Google Analytics for web analytics can provide robust functionality without additional costs.
- Cloud Services: Use cloud-based services for storage and collaboration to reduce the need for expensive hardware and ensure your team can work remotely and efficiently.
Next Steps
- Complete the Checklist: Go through the Equipment Checklist to determine what you need versus what you already have.
- Optimize Your Budget: Prioritize essential purchases and explore cost-saving options like leasing or buying second-hand.
- Seek Guidance: Consult with your business coach to ensure you’re making informed decisions about your equipment needs.
Checklist:
- Subscription to LeadGeneratorX portal – Platinum package to access 55+ AI Tools
- Subscription to LeadGeneratorX – Partner Portal to access all the AI tools, training, mentorship, resources, and much more….
- Suggested subscription to Canva
- Suggested subscription to Loom
- Suggested subscription to Bx Networking group
Your success is our priority. Let’s equip your digital marketing business with the right tools to thrive!