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Tutorial: 
Starting an Online Business - page 5 of 5

Step 9: Generating Repeat Business

Once you have customers using your services, you need to be creative about finding ways to keep the relationship going as well as encouraging your customers to send others to your site.  This can be accomplished in many ways.  Some examples are:

• Contests and coupons

• Business forums and discussion groups

• Affiliate programs

• Partnership/associate relationships

• Newsletters

• Instant chats

• Banner programs

See samples of some of theses tools here: Interactive tool examples.

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Step 10: Accounting and Taxes

Did we save the best for last on purpose?  Ok, so this is the part of running a business you find the most distasteful.  You may change your mind once you understand how helpful good records are for the success of your business.  If you keep accurate records of your online transactions, not only will you be in compliance with government requirements, you will be gathering the information needed to keep you business profitable.

You should analyze your accounting records as well as your website log reports or traffic analyzers so that you will know if your advertising and marketing expenditures are profitable.  Using these records you can determine how much of your advertising budget is converted into sales and whether you should change the way you are spending your money.  You can also study seasonal trends in sales and expenses to plan your hiring schedule or your inventory requirements.  The more you understand about the details of your company, the better you will be able to manage your company.

Good accounting records are also required if you have plans to add investors or borrow money to finance your future growth.  if you do not have an accountant on staff, you should seriously consider hiring some accountants or securing the services of an independent accounting firm.

Tutorial: Starting an Online Business

Step 1:   The Idea
Step 2:   Licenses and Legal Matters
Step 3:   Your Domain Name
Step 4:   Selecting a Web Host
Step 5:   Designing a Website
Step 6:   Marketing Your Website
Step 7:   Making Your Site Interactive
Step 8:   Building a Customer Base
Step 9:   Generating Repeat Business
Step 10: Accounting and Taxes

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