How to create backups for VMware Player ?

I installed VMware Player (free) and it seems with the free version there can only be 1 Snapshot.
In the Host OS, I copied the VM folder using Windows (file) Explorer.
I then added the copied folder (VM) to VMware Player as a second VM.
I opened the copied VM in VMware Player and it seems to be working correctly.
I did get a warning and had to re-enable sharing to access a shared folder.

Is this a reliable method to create "System Backups" of a VM, or is there a better solution?

The Host OS is Win 7 x64 and the Guest OS is Win 8.1 x64.

Hi there
The simplest is simply to backup the VM from the host with Windows explorer.

Other methods -- use Acronis or Free Macrium to image the VM -- this is useful if you want to change the partition sizes of your VM without having to re-install the VM. Do this exactly as you would for a PHYSICAL machine -- boot a stand alone version from within the VM. You can set the VM to boot an ISO in the virtual Bios.

The advantage using Windows explorer or an imaging program is that it works for ALL guests including any LINUX VM's you might be using.

Taking snapshots is also possible but I don't think vmplayer allows snapshotting -- VMware workstation does but that's not a FREE piece of software.

Cheers
jimbo

Thanks for the replies and advice - much appreciated.
I had some PC sleep issues, so I did an image restore from before installing VMware.
After reinstalling VMware I copied the "VM backup folder" from an offline backup HD onto the Host [C] drive.
I then added this folder as a new VM and it works.
So for me it seems a simple folder copy is a good free "System Backup/Recovery" approach.
From what I see this should work to recover the VM OS from a HD crash, Malware, etc.
I don't have the VM OS in a separate partition, it is in a folder on the HOST [C] partition.

Thanks for all the feedback and replies, it gives me more to consider and test.

To give more info on my situation
Years ago, I did test a Win 8 "Pre Release" version in a VM on my test box.
It is an old dual core CPU and the performance hit alone was too much for me.
Also, for the upgrade license it would cost $40 + a current OS license...
I didn't see enough benefit to upgrade to Win 8 then.

I recently got a $0 Win 8 upgrade license from "Robins Giveaway".
As XP is now expired, I "upgraded" the XP license to Win 8.
Win 8.1 is working fine on my Test Box as a normal installed (not VM) OS.
I like Win 7 better and have no plans to make Win 8 my Primary OS.
I'm testing W8 on my primary box with an old quad core CPU as a VM.
VM Performance is much better than the dual core.
I'm trying to decide if I should just keep the Win 8 license on the Test box, or move it to my Primary box as a VM.
I really like being able to start up Win 8 in my Main PC as a VM and not have to fire up the Test Box...

People I help are now starting to get new PCs with Win 8 and then call me for help.
Without any W8 experience, I found my W7 (and prior OS) experience isn't good enough.
Now I can learn the OS and test things to try and duplicate their problem if needed.
I can also let them connect to my Win 8 so they can see what Win 8 looks like before buying a new Win 8 PC.
For the past year I've telling people wanting a new PC
"Go to BB to see Win 8 before you buy a new PC ... it's not like anything you've seen before ... some people like it and some don't ..."

When I tested VMs years ago I tried a few, and as I remember it VMware Player had the best performance.
That's why I chose this now.

I'm really liking being able to copy a VM folder as system backup - it takes ~2 minutes.
i.e.
I decided to try Bitdefender free as the AV.
I tested it and decided I didn't want it.
Shut down 8.1, delete the VM folder, copy the backup folder I saved before installing Bitdefender.
Poof, all traces of BD are gone...in a matter of minutes.

Sorry for the long-winded reply ... I know I over-think things too much.