Can a clone of a VM be created?

I have a scenario where every time I get a new client I need to create a new VM, and the steps involved are:

Install SQL Server

Install .Net Framework 4.5

Install IIS

Install our Windows Service

Install our Website(s)

Is it possible to create a "Setup Machine" and clone the "VM" and then when a new client needs to be setup I only have to come in and clone the 'Image' and change the database name, connection strings, etc.