What Is a Business Plan and Why Do I Need One for My Online Business?
A Business Plan sounds like something daunting but in reality it is simply a written presentation of your business idea. It can be especially useful for giving you focus when starting and for revisiting when you need motivation to achieve your goals!
So What do I Include?
You should start by creating a well thought out plan of:
- what your business actually is
- what the business will do, sell or offer
- how it will be funded
- how it will achieve its objectives
- and how you will launch your offer.
It is really important to have a clear idea in your mind of what the business is and what you want to achieve. By working through the points above you should have an absolute vision of the business you are building and this should allow you to present the business more effectively to others who may be interested. In creating business plans for my online businesses I always consider and document:
- details with regards to compensation plan payouts
- how I plan to achieve growth
- considerations for any stock or inventory I will hold (if any)
- cash flow considerations
- handling distributor attrition (inactive accounts)
- budgeting for marketing and promotion (including business cards, websites, paid traffic etc)
How Do I Get Started?
Start preparing your business plan by tackling key questions.
- What will you really be offering and why will people buy it?
- Where will you get the money to launch and run your business?
- What market need will you be satisfying?
- How will your growth strategy work, and what assumptions are you relying
What Do I Include?
1. Executive summary: This summary is an overview to catch the readers attention. It should clearly outline the ideas you hope to present.
2. Business description: This should give an outline of the businesses you have chosen and what they are all about, what you are taking to market, why you have selected the business etc.
3. Market strategies: After researching the target market and the needs that your business offer will meet, present your findings and ideas, how the business will be positioned in the market, its differentiators, and what circumstances will lead to it’s success.
4. Competitive analysis: Present competitors, their products and strategies, and how you will have a competitive edge. Look beyond the world of network marketing and direct selling, for much of the competition exists in places you may not be looking.
5. Financial factors: DO NOT SKIP THIS PART…you must consider how you are going to fund your business..lack of capital need NOT hold you back if you have A PLAN and a strategy that takes this into consideration!
Starting and running a successful business whether traditional or online is exciting, and doing your homework is a vital factor to your success!
To find out more about the opportunities I am involved in Click Here