In this lesson, we are going to talk more about creating an Internet-specific business plan.
And the things all The Best Online Business Plans have in common.
As we discussed in your first lesson a solid business plan is a very important part of starting an online business. It will help you outline your objectives, business strategies, financial goals, and marketing plans.
When you have a business plan in place you are taking steps to make sure that your business is on a good path, and it can also be used to seek financial investors or other types of funding.
It will also serve to keep your business on track to success.
As we also know, an online business is operated a little differently than a traditional business. The biggest difference is that the financial, management and marketing details should reflect a growing online market.
Let’s quickly go over a few key points you must consider when you are writing a plan for an Internet-based business.
Write a business summary
If your business operates only online, you should take the time to describe all of your website’s aspects. Answer questions like who is going to run the business, maintain the site.
How will customer support be handled? What will you offer, who is your target audience, etc?
Create an outline of your marketing strategies
Include the different types of adverting you plan to use. Are you going to use online ads on networks like Google, Bing, and FaceBook? Are you going to use social media? Do you plan to use methods that are more traditional; like print ads, press releases, radio or TV spots?
You should also include thing like your pricing plan, payment options, and checkout process as well as customer management systems.
Outline team roles
If you are planning to hire employees to explain the roles of your team members. Their duties, how much they will be paid, benefits, etc.
Make sure you provide enough detail for investors to understand why each planned position is necessary to the success of your business to help justify the wage expenditures.
Create a good financial plan
This should include your startup capital, operating costs, and your profit forecast in various intervals such as 6 months, 12 months, 2 years, etc.
This will help investors and lenders get a good idea of what their return on investment (ROI) will be. It will also help you gauge the success of your business over time.
Create a business schedule
Your schedule needs to include the present, near future and your long-term plan. This would include things like when your website will be complete.
When you are going to take your business live online, which is typically referred to as a launch date. When hiring will take place when employee or contractors will be paid.
It should also include a plan for rolling out products, creating content or any other tasks that need to be completed on a regular basis to make the business run smoothly.
Write an executive summary
Lastly, you should write an in-depth executive summary that includes research as well as an easy to understand explanation of your business plan.
Your summary should be broken down into sections and each should have its own title. This will help the information flow better for anyone who reads it and makes it easier for you to follow as you move forward.
That’s it for today’s lesson. In your next lesson, we will be talking about using tools to make creating your business plan as easy as possible.