Writting out Your Business Plan
Most things you do in life need some planning. Even a spur of the moment road trip needs some plan. What direction are you going? Money you need to take. You need a place to stay. Food. Make sure the car is good to go. etc.
“If you fail to plan, you plan to fail“ .
Every business, whether it’s online or a brick and mortar business starts with an idea or a “niche“. Remember it should be something you are passionate about, something you love working on. Its going to take some time and work, so be sure your going to love what you do.
A business plan consist of 7 steps:
Company Description. …Your business name, what you will be selling, etc.
Market Analysis. …Who is your target customer, what’s the competition
Organization & Management. …Who is going to run your business, hours, other people
Service or Product Line. …Line of products or service you’ll be selling
Marketing & Sales. …How will you promote or advertise your business
Funding Request. …Are you going to need funds, how much do you have set aside
Financial Projections… What are your goals
Think of your plan this way: Where are you now,
where do you want to get to, how are you going to get there?
“Business name and Target Customers”
Give this some serious thought. Your business name is going to be your identity online. It has to project what your business is all about. Although its not as important as your page titles and content, it should be relevant to your business. I have written a full page about choosing the right domain name. [Read More]
Who is going to be your target customer? If your going to be selling custom wooden spice racks, your target customer is not going to be teenagers. On the other hand if your selling custom cell phone covers, you would target younger customers.
Your business name and the titles on your pages, plus any marketing you do, should all be geared toward your target customer. Write down some ideas which you can fine tune later
“Type of business and your budget”
Once you have an idea of what you want to build your business around, you have to put together a budget. This could vary widely based on the type of business you want to have.
If your going to be selling products you are building, your going to need more funds. Funds to buy the material you need to build your products, a place to build them, all your shipping materials, etc.
If your going to be an affiliate marketer, the funds you will need will be a lot less. Your only true cost other than your time, is going to be buying your domain name (online business name), and having that website hosted.
Maybe your budget is $0 and you want to build a Online Business. That can be done on 1 Website Hosting Platform that I know of. They offer a free sign up and 2 free sites. I have their FREE offer below.
Make sure you think of all the variables. The time you put in is an investment, keep track of it so you’ll be able to use it as a deduction in the future. If your selling your own products, are you going to have a payroll? Do you need other tools? What kind of hardware do you need? You’ll need shipping and packaging supplies and a shipping company.
90% of all new online start – up’s fail
Find out why here
A few more things to consider
What does your competition look like? Take your idea and do some google searches and check out the other online businesses that you will be competing against.
Look at their site and take some notes on their layout, content, articles and posts. What are they promoting and how are they doing it?
What are your market strategies? How are you going to promote your site? If your going to spend some money advertising your new business, what will be the costs? Are you financially prepared for paid advertising?
Will you be relying on google searches to capture your site? Are you going to promote your site on social media? Facebook, google+, twitter, etc. If you don’t have an account with them, open one up on each. Its free and the power to “get the word out” is more powerful than you might think.
Do you have the knowledge needed to build your own site or will you be needing help and training along the way? Most website hosting platforms have some kind of training to help build a site, but only one that can walk you through step by step.
What are you goals? You have to set some realistic goals for your business. You should set the hours your willing to devote each day/ week. Your financial goals for year 1 and 2 and how you will get there.
A longer term goal based on why your starting an online business. (a 2 week vacation each year) or (buy a new car). Something to work towards and keep that idea posted where you can see it each day.
After you have a business plan together, your going to be choosing your online business name. You’ll want to research your list of names you came up with and see if there available. I use a keyword search platform and take my name ideas and do several searches changing the wording to see what the best wording would be for my domain name.
Remember, your domain name is not as important as your page titles and the content you fill those pages with. Find out more on why page titles are so important here.
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I hope this was useful and gave you some food for thought.
All my best to your success.
PS: Please leave a comment if you have a minute….Thanks