Getting Started: Creating a Business Plan

Business Plan

So you're excited. You have a great idea for a profitable
online business. Maybe it is an original idea that has not
been marketed online before. Maybe you have come up with a
new spin on the ordinary. Whatever it is that has
influenced you to start your online business, be sure that
you have a plan before you begin. This is not the time to
“pick it up as you go”. These are some basic things that
should be included in your business plan.



Business Summary

The business summary should give a brief description of the
entire business and is an integral part of the overall
business plan. After you have completed the business
summary you should begin to list the objectives or the
goals that you want to accomplish through the business.
Next and perhaps most importantly, you should develop your
marketing plan. The marketing plan will address all the
specifics of the business. When developing the marketing
strategy you should consider the following:



Target market

A target market encompasses customers that you expect to
see visiting your site. For example, will your product be
more appealing to college students or those who have
entered their golden years?



Know Your Competition

Consider the competition for your product when determining
the marketing strategy. Choose a product that will be seen
as unique and useful. Visit sites that are offering the
same or similar products. Find out the cost and how others
are marketing their product. Find out the pros and cons of
their business and try to improve your product based on
their flaws.



Advertising

Research the various methods for advertising online. You
should become educated about search engines and how they
work, since each one is different. Also be sure that you
know how to submit your site to search engines. You should
be prepared to spend a small amount of money on
advertising, but the profits that you will gain from the
advertisements will prove to be money well spent.



Pricing

Think about pricing. Again, look at the competition and see
what similar products are selling for. Pricing can play a
big role in the success of your product since selling a
product well below the average price may lead customers to
think that there is a problem with the product or that it
isn’t of the best quality. However, pricing items too high
could also detour customers.



Shipping

Determine the shipping method. Be sure that you know how
products will be shipped so that you can have shipping
details clearly posted on your site. If you are shipping
things of great value, you should consider providing
shipping insurance. Also, think about shipping outside the
country that you live in.



Merchant Account/Forms of Payment

Think about the different methods of payment that you will
accept. If your business does not accept credit cards, just
know that you’re giving up half if not more of your sales.
If you decide to accept credit cards, will you use a
merchant account or a third party credit card processing
center? Both will help you get started, and the third party
processing center will handle all of the business so you
don’t have to. You should decide which you will use and
also if you will accept checks or money orders. It is
essential to have a secure server when taking credit cards.

These few things will help your online business to become a
great success and also provide you with peace of mind
knowing that you have thoroughly thought about and planned
for the opening of your online business.


David Hudson, webmaster of webcashlink,
business articles author, and a successful affiliate,
can help you with your online business.
Visit: Webcashlink