How to write a 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.

“Putting together a plan”           

Your first question would be, Do you know what kind of business you want to develop? Selling your own products or do you want to build an affiliate site?  

If you don’t have any idea, then I suggest you look through some of my online business ideas. Make sure you choose something your passionate about, that your going to enjoy working on. Your going to be writing a lot of content around your idea, if you don’t enjoy it, it will be easy to get discouraged and give up. 

Every business starts with an idea. Even a brick and mortar store starts with an idea and a business plan. Its going to take some time and work, so love what you do. An online business is not going to happen overnight and they are not a “get rich quick scheme”.

90 days of building an online business with no activity
is common place.
Read the top 10 reasons people fail.

 

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 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 it this way. Understand where you are right now,
where you want to get to, how will you get there?

 

“What is your budget” 

Now that you have an idea of what you want your business to be, its time to check the finances. This will vary widely based on if your going to be selling your own products you build, or if your going to be an affiliate marketer.  

While putting a budget together, 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.

Some of the things to think of are, will you have a payroll? If your building products to sell online, are you building them yourself, or are others helping?

You may want to consider your computer. Your going to have it running longer hours, is it old or fairly new. Are you going to spending money marketing (advertising) your new online business? Are there products you’ll need to buy? Office supplies?  Make a complete list of all areas of probable expenses. 

Whatever your business is, your going to need a website. Hopefully you’ll be building it since hiring someone to build a website can run into quite a bit of money. So you’ll need to buy a domain name and have the website hosted, more on that later.

 

Do you want to have an online business but have no money?
You can do that. [ Read More ]

“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 you 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?

Adding social media to your site. Its a good way to get exposure of your site to more people. Although it has some limitations, in today online business world it is a necessity. 

Will you be relying on google searches to capture your site? Do you have the knowledge needed to build your own site or will you be needing help and training along the way?


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.

Your website is going to be a financial decision. If you don’t use the free sign up and 2 free domains offered here, you’ll have to buy a Domain Name, register it and having it hosted. Again I would say, take a minute and read the review I have on the top 5 Website Hosting Platforms online today located at the bottom of this page

“Business name and Target Customers”

Think about this really hard. Your business name is going to be your identity online. It has to project what your business is all about.

Even though your domain name should relate to your business, it is not as important as your page titles. [Read More]

If your going to be selling cloth organic diapers, your target customer is not going to be teenagers. On the other hand if your selling custom covers for smart phones, then teenagers are your highest rated target customer.

Read more about understanding your customer


The content on your pages
, and any marketing you do should all be geared toward that customer. Write down some ideas which you can fine tune later. The next step after you have a business plan together, is going to be choosing your online business Domain Name.   

 

“Other plans you need to address”

If your selling your own products, your going to need shipping materials, boxes, tape, labels, bubble wrap, etc. Your going to need a company to buy all your shipping materials.

When I was shipping my own products, I used a company called Uline. They had a wide variety and prices were good. (I have no affiliation with them)

Also a way to take payments. Here I would recommend PayPal over any other company. its the most trusted form of paying and collecting online. Most payment companies online are all automated so you don’t have to be online 24/7.[Read More]

Your next step

Hopefully you now have an plan in place and an idea of what you want to build your business around. Now you have to take that idea (Niche), and fine tune it into a more focused Niche. [ Read More ]

When you get to the point of getting a name you come up with Hosted, you’ll need to make an informed decision. Take a few minutes and read through my reviews of the top 5 web hosting sites.

[ Wealthy Affiliate ]   [ GoDaddy ]   [ HostGator ]   [ namecheap ]   [ 1and1 ]
[Web.com]  [Website builder]  [BlueHost]  [FatCow] [iPage] [JustHost] [SiteBuilder]

 

I hope this was useful and gave you some food for thought.
All my best to your success.

Doug

PS: Please leave a comment if you have a minute…Thanks

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