Whatever it is that has influenced you to start your online business, make sure that you have a plan before beginning. This is not the time to "pick it up as you go". There are some vital and basic things that should be included in your business plan.
The business summary is an integral part of the overall business plan and should start with a brief description of the entire business. After this, 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 should address all the specifics of the business. When developing the marketing strategy, you should consider the following:
1.The TARGET MARKET. This is the customers that you expect to see visiting your site. For example, will your product appeal more to college students or to those who have retired?
2. The COMPETITION for your product. Choose a product that will be seen as unique and useful. Visit sites that offer the same or similar products. Find out the cost, and how these products are being marketed. Research the pros and
cons of these business methods and try to improve your product based on these flaws of your competitors.
3. The various methods for ADVERTISING ONLINE. Do research on search engines and learn how they work as each one is different. Make sure that you learn how to submit your site to search engines. Be prepared to allocate a small amount of money on advertising; the profits gained from the
advertisements will be money well spent.
4. Think about PRICING. Again, look at the competition and see what similar products are selling for. Pricing can play a significant role in the success of your product. Selling a product well below the average market price may lead customers to think that there may be a problem with the product, or that it is inferior in quality. On the other hand, pricing items too high could also deter customers from purchasing.
5. Determine the SHIPPING METHOD. Make sure that you know how products will be shipped so that shipping details are are clearly posted on your site. When shipping things of great value, you should consider providing shipping insurance. Also think about shipping outside the country that you live in.
6. The different METHODS OF PAYMENT to accept. If your business does not accept credit cards, you should be prepared to give up half, if not more, of your sales. Should you decide to accept credit cards, you can choose to use a merchant account or a third party credit card processing center. Both will help you get started; the third party processing center will handle all of the
business so you don't have to. Decide which you will use. It is essential to have a secure server when taking credit cards. You must also decide if you will accept checks or money orders.
These few things will help jump-start 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.
Start A Business Plan
Are you business owners unsure of how to turn your business idea into a brilliant and powerful business?
You need a personal business plan. A personal business plan clarifies what you want the future to be and how you are going to get there.
Powerful Tips for Creating a Personal Business Plan
Step one. Create your business vision--This is your desired future. Write down what you want the business to be. The vision must identify the customer, the geographic scope and your product or service. For example you might be starting a consulting business to provide network security assessment services to fortune 500 banks in North America. That vision statement clearly states your desired future. The business vision can also be intensively personal and not necessarily shared with customers. You may want to have 50% growth a year to allow you to create a business that can be sold. Or you may want to create a business that allows you to have a platform for your personal mission in life. Your personal vision may be spending time with your family, climbing Mt. Everest or providing money and visibility to your favorite charity cause. Your personal business vision is your motivator to get you out of bed and to continue through the rough spots of business.
Step two. Clarify your business mission--This is the purpose of the business. It has three key parts; your product or service, the benefits you provide to your customer and your specific niche. It sounds very similar to your vision but you need to add the benefit you provide to your customer. You share in your business mission on your website, and in your sales and marketing literature. For example, you may provide thought leadership that your market niche can not get from anyone else. You may provide a unique consulting process that will produce results that no one else can match. You can provide better service or lower costs than your competitors. Write your business mission by stating your product or service, the benefits you provide and your market niche. Continue writing it until the offer is so compelling that it jumps off the page.
Step three. Construct critical success factors-- These are your business priorities. All business owners are sales people. You need to create a list of how to grow your business, be the expert in your industry and provide outstanding value for your services. Now that doesn't mean cheap, it means outstanding value that your customers can't get anywhere else.
Step four. Create business results needed for profitability--These are your measurable outcomes. Business results are your goals and objectives. Create a business result for each critical success factor by adding time or numbers to it. For example, every business owner needs to be an expert in their field. For example, if you are a speaker, you need expert status. Write down how often you will have a speaking engagements, when you will write your best seller book, when you will launch a new seminar series or newsletter. All these activities are measurable and let the world know you are an expert.
Step five. Complete project plans for critical activities--These are your plans to get the results you want. You need to create a plan for how you make progress on your critical success factors. If your critical success factor is number of sales calls, your business results that will be measured is 10 new customer calls a week, determine how you will create a system to get leads, call the leads, follow up with the leads and close deals with the leads. If you are in internet marketing, your key project is too create a website that converts visitors into buyers. Create a plan to drive internet traffic to the site, compel visitors to buy and then support them with a product.
Create a personal business plan by writing down your personal business vision, clarifying your business mission, constructing your success factors, composing the business results needed for a profitable business and completing plans for critical activities. Your personal business plan clarifies what you want the future to be and how you are going to get there.
Both Helen Chow & Rosemary Hossenlopp are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Helen Chow has sinced written about articles on various topics from Advertising Guide, AutoResponders and Internet Marketing. About the author:Helen ChowND, Dip. Herb., B.Sc.Entrepreneur, Naturopath, Herbalist, Internet Home Business EntrepreneurThe best home based business ideas and opportunities so you can work at home.Money-Making Programs, Internet Marketing Resources & Tool. Helen Chow's top article generates over 3600 views. to your Favourites.
Rosemary Hossenlopp has sinced written about articles on various topics from Business Plan, Migraine Headaches and Business Plan. Rosemary Hossenlopp, MBA, author of Step into Your Future, A Businesswoman's Path to Profits, advises business owners on how to make more money with less stress. Get a Free Report. Go here right now.. Rosemary Hossenlopp's top article generates over 3600 views. to your Favourites.
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