Here are the basic elements required for an online business plan. In business, planning is important. These quick tips are applicable for large scale business or small business or even for individuals doing online business from home.
Once your business idea is ready, the next step is planning. Laying down a perfect plan makes the basement of your business strong and healthy. You have to understand the basics of business plan first.
Your Brand Name. The first and foremost thing is to come up with a brand name. Make sure to find a good and catchy brand name. This could be your domain name too.
Business Goals. Define the ultimate goal of your business. You should list down the objectives or the purpose of your business.
Mission Statement. Defining a mission statement gives a strong motive to your business. A single line mission statement is the most preferable one. This statement should convey your business goal or the purpose of the business. This should be the slogan for your business.
Your Uniqueness. What you are doing unique in your business ? What is the key idea to make a uniqueness in your business ? Uniqueness makes your to stand out from the competition crowd.
Risks Involved. Identify the risks involved in your business. From cost to the web design, find out the risky areas. Here you should explore the weakness you have related to your business domain.
Product or Service Description. If you are planning for an e-commerce based business or your own affiliate business, have you identified your target products ? Come up with a product description.
Business Competition. You should identify the competitors in your business domain. Prepare a list of competitors and find out their uniqueness & what specialty they are having.
Market Analysis. Analyze your business market and see the trends. Collect the historic data and find out how the market is going up and down ? Better to go by geographical level covering the major targeted regions of your business. Come up with graphically data to make it clear. You could identify the competitors website traffic.
Support service. For e-commerce based business, come up with what kind of customer support your company will offer ?
Product Sourcing. For e-commerce based business, identify who will be your product suppliers ?
SEO Plan. Don;t forget to prepare a search engine optimization plan. This helps to drive more free traffic to your business site from major search engines. This helps much in the web design phase.
Financial Plan. Analyze and come up with the start up cost involved(like domain hosting, web design etc), the first step. Identify the operational cost (like advertising, marketing costs).
Once your business plan is ready, get it reviewed by a business expert. Go through the plan again and again and find out if any thing missed or you could enhance the plan further.
Keep in mind, preparing a business plan helps to take the right decisions in each and every steps of your business. This lays a strong basement for your online business.