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6 Steps To Creating a Successful Business Plan

6 Steps To Creating a Successful Business Plan

You’re excited! You’ve come up with a great idea for a profitable
online business. Maybe it’s an original idea that has
not been marketed online before? Maybe you’ve come
up with a new spin on an old idea? Whatever it is
that has influenced you to start your own online business,
be sure that you have a plan before you begin. This is
not the time to “pick it up as you go”. Here are six
essential elements that you should be sure to include in your
business plan.
Start with the business summary which should give a brief description
of the entire business. It is an integral part of the
overall business plan. Your next action is to begin to list the
objectives or the goals that you want to accomplish
through the business. Lastly, and perhaps most
importantly, you should develop your marketing plan.
The marketing plan addresses all the specifics of
the business.
When developing your marketing strategy
you need to address the following:
1.The target market
The target market is the customers
that you expect to see visiting your site. For example
will your product be more appealing to college
students or to those who are in retirement?
2. Consider the competition for your product.
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 of their product. How they are marketing their
product? Finds out the pros and cons of their business
and try to improve your product based on their flaws.
3. Research.
Explore 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 gain from the advertisements will prove to 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 big role in the success of your product.
Selling a product well below the average price
may lead the customer to believe that there is a problem
with the product or that your product is not of the best
quality. Consequently, pricing items too high could also
deter customers from purchasing.
5. 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,
consider whether you will ship internationally.
6. Methods of payment.
If your business does not accept credit
cards, you should be ready to give up more than half
of your sales. If you decide to accept credit cards,
will you use a merchant account or will you use 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. When conducting business online, it is imperative that you
have a secure server. Also, will you accept checks or money orders?
These few items will help your online business
become a great success. You will have peace
of mind knowing that you have thoroughly investigated
and planned for a smooth transition to the
opening of your online business.

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