Getting Started: Create a Business
Plan
By Reggy Chang
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.
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:
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 those who are in retirement?
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 they are marketing their product. Finds out the pros and cons of
their business and try to improve your product based on their flaws.
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.
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
customer to think that there is a problem with the product or that it is
not of the best quality. However, pricing items too high could also detour
customers.
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.
Think about the different methods of payment that you will accept. If
your business does not accept credit cards, you should be ready to give
up half if not more 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 dont 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.
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