How to Write Your Business Plan
The first thing you need to do when you have made the decision to start a new business should be your business plan. This applies to both traditional and online business ventures. Your business plan is designed to outline your business strategies, how you plan to make your business a success, your marketing goals, your financial needs, and your overall blueprint to success.
You will use it as a guide for running your business and it will be used by potential investors and lenders to help them decide if your business venture is a viable investment opportunity for them. For that reason alone, you should make sure you take the time to create the best business plan you can.
An online business is generally much different than a traditional business and your business plan needs to reflect that. In addition, your business plan must make sure that it details the nuances of your online business that investors may not be aware of or may not understand.
You can begin writing a business summary. If your business is strictly online then you need to break down all the components of operating an online business You need to include things like what you will offer, how will you get customers, who will run your business, where will your business be located?
Next you want to create your marketing plan that will delve into the research behind your market and include pricing, markup, advertising, building your brand, etc. Make sure the information is current and relevant.
You will also want to include all the details related to your management team and their various duties. Often with online businesses this is a minimal number of people. Also include your business schedule both current and long term. This would be things such as when is your web site going live, will you be getting a loan?
Naturally, you will need to cover your financial plan. Your startup capital, and whether you need to borrow some or all of it, your operating costs, your projected sales and profits in six month increments for at least a couple of years, but five is best.
You will need to combine the main points into a summary that gives an overall view of your plans for your business.