A business plan is the first thing you need to do if you are starting a new business.
It is designed to outline your goals, business strategies, financial goals and marketing plans.
When you have a business plan in place you are taking steps to make sure that your business is on a good path, and it is also used to seek financial investors, funding, and management staff. A solid business plan is almost always found behind a successful business.
However, it still needs a business plan. The difference is that the financial requirements of an internet business is not the same as an online business.
An internet business is usually operated different to a traditional business however the marketing details should reflect a growing online market.
Lets have a look at 6 steps to writing a business plan.
Step #1 Write Your Business Summary
If your business operates only on the website, you should take the time to describe all of your site’s aspects. Answer questions like who is going to run the business, what does it offer, who does it target, etc.
#2 Create an In-Depth Marketing Plan
Your marketing plan needs you to gather a great deal of research so that you can do this quite some time before you ever create your business plan. However, you need make sure the information hasn’t become outdated by the time you incorporate it into your business plan. Include your pricing plan, your checkout options, etc.
#3 Provide the Details on Your Management Team
Explain the details of your major team members. Their duties, how much they will be paid, benefits, etc. Make sure you provide enough detail for investors to understand your management team’s role.
#4 Create an In-Depth Financial Plan
This should include your startup capital, operating costs, and your profit forecast and various intervals such as 6 months, 12 months, 2 years, etc.
#5 Create a Business Schedule
Your schedule needs to include now, the immediate future and your long-term plan. This would include things like the date you are going to open the door, when employee hiring will take place, when loan will be repaid, etc.
#6 Write an Executive Summary
Write an in-depth executive summary that includes research as well as an easy to understand explanation of your business plan.
Your summary should be broken down into sections and each should have its own title.
This will help the information flow better for anyone who chooses to read it.