Having a strategy and a business plan is essential to ensure the continued success of your Internet business.
You should create your business plan immediately after you have created and decided on your business strategy. Planning is the ‘how to’ of your strategy and will tell you how to achieve the goals you have set out for your business.
Start the business plan by using the categories (only if appropriate) below and do some brainstorming with other players or partners in your business or if you are on your own, a big piece of paper and colour pens will do the trick.
Here are 11 categories to consider.
- Selecting your Market and Product
To be more successful on the internet I would suggest (as many others do) that you identify firstly the market that you would want to operate in then find the products to sell into that market.
Identifying an existing market is always the preference, unless you have a unique product that you would like to introduce into a brand new market. This is of course the more difficult, but not impossible, option.
Key question: New market or existing market?
- Product Strategy
Decide how you will market and advertise your product.
Key question: With my current knowledge which marketing and/or advertising strategy should I go for first?
- Target Market and Competitors
Identify your target market.
Key questions: Who are they? (Age level, skill level etc) Who are the customers that already exist in this market? Does your product strategy cover these potential customers?
- Economics
It is essential for you to understand your market and product costs. Research to see if the market you want to be in is economically viable. Can you sell your product in this market?
Key questions: At what price will my product be put on the market? Can my target market afford this product?
- Implementation
Here you translate your market and product strategies into a set of tactics that eventually reads like your ‘to do list’.
The most important aspect of your implementation plan is set realistic timelines, continually review these dates and adjust where appropriate.
Key question: By when do I want my product launched?
- Marketing Strategy
This is all about getting customers to your web site.
Key questions: How will I get traffic to my web site? How will I choose which of the traffic building methods to use?
It is important for you to choose perhaps only two traffic methods to start with and focus all efforts on those before you embark on adding more. Once you have mastered a technique and have it running well, then and only then add another method.
- Resources and Tools
Identify the tools you need to start off your business. Use as many free tools as possible to keep your costs initially to a minimum.
Key question: What tools do I need to start? (Example, word processing)
- Finance
Understand your financial situation thoroughly before you start. You do not want to get your business into financial difficulty.
Key question: What is my budget?
- Risks
Make a list of any key risks that you can think of that might influence or impact your business.
Key question: What are my key risks?
10. Evaluate and Review
Identify the areas that you need to monitor and evaluate on a daily, weekly, monthly and yearly basis.
Key question: What do I need to monitor and with what frequency?
11. Growth Strategy
What will you need to do to grow your business? Make a note of any ideas that come to mind and continually evaluate to see if the idea is still valid.
Key question: How will I grow my business?
Remember, no two business plans are alike. Use categories only where you see fit and last but not the least, business plans change as your knowledge and your business grows, so adapt it as you go along.
