If you have an idea for an online business, you should start structuring your thinking by developing a business plan. These sections will identify essential areas you need to cover in making decisions and planning your business.
Even if you don’t have an idea yet but like the idea of having an online business. You can start focusing on these sections. Start thinking more constructively as you develop a business idea. Therefore be in a stronger position to build your online business plan.
“By failing to prepare, you are preparing to fail.”
Benjamin Franklin, Founding Father of the United States
The executive summary is a required section of any business plan. It is where you will be able to clearly and concisely communicate the basics and overview of your business plan. You will need to explain the current environment of the market you intend to enter. Include the need for the product or service you intend to provide. How you are going to provide the product or service.
Try and give as much information without being too detailed. The person reading the summary should be able to fully understand the current market. The gap you are going to be filling. Including how you plan to fill it from reading your online business plan. They should be able to have a good understanding after reading your executive summary.
This section is a required part of the online business plan. You can go into more detail about the products and services you intend to provide. Including a history of the market. You should also explain in more detail the current online environment and how your new product or service will fit. Make sure the words you are using the reader will be able to understand rather than use industry jargon.
Another required section of the online business plan. Identify and describe your target market and the advertising platforms and products you intend to use. Identify your ideal customer, competition and the pricing structure of your product or service.
Research And Development
This required section online business plan, you to explain the technical aspects and components of your product or service. Detail the research and development that you have performed and also include the forecasted project and development costs in order to get the project off the ground.
Operations And Manufacturing
Even though this is not a required section of the online business plan, it would serve your well to include it so as for the reader to have a complete view of the business. Discuss the daily operations the business will need, products or services. Also, detail the equipment you may need. Are you going to have your web server or are you going to be using an outsourced company? How many employees are you going to need and how specialized do they have to be, etc.
Management is a recommended section of the online business plan, as any investor or anyone interested in reading your business plan would have an interest in the management of the business. Here you can address who and how the business is going to be running. What their experience and expertise are. Please include how many people on the management team and detail their duties.
Risks is a required section in your online business plan and where you define all major and minor risks your business faces or will face. Also include risks such as a downturn in the market, cost overruns and even new competitors that may enter the market. As your business will be online, you may also want to detail online risks such as hackers, computer viruses, new regulatory policies, etc.
Anyone interested in your online business plan will need to understand the financial aspects of the business, which makes this section a critical and essential part. Here you would detail the funds you are investing and the funds you will be looking to acquire and focus on the forecasts and profitability. You will also be describing the operational costs and may point out that the operational and set up costs of an online business is much; lower than a traditional brick and mortar business.
The required section of your online business plan in which you can set out the schedule for all the steps from the conception of the initial idea through the complete process of the finished product or service. The business plan is a working document, and even though many of the aspects may be an accurate representation of the actual procedure, much of the plan will need to get adjusted as the plan developed and implemented.
Bibliography And Appendices
Although not a required section of your online business plan, it is always good to have a reference and resource area for quick access.
Include business references, online references, proposal studies, etc.
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