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Let's Start! Create A Business Plan
Let's Start! Create A Business Plan
By Helen Chow
You're extremely excited and so you should be! You have a
fantastic idea for a profitable internet business. It is, perhaps,
an original idea that has not been marketed online before.
You may have come up with a new twist on the ordinary.
Whatever it is that has influenced you to start your online
business, make sure that you have a plan before beginning.
This is not the time to "pick it up as you go". There are some
vital and basic things that should be included in your business
The business summary is an integral part of the overall business
plan and should start with a brief description of the entire
business. After this, 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 should address all the
specifics of the business. When developing the marketing
strategy, you should consider the following:
1.The TARGET MARKET. This is the customers that you
expect to see visiting your site. For example, will your product
appeal more to college students or to those who have retired?
2. The COMPETITION for your product. Choose a product
that will be seen as unique and useful. Visit sites that offer
the same or similar products. Find out the cost, and how
these products are being marketed. Research the pros and
cons of these business methods and try to improve your product
based on these flaws of your competitors.
3. The various methods for ADVERTISING ONLINE. Do
research on search engines and learn how they work as each
one is different. Make sure that you learn how to submit your
site to search engines. Be prepared to allocate a small amount
of money on advertising; the profits gained from the
advertisements will be money well spent.
4. Think about PRICING. Again, look at the competition and
see what similar products are selling for. Pricing can play a
significant role in the success of your product. Selling a product
well below the average market price may lead customers to think
that there may be a problem with the product, or that it is
inferior in quality. On the other hand, pricing items too high
could also deter customers from purchasing.
5. Determine the SHIPPING METHOD. Make sure that you
know how products will be shipped so that shipping details are
are clearly posted on your site. When shipping things of great
value, you should consider providing shipping insurance. Also
think about shipping outside the country that you live in.
6. The different METHODS OF PAYMENT to accept. If your
business does not accept credit cards, you should be prepared
to give up half, if not more, of your sales. Should you decide to
accept credit cards, you can choose to use a merchant account
or a third party credit card processing center. Both will help you
get started; the third party processing center will handle all of the
business so you donít have to. Decide which you will use. It is
essential to have a secure server when taking credit cards. You
must also decide if you will accept checks or money orders.
These few things will help jump-start 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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