By setting up a business plan, you are road mapping your way to success. It will help you to develop your business goals and strategies, as well as providing you with a better understanding of the marketplace. It will also highlight any business strengths or weaknesses that you may have, as well as providing you with an opportunity to take a close look at your competitors. If you want, you can also include financial projections, historical data and growth expectations into your business plan.
With any good business plan, it should show who the target audience is, and just how the product or service that is being provided will meet or exceed their needs and expectations.
When organizing a business plan it is best if you break it down into sections such as:-
- Business summary – The product or service you want to provide.
- Market analysis – Research on the product or service and how the competitors are doing.
- Product positioning – How to make it more prominent compared to your competitors.
- Market strategy – How are you actually going to market it?
- Customer analysis – Look at what the customer wants or needs.
- Financial analysis – What you need to invest in order to set up the business and to keep it going while it is just getting started.
- Overall business goals – What you hope to achieve in, say, a year’s time.
But what is more important is that once a business plan has been developed, it should not lay in the back of a drawer somewhere. It should be a working plan that you can refer to when you need to.
The best way to make a business plan is to keep it simple (one or two pages should be all you need).
Certainly one of the best things you can do when starting an online business is to create a plan then stick with it.
What Type of Businesses Can You Have as an Online Business?
In this chapter, we will look at some of the more common types of online businesses that people are running. Keep in mind, the decision is really up to you as to what type of business you want to run online.
This is one of the most common types of online businesses around. You can either run this business by exclusively marketing your own products, or by marketing those of other big budget companies. But this needs you to produce a visually striking web page that has all the necessary information and purchasing options on it for the products in question. In order for this business to be successful, it needs to be promoted effectively to potential customers via search engines, email or other sources. We will look at marketing in more depth in another chapter of this book.
Turnkey Internet Business
This is a very trendy type of business to have online. This is where you would purchase a website from an already established sector and then run the business on a web platform that is provided to you by the established business. In order to promote such an online business, there are many different methods that you could use, such as promoting individual products or services to your online customers.
This is a business where specific services are provided to online customers at a reasonable price. Such businesses are often set up according to a person’s professional expertise and will provide services to their customers in relation to this. The types of businesses that will come under this umbrella are online consultancies, computer software assistance, and hardware trouble shooting and even such things as how to start an online business.
Medical & Health Care Facility Services
This is where someone will set up a complete online pharmacy and the services related to this type of business will be offered to online customers. Such businesses will provide customers with medical consultancy, selling of medications and other medical charges. If you look further into this line of business, you will find that there are several medical institutes who can franchise a person to run a virtual medical and health care facility for them.
But besides the ones mentioned above, there are many other kinds of online businesses around, such as entertainment websites, home decoration, dating, article writing, fitness, allergies, online chat and interaction and email servers are just some. But no matter what type of online business (“niche”) it is you decide to get involved in, it is important to plan carefully and have the ability promote the business professionally over the internet.
Thank you so much for taking out the time to read my latest article. I hope it truly helped you in some way. If you loved what you just read your more than welcome to take a look at other articles of mine here on LinkedIn.
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Much Love and To Your Success and happiness XO.
Named Top Global Marketing Expert by Huffington post and She Inspires Her. Top 4 Most viewed Rachael Phillips profile on LinkedIn. Rachael Aprill Phillips is the CEO and Founder of Rachael Academy.The online platforms that helps entrepreneurs and small business owners to launch, run and grow highly successful businesses.Your also more than welcome to have a 1 to 1 chat. send me a message