PDA

View Full Version : Starting a Business - Creating a Business Plan



megabuff
05-29-2006, 06:35 AM
You’re excited. You have a great idea for a profitable
online business. Maybe it is an original idea that has
not been marketed online before. Maybe you have come
up with a new spin on the ordinary. Whatever it is
that has influenced you to start your online business,
be sure that you have a plan before you begin. This is
not the time to “pick it up as you go”. These are some
basic things that should be included in your business
plan.

The business summary should give a brief description
of the entire business and is an integral part of the
overall business plan. After you have completed the
business summary you should begin to 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 will address all the specifics of
the business. When developing the marketing strategy
you should consider the following:

The target market. The target market is the customers
that you expect to see visiting your site. For example
will your product be more appealing to college
students or those who are in retirement?

Consider the competition for your product when
determining the marketing strategy. Choose a product
that will be seen as unique and useful. Visit sites
that are offering the same or similar products. Find
out the cost, and how they are marketing their
product. Finds out the pros and cons of their business
and try to improve your product based on their flaws.

Research the various methods for advertising online.
You should become educated about search engines and
how they work since each one is different. Also be
sure that you know how to submit your site to search
engines. You should be prepared to spend a small
amount of money on advertising, but the profits that
you will gain from the advertisements will prove to be
money well spent.

Think about pricing. Again, look at the competition
and see what similar products are selling for. Pricing
can play a big role in the success of your product
since selling a product well below the average price
may lead customer to think that there is a problem
with the product or that it is not of the best
quality. However, pricing items too high could also
detour customers.

Determine the shipping method. Be sure that you know
how products will be shipped so that you can have
shipping details clearly posted on your site. If you
are shipping things of great value, you should
consider providing shipping insurance. Also think
about shipping outside the country that you live in.

Think about the different methods of payment that you
will accept. If your business does not accept credit
cards, you should be ready to give up half if not more
of your sales. If you decide to accept credit cards
will you use a merchant account or will you use a
third party credit card processing center? Both will
help you get started and the third party processing
center will handle all of the business so you don’’t
have to. You should decide which you will use and also
if you will accept checks or money orders. It is
essential to have a secure server when taking credit
cards.

These few things will help 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.

xwolfiex13x
01-18-2014, 10:36 AM
Thank you for this information! I am very excited to learn as much as I can on this wonderful website. I have been trying to help my mother start an online business and we need all the information we can get! We don't want to rush into this without understanding the ropes.

delusional
01-20-2014, 02:22 AM
You should have also submitted the source of this text: http://www.internetseer.com/services/article.xtp?id=26165 written by Ray Mann.

About the text: It's a pretty general text which describes everything and nothing, actually. It give a lot of pointers but doesn't go into specifics of where to find help with them or what they should be.

googoos0ng
01-20-2014, 07:02 AM
I agree a lot on onething: planning is decisive when starting a business.
Sometime new entrapreneurs might be a little unexperienced to plan and manage the start of a new business as a business doesn't only consist into the selling process. This might happen because a business deals with so many fields in which people are not always into: like taxation, financial management, cost of employee but i'm also talking about market research, marketing, competitors study etc etc. Following also my inexperience of when i was younger, i would recommend new entrapreneurs to study and study a lot on how to plan a business, because you will always make mistakes, but a good starting plan is the right way to avoid many risks.

dannyboy
02-16-2014, 01:09 PM
I agree a lot on onething: planning is decisive when starting a business.
Sometime new entrapreneurs might be a little unexperienced to plan and manage the start of a new business as a business doesn't only consist into the selling process. This might happen because a business deals with so many fields in which people are not always into: like taxation, financial management, cost of employee but i'm also talking about market research, marketing, competitors study etc etc. Following also my inexperience of when i was younger, i would recommend new entrapreneurs to study and study a lot on how to plan a business, because you will always make mistakes, but a good starting plan is the right way to avoid many risks.

I agree. You have to be very organized to start a business. There has to be a step by step plan for you if you are going to succeed. You have to make sure you have the setting for you business in place, the money and the employees and the government approval as well! It is a lot of stuff but you have to be knowledgeable of everything.

dannyboy
02-16-2014, 01:10 PM
Thank you for this information! I am very excited to learn as much as I can on this wonderful website. I have been trying to help my mother start an online business and we need all the information we can get! We don't want to rush into this without understanding the ropes.

Hopes it works out for your mom. There is a home based business thread you can check out on the forum if you want more tips.

CSomm
02-17-2014, 06:41 PM
This is some very general information, and while I don't entirely disagree with anything said, I would say that this is unlikely to bring you very much closer to your goal of owning a business. Your plan needs real details relevant to your product, your target market, and your profit/loss goals for at least the first three years. You need information on labor and product costs, and you need a plan for when things stop going your way (a backup plan, or a cutback plan). Good Luck!

jubvman
02-18-2014, 01:22 AM
Some good information there. Thanks OP :)

janineaa
02-26-2014, 10:55 AM
A business plan is not as easy as it sounds. One must treat it as holy once the business plan is actually in execution. Once you have already thought of a particular business you want to set up, the planning is the most crucial part. The business plan has three main parts. The first is the marketing plan. Just remember the 4Ps which is product, price, place, promotion. The second part is the operations plan. Here includes the human resource organizational chart, suppliers, schedule, risk analysis and so on. The last part is the financial plan where you need to compute all the costs, financial statement projections such as the income statement, balance sheet and cash flow. Of course, what is mentioned is the very structure of the plan, but there is so much more to it. For every step, you must also include an activity, time frame and goal.

cassylexandra
02-26-2014, 11:43 PM
Those are some wonderful tips; emphasizing the need for planning, and I think getting all the research done is important. You've got to know what you're selling, your target, and then plan where to sell. Getting suppliers is after you know what you're selling, and it helps to get an estimate from your supplier to settle on a price, since settling on prices in reverse is limiting.

wandering wildman
03-30-2014, 03:55 AM
Great post megabuff! I think you make a great point about spending at least some money on advertising. You can drastically increase your potential market just by spending a few dollars per day in advertising. You have to monitor the quality of the increased traffic still. However, I would still agree it is worth the investment.

fredkawig
03-30-2014, 07:55 AM
Yes. Business plans are indeed essential. Thanks for the tips.

Jane Hastings
03-30-2014, 09:59 AM
I learned a lot from this post. I actually learned most of these at school but it's also good to read/know someone else's perspective. It's not easy to create a business plan and start a business. You are never certain of the outcome but that's part of the thrill. Although, I never really liked not knowing what's going to happen. I'm trying to create my business plan now and I'm kind of scared of the outcome but I know I have to take the risks. I'm hoping for the best. :)

mikelouis
03-30-2014, 11:44 PM
Good tips in your post there. I believe without a business plan you will not be able to make a good amount of money from the business. Also on several occasions you will derail from the main objectives which in the first place you do not have.

ElvisPresley
03-31-2014, 10:41 AM
This is great information. I think a lot of people don't consider a business plan, they just assume that everything will work itself out. It's always good to set up something like this so you aren't left twiddling your thumbs not sure of what your next step should be.

MahaKarthi
01-09-2015, 04:27 AM
Thanks for sharing the useful content. It would really help the people who are actually trying to start up a new online business. The useful methods and the way to start up the business are worth reading.

James E. Waters
05-11-2015, 05:21 AM
This post is really interesting and gives good details on starting a business. It will probably help you get more profit from world wide market.

Malik Suleman
11-27-2015, 02:16 PM
You’re excited. You have a great idea for a profitable
online business. Maybe it is an original idea that has
not been marketed online before. Maybe you have come
up with a new spin on the ordinary. Whatever it is
that has influenced you to start your online business,
be sure that you have a plan before you begin. This is
not the time to “pick it up as you go”. These are some
basic things that should be included in your business
plan.

The business summary should give a brief description
of the entire business and is an integral part of the
overall business plan. After you have completed the
business summary you should begin to 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 will address all the specifics of
the business. When developing the marketing strategy
you should consider the following:

The target market. The target market is the customers
that you expect to see visiting your site. For example
will your product be more appealing to college
students or those who are in retirement?

Consider the competition for your product when
determining the marketing strategy. Choose a product
that will be seen as unique and useful. Visit sites
that are offering the same or similar products. Find
out the cost, and how they are marketing their
product. Finds out the pros and cons of their business
and try to improve your product based on their flaws.

Research the various methods for advertising online.
You should become educated about search engines and
how they work since each one is different. Also be
sure that you know how to submit your site to search
engines. You should be prepared to spend a small
amount of money on advertising, but the profits that
you will gain from the advertisements will prove to be
money well spent.

Think about pricing. Again, look at the competition
and see what similar products are selling for. Pricing
can play a big role in the success of your product
since selling a product well below the average price
may lead customer to think that there is a problem
with the product or that it is not of the best
quality. However, pricing items too high could also
detour customers.

Determine the shipping method. Be sure that you know
how products will be shipped so that you can have
shipping details clearly posted on your site. If you
are shipping things of great value, you should
consider providing shipping insurance. Also think
about shipping outside the country that you live in.

Think about the different methods of payment that you
will accept. If your business does not accept credit
cards, you should be ready to give up half if not more
of your sales. If you decide to accept credit cards
will you use a merchant account or will you use a
third party credit card processing center? Both will
help you get started and the third party processing
center will handle all of the business so you don’’t
have to. You should decide which you will use and also
if you will accept checks or money orders. It is
essential to have a secure server when taking credit
cards.

These few things will help 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.

really inspired by your quote

DavidZin
11-28-2015, 07:06 AM
Good post . Bussiness with plant You will sucessful.

nikhiljosephnewton
01-29-2016, 01:02 AM
Nice information for starting a business.:)

oner789
03-06-2016, 07:21 PM
Thanks for sharing. Very informative and very helpful. Awesome!

cbcbusinessbroker
07-04-2016, 01:19 AM
You write a good plan I carefully read your plan it's good but it will be better if you write in points. I have plan related with you plan like startinig a business let me explain it.
Starting a business is not a very easy task. At the same time it can be extremely rewarding, but first, you have to cross many hurdles. The only way you will be able to get through and make your new startup business successful through all the hard parts and long working hours is if you are much passionate and clearly know what you are doing. Follow your passion and use all you skills.
• Choose a business based on your interest and skills
• You have to know your business
• Consider your financial status
• Think of a product or service in demand
If my points are not valid then help to sort out, Thank You advance.

cbcbusinessbroker
07-12-2016, 01:50 AM
You created a great post in which we can learn many things and share our experience with others. There are many categories of business but we first define which business is suitable to your skill like according to your skill which kind of skills do you have. If you have cooking skills then you should start a restaurant or cafe. If you have no any skill about cooking then it's difficult to open a restaurant or a cafe but it does not mean it's impossible. You can buy a franchise of famous cafe or restaurant in which you can easily make the profit.

MahaKarthi
04-18-2017, 03:03 AM
Well you have to decide on the business that you wish to start and the area of operation. Then accordingly you have to plan all the setting up strategies. The financial aspect is very important too.

freedommanagement
09-18-2017, 07:44 PM
Freedom Funding was created in order to help businesses obtain easy funding to scale their business without having to repay a loan. We specifically provide businesses with grants, we do not take a percentage of any businesses profits, we do not require credit checks, or bank statements. If you or someone you know has a new or existing business they are looking to expand or just get started apply online at www.freedomfunding.net

Jacob46
11-20-2017, 08:03 AM
Wow! I found an article on the Internet, I had an idea of creating my own brand of clothes, I did not know how to correctly identify the target audience, to protect myself from business risks, I found a site that details how to write a t shirts business plan (https://www.ogscapital.com/article/t-shirt-business-plan). Now I am confident in the success of my business.

MahaKarthi
12-19-2017, 04:37 AM
Whatever business you are venturing into , have a business plan in place to make sure you are not lost in between your initiative. Take time to build a business plan or take help of a business consultancy firm like Piterion to form a full proof business model. Make sure that proper market research and study of real life business models are done to evaluate the risks and precautionary measures to be taken before the startup.

Rohit Chandiramani
01-08-2018, 12:32 AM
Thank you for this information. This is very useful for the new startup, the most important thread is starting a business and implement them successfully with the help of leadership skills course, business courses etc.

hydroliclzsuprxxssz
09-14-2018, 08:10 AM
I agree. you have to be very organized to begin a enterprise. There has to be a little by little plan for you in case you are going to succeed. you have to ensure you have the placing for you business in region, the cash and the personnel and the authorities approval as properly! It is a lot of stuff but you need to be informed of the whole lot.

hydroliclzsuprxxsssz
09-14-2018, 09:05 AM
I agree. you have to be very organized to start a enterprise. There needs to be a step by step plan for you in case you are going to be successful. you need to make sure you have the setting for you enterprise in location, the cash and the personnel and the authorities approval as nicely! It is lots of stuff however you want to be knowledgeable of the entirety.

AFS
09-11-2019, 07:55 PM
Other things to consider when getting a business fully up and running:

411 Credibility Listing
EIN and Entity Setup
Business Name Credibility
Business Address Creditability
Business Phone Credibility
Website and Email Credibility
Bank and Merchant Account Setup
If you need to Fix Damaged Business Credit
Get Setup with D&B, Experian, and Equifax

I'm working with a company now to get this set up for myself.

essencepk
10-11-2019, 02:01 AM
Research, research, research.
Determine the purpose of your plan.
Create a company profile.
Document all aspects of your business.
Have a strategic marketing plan in place.
6. Make it adaptable based on your audience.
Explain why you care.

Srijana Pandey
03-08-2020, 04:11 AM
Thanks for sharing such an wonderful tips with us. It gonna really helping us. I found this information interesting and also hope to see more knowledgeable information from you in the coming days too.

StephenCooksey
03-14-2020, 03:12 AM
Thanks, for sharing these effective business plans. All these tips are really helpful for faster business growth.
In addition, you can also check out the best reviews site to get the best business software to use.

Lilykevin95
06-01-2020, 11:32 PM
For some, business people, building up a strategy is the initial phase during the time spent concluding whether to really begin a business. Deciding...

markellexco
06-02-2020, 04:27 AM
Now a days trend of online businesses are raising and websites are becoming major platform for selling and purchasing business (https://thebizex.com/)

Lilykevin86
06-04-2020, 12:32 AM
Conventional strategies utilize a blend of these nine segments. Official rundown. Quickly mention to your peruser what your organization is and why it will be effective. Organization portrayal. Market investigation. Association and the board. Administration or product offering. Promoting and deals. Subsidizing demand. Money related projections.

emmastone
06-10-2020, 08:38 AM
A business plan is not as easy as it sounds. One must treat it as holy once the business plan is actually in execution.

Martiniwiz
06-16-2020, 05:09 PM
Thank you so much for the insightful information! Check this platform out, and let me know what you think. Swiff is a start-up application that's main focus is assisting people and companies to get back to work efficiently post-COVID-19. The application offers screening, wellness, and tracking tools, the three things any company needs to get back to work. The objective is to get people back to work as safe and as efficient as possible. https://www.swiffdev.com/

RaniaRanii3
02-02-2021, 02:07 AM
This is what you need to know to begin.
Ensure your organization has a reasonable goal.
Distinguish your objective market.
Examine your opposition.
Financial plan likewise.
Distinguish your objectives and monetary projections.
Plainly characterize the force structure.
Talk about your advertising plan.
Keep it short and expert.

RaniaRanii3
03-05-2021, 10:43 PM
Your marketable strategy is the means by which financial backers and potential accomplices see that you know all that you can about your industry. Each business needs to have a composed strategy. Start Your Own Freelance Writing Business.

lishmaliny
03-13-2021, 08:11 AM
Wonderfull tips...Thanks for sharing. Hope it works.

RafiGroup21
04-05-2021, 11:53 PM
Rafi Group aims to provide clients with secure and trusted investment opportunities. We have been working tirelessly since the past four decades to bring unique investment opportunities for our clients that are safe and reliable with excellent prospects of high future returns. Investment in CPEC | Gwadar housing schemes | Gwadar plot prices | Plot for sale in Gwadar

Bigil
07-11-2021, 09:03 AM
Thank you for this information! I am very excited to learn as much as I can on this wonderful website. I have been trying to help my mother start an online business and we need all the information we can get! We don't want to rush into this without understanding the ropes.