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Starting a Business - Creating a Business Plan
 
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    Starting a Business - Creating a Business Plan
    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.


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    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.


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    You should have also submitted the source of this text: http://www.internetseer.com/services...e.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.


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    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.


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    Quote Originally Posted by googoos0ng View Post
    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.


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    Quote Originally Posted by xwolfiex13x View Post
    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.


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    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!


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    Some good information there. Thanks OP


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    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.


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    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.


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