Starting a dating profile writing business
Additionally, the tools and cost-benefit involved in building and marketing an online business have become increasingly easier, cheaper and faster than ever.
But in an era where technology is always a part of our lives, you need to make your business idea, model and planning stand out if you want to succeed in the long run."People have completely shifted the way that they relate to their technology," says Jon Burg, a senior social engineer who works with Fortune 100 companies on emerging technologies at Digitas.
What are you selling, where does it fit within the market, and what is its price in comparison?
If you're not a transactional site, you'll still want to define how you plan to make money, whether that's via advertising, traffic and visitors, etc.
And in today's business landscape, those innovative ideas must include a social media strategy (yes, Facebook, Twitter and more)."I love the word personality when it comes to finding your personality in the social space," says Brendan Gallagher, the VP/Group Creative Director for Emerging Technologies at Digitas.
While sales, revenue, and established users will be catchy in a business plan, you also want to describe how much capital you already have and will need, what the cost of operation will be, and what type of accounting you plan on utilizing."The beauty of starting an online business, if you don't have hard sales numbers," says Berry, "is that you can at least get the site up and live, get a module, get going in a way that is more practical and more close to reality than it was in the past to show potential investors what they're spending on."Dig Deeper: Financial Projections Model Business Plan for an Online Business: Measure the Market and the Metrics Focus specifically on the demographics and users you're looking to hit with your new business, and how your price and costs might compare with what the market wants to pay.
This is the spot to list your existing competition and what they're doing right or wrong, and remains one of the most attractive and important sections to lure investors or lenders.
Regardless the type of online business you are running, here are the recommended steps in putting together your business plan (read more about writing a great business plan).
Dig Deeper: Business Plan Power Point Template Business Plan for an Online Business: Set Up a Review Schedule (Be Open to Change) You should never complete any business planning without a review schedule, but it has become increasingly important to do it earlier and more often.