The Birth of a Successful Internet Business, Part Four: Developing Your Business Plan
November 21, 2002
Contributing Writer: Shelley Lowery
Developing a strategic business plan is an essential part of your success. Not only will it assist you in visualizing your business strategy, but it will also give you an organized approach to achieving your goals.
Your plan will be used as a step-by-step guide to assist you in accomplishing your goals. Without a solid plan of action, you won't have any direction. You'll travel in circles and ultimately never reach your goals.
Your Internet business plan should include all of the following:
Business Summary
Your business summary will completely summarize your entire business strategy from start to finish.
Objectives
Your business objectives will consist of a description of your products and services, and exactly what you want to accomplish.
Marketing Plan
Your marketing plan should consist of all of the following:=> Identify your target market
If your product or service doesn't have a market, you definitely won't be successful. You must identify who your customers will be to determine whether or not there will be an interest in what you're offering.
Your product should not only fill a void, but should also be unique. The less competition you have, the better. If you enter a market in which you're competing against hundreds of other products similar to yours, your chance of success will be minimal. Develop a high-quality product that fills a void and provides people with exactly what they want.
=> Identify your competition
You must know who your competition is in order to compete. What are they offering? How are their products priced? How is their Web site designed? How are their products delivered?
In order to compete with your competition, you must continuously keep an eye on them. Do a search at the Search Engines to locate your competition and evaluate their business.
=> How do you plan to advertise?
Although setting up a Web site is an essential part of your advertising plan, it is only the first step. You must develop an advertising plan that will drive a continuous stream of targeted traffic to your Web site.
Your first step will be to submit your site to the Search Engines.
Although there are many Internet marketers that are constantly trying to maintain a top listing in the Search Engines, in my humble opinion, it's simply a waste of time.
Each Search Engine is different and has different guidelines in regard to how they rank a web page. In addition, their guidelines change very frequently and it is literally impossible to keep up with them. Your best option will be to optimize your Web site to the best of your ability, submit your pages to the Search Engines and forget it. (Resubmit your main pages any time you make any significant changes.) Your time can be better spent using other marketing techniques other than fighting the Search Engine wars.
If you really want to build your business online, you must be willing to invest a portion of your profits back into your business. There are many advertising opportunities available on the Internet that will enable you to purchase targeted advertising very reasonably.
=> How will your product or services be priced?
Although pricing your product or service may seem like a simple task, it is a little more difficult than you may realize. If you price your product too low, it may be perceived as a poor quality product. Remember the old adage, "You get what you pay for?" A higher price is naturally perceived as a better quality product. However, if you price it too high, your product may not measure up.
Make sure you take your time and select your selling price very carefully. Visit your competitor sites and see how they're pricing their products. Test different prices to determine the best price for your product.
=> How will your product or services be delivered?
If you're selling a tangible or physical product, what shipping options will you offer? What shipping prices will you charge? Will you charge higher shipping rates for orders outside your country?
If you're selling an intangible or electronic product, will you have security measures in place? Will your product be password protected? How will your customers retrieve your product? Will your product delivery be automated or manual?
=> How will you accept payment?
How many payment options will you offer your customers? Will you have a merchant account to process credit card orders? If you don't want to get a merchant account, will you be using a third party credit card processing company? Which companies will you use? Will you accept checks and money orders?
If you decide to get your own merchant account, you will also need access to a secure server and a shopping cart system. A secure server will protect your customers' information. A shopping cart system will provide your customer with a running total of what they've ordered and the total cost.
The following Web site can provide you with a merchant account:
- Total Merchant Services (TMS)
If you'd rather not have your own merchant account, third party credit card processors will process your credit card orders for you. There are usually no monthly fees. They charge a "per transaction" fee and send you payment for all your orders processed, minus their fee and a reserve fee.
If you're just starting out, you may want to use one of the third party credit card processors, as this is the easiest route. Each company provides you with step by step instructions to assist you in getting your Web site set up to accept credit cards. The great thing about third party credit card processors is that they handle everything for you. You don't have to hassle with processing your credit card payments or charge backs, as everything is taken care of for you.
Developing an Internet business plan will provide you with a road map to achieving your dreams. Plan each step very carefully and fully research your options. Plan your work then work your plan and you'll be well on your way to achieving your goals.
Copyright © Shelley Lowery 2002.
===============================
About the Author:
Shelley Lowery is the author of the highly acclaimed ebook series, Web Design Mastery -- an in-depth guide to professional web design that is rapidly becoming known as the "Bible" for professional web design.
http://www.webdesignmastery.com
===============================
The Birth of a Successful Internet Business, the complete series:
- Part One: Soul Searching
- Part Two: Tools of the Trade
- Part Three: Essential Software
- Part Four: Developing Your Business Plan
- Part Five: Planning Your Web site Strategy
- Part Six: Designing Your Web site
- Part Seven: Accepting Payment through Processing Companies
- Part Eight: Automating Your Business
- Part Nine: Developing Your Credibility
- Part Ten: Your Marketing Strategy
Related Articles:
- Starting a Web site - A 12 Step Guide: Part 1, Part 2 - giving you a blueprint on starting a website.
- Work at Home Opportunities On the Internet: Part 1, Part 2
Recently in Business Cents:
Tips to Writing a Good Press Release
Distributing a press release to editors and news organizations is only half the battle. Writing a press release that will be published by the media is equally important. Press releases are public relations opportunities. A well written press release, can generate exposure in publications that could be worth thousands in advertising dollars, for a fraction of the cost...
Publicity Performance Not Enough?
...you may be failing to create external stakeholder behavior change that leads directly to achieving your managerial objectives. In other words, failing to persuade those key outside folks to your way of thinking, or move them to take actions that allow your department, division or subsidiary to succeed...
Valentine's Day; Small Businesses Get Romantic
Small businesses can make sales soar this Valentine's Day just by exhibiting some of Cupid's matchmaking qualities. The moment a customer enters your retail store or Web site you should smother them with love. Immediately reinforce that they've come to the right place to find the perfect Valentine's Day gift. Here are six affordable marketing strategies small businesses can use on and offline to hook Valentine's Day shoppers...
10 Shockingly Simple Web Copy Secrets Anyone Can Use Instantly
What are the web copy secrets you need to know to convert prospects to paying customers? Don't spend hours laboring over your copy. There are simple, instant tools you can use to develop great copy in minutes...
Do You Have a Business Card?
When asked "Do you have a card?" you can create an impression that can make, or break, any future relationship with the person who asked...
Introduction To Copyrights, Patents, And Trademarks
In the USA, the Copyright Act of 1976 governs all copyrights. The Copyright Act does not protect any ideas, procedures, process, systems, and methods of operations, concepts, principle or discovery regardless of how it is expressed. It is the expression that is protected by the Copyright Act. You cannot copyright titles, names, slogans, and short phrases even if those have new ideas...
Dream Career In Four Steps
It's not too late to land your dream career. The time you spend thinking about it, could be time spent making it happen. If you're still waiting to land your dream career, you need to know where to find it, and how to make it happen...
Tips In Choosing IT Career
Need assistance getting into the IT industry? The following expert advice is designed to help those interested in getting into this field...