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OTHER ITA SITES:
6 Steps To Creating a Successful Business Plan
You're excited! You've come up with a great idea for a profitableonline business. Maybe it's an original idea that hasnot been marketed online before? Maybe you've comeup with a new spin on an old idea? Whatever it isthat has influenced you to start your own online business,be sure that you have a plan before you begin. This isnot the time to “pick it up as you go”. Here are sixessential elements that you should be sure to include in yourbusiness plan.
Start with the business summary which should give a brief descriptionof the entire business. It is an integral part of theoverall business plan. Your next action is to begin to list theobjectives or the goals that you want to accomplishthrough the business. Lastly, and perhaps mostimportantly, you should develop your marketing plan.The marketing plan addresses all the specifics ofthe business.
When developing your marketing strategyyou need to address the following:
1.The target market
The target market is the customersthat you expect to see visiting your site. For examplewill your product be more appealing to collegestudents or to those who are in retirement?
2. Consider the competition for your product.
Choose a product that will be seen as unique and useful. Visit sitesthat are offering the same or similar products. Findout the cost of their product. How they are marketing theirproduct? Finds out the pros and cons of their businessand try to improve your product based on their flaws.
Explore the various methods for advertising online.You should become educated about search engines andhow they work since each one is different. Also besure that you know how to submit your site to searchengines. You should be prepared to spend a smallamount of money on advertising, but the profits thatyou gain from the advertisements will prove to bemoney well spent.
4. Think about pricing.
Again, look at the competitionand see what similar products are selling for. Pricingcan play a big role in the success of your product.Selling a product well below the average pricemay lead the customer to believe that there is a problemwith the product or that your product is not of the bestquality. Consequently, pricing items too high could alsodeter customers from purchasing.
5. 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,consider whether you will ship internationally.
6. Methods of payment.
If your business does not accept creditcards, you should be ready to give up more than half of your sales. If you decide to accept credit cards,will you use a merchant account or will you use athird party credit card processing center? Both willhelp you get started and the third party processingcenter will handle all of the business so you don’’thave to. When conducting business online, it is imperative that youhave a secure server. Also, will you accept checks or money orders?
These few items will help your online business become a great success. You will have peaceof mind knowing that you have thoroughly investigatedand planned for a smooth transition to theopening of your online business.
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