Getting Started: 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:

Target Market
The target market is all 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?

The Competition
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. Find out the pros and cons of their business and try to improve your product based on their flaws.

Do Your Research
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.

Pricing
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 deflect customers.

Shipping
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.

Payment Options
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.

Gary Nugent can help YOU start your own profitable business on the Internet within the next 24 hours... To learn more, visit: http://www.MakeOnlineResidualEarnings.com /pips.html

---

Better Links Directory

How To Eliminate Credit Card Refunds From Digital Thieves

Can you encounter the number of times where a Credit... Read More

Short Story: The Benefits of Shopping Online

Maria's new lifestyle: Short story about the benefits shopping on... Read More

Cost Effective Ecommerce Solutions

Ecommerce use to be about spending thousands of dollars on... Read More

Credit Card Merchant Account Basics

Knowing which credit card merchant account to get can be... Read More

Developing a Winning e-Commerce Strategy

One bright spot on the economic horizons around the world... Read More

Eleven Things You Must Know About A Drop Shipping Directory And Its Company

1. Balance - You want to find a directory rich... Read More

E-Currency Exchange: The First Bonanza of the 21st Century?

The 21st century has introduced the world to a new... Read More

7 Must Have Scripts to Look for When Shopping for E-commerce Hosting

When shopping for e-commerce hosting there are a lot of... Read More

Start doing online business using B2B Portals in Six Steps

I registered with a B2B site but what's next?This is... Read More

Getting Started in ECommerce - Part One

In 2004, Enquiro.com conducted a study of the search behaviors... Read More

Expand Your Local Business Through the Internet

To obtain more local customers for your business, consider expanding... Read More

Intranet Project ? RAD or Waterfall?

Building BridgesI have often used the analogy of building a... Read More

Intranet Portal ? Business Case ROI

The days of easy money are overIn these post-dot-com days... Read More

What is SSL (the little padlock)?

SSL ("Secured Socket Layer") is a protocol used to... Read More

Why Ecommerce is Not Ready for My Daughter or Me

As the mother of a teenage clothing fanatic I'm often... Read More

Grow Your Business Using B2B Emarketplace - Part I

If you are a small to medium size company and... Read More

Electronic Commerce Tax Jurisdiction and Principles of Permanent Establishment

The principle of "permanent establishment" is very important for avoidance... Read More

Do Your Online Brokerage Business With Zero Down

If you have little or no capital but you want... Read More

Prompt Delivery Rules ? Internet Product Sales

The Internet is the fastest growing source of mail order... Read More

How Measuring Key Performance Indicators Can Improve E-Commerce Strategy - Part Two

Why time spent on your site is importantAll websites regardless... Read More

How To Accept Credit Cards Online

Anyone with an online business, whether for auctions, services, or... Read More

10 Compelling Benefits of Having A 3rd Party Merchant Account

If you have been wrestling with the idea of applying... Read More

Creating The Perfect Ecommerce Website

If you're thinking of jumping on the bandwagon and going... Read More

Intranet Project Names - Some Ideas

"What's in a name? That which we call a rose... Read More

Tell Them Whats in The Can!

What does 'the can' mean? Well, its literal meaning relates... Read More