Planning, We Don’t Need No Stinking Planning!
Business planning is another step in the process of developing your business that many people would rather skip all together˳
“Planning? We don’t need no stinking planning!”
If you’re not familiar with the line then you’ve been deprived of a comedic masterpiece, but I digress˳ The point is that many of us prefer to “do” vs˳ “plan˳” Nevertheless, it is sometimes necessary to bite the bullet and do some planning˳ This is one of those times˳
A business plan serves as the roadmap for your business and as its primary sales tool for financing˳ Even if you have no intention of going to a bank to get startup funds for your e-commerce business, you should still develop a business plan˳
A business plan will help you to develop a real course of action to get your business off the ground˳ Most business plans contain the following:
Executive Summary – discusses the high level goals, mission statement and keys to success for the business˳
Startup Costs – a list of the initial costs to open the business˳
Product Overview – what are you selling and why will it work?
Market Analysis – find out who are your target customers and how will you attract them?
Competitive (SWOT) Analysis – determine your competitors and how will you beat them?
Sales Strategy – how will you sell your products?
Sales Projections – how much do you expect to sell in the next 3 years?
Website Development Plan – how will you get online? Who will make it happen?
Operational Plans – Who will run the business? How will it operate?
Financial Plan – When will you break even? What’s the projected profit/loss for 3 years? Cash flow? Balance sheet?
Seems like a lot, right? Sure the concept can be overwhelming, but you don’t need to start from scratch either˳ What if I told you there was a place to go and find over 500 different sample business plans you could use to model for your own business? Okay, so there is and I’m telling you˳
I know you’re ready to skip ahead to the next chapter and avoid this important but intimidating step in the launch of your business˳ Don’t do it˳ Even if you’re not planning on seeking financing from traditional sources like a bank, this is a valuable process that will help you understand more about running a business˳
If you are going to seek financing from a bank or even mom and dad, having a solid business plan will make you more confident˳ Would you invest in a business that didn’t even have a plan?
Source by https://ezinearticles˳com/?Planning-To-Start-New-Online-Business—E-Commerce-Web-Solutions!&id=7414807
