If you don’t know how to make a plan to start an online business then here is the answer. There are many ways to start planning an online business but here i mention some steps so please read carefully maybe it helps you in near future
A) Create an idea or product-
The first step in establishing a business is deciding what you want to sell. Generate an business that solve the problem generate by consumer. Make something cheaper or easier to use or simplify people’s daily lives.
B) Decide the business types-
There are many types of business website i.e. e-commerce, blog website etc. If you are selling goods, then e-commerce website is best. Blog website is very good for providing informatic data to consumer while e-commerce helps in selling goods to consumer. Decide your business type whether it is e-commerce or informatic type.
C) Define your goals -
There are basically two types of goals that is long term and short-term goals. Long term goals are for long period while short term goals are for short period. What is your market niche and how you will compete there? Answer to these questions will define your goals.
D) Inspect your weakness and Strength -
W.O.T analysis is the best way to analysis your weekness and strength. SWOT refer to Strengths, Weaknesses, Opportunities, and Threats analysis. Inspect your weakness which will help your business in succeed.
2) Planning your Website
A) Select a domain name-
Choose a domain name which define your business type. That domain can be your brand name. Mainly use high level domain like .com, .co,.co.in, .in. Make sure your domain name is simple and easy to type and as short as possible.
You can purchase domain form any domain and hosting provider that can be godaddy.com, hostgator.com, siteground.com. Domain and hosting is equally important for every business because its provide brand image.
C) Design your webpage-
After purchasing domain and hosting, try to make your navigation simple, with product/service description pages easy to get to. There are many mediam of desiging the website i.e. wordpress, wix and c-panel etc.
3) Market plan
A) Identified your customer-
– To market your product, you will identify who will buy your product. Narrow down your coustmer including demographic detail like age, gender, income etc. There are many method of identified your coustmer like observation methods, numerical methods etc.
B) Market research
Market research is very important for every aspect of business. Research starts with studying govt trade relation and govt policy and procedure. After the stydy competitor analysis is also important.
C) Take a look at your competitor
if you want to success in any business, competitor anylysis is very important. Many business person make this mistake of not analysis their coustmer. There are some question to be asked-
1) What are they doing well and what could be done better?
2) Is your product of adequate quality and priced appropriately for the market?
4) Finishing your business plan
A) Requirement for business plan
There are basically four type of requirement for business plan.
1) Strategy – Your goals, target market, strengths, offering description
2) Tactics- Marketing approaches, fundraising strategies, product features
3) Concrete specifics- Your specific goal timeline, tasks for management, Responsibilities
4)Essential numbers- Your budgeted expenses, revenues, and cash flows
B) Include your planned business details
You’ll need to include about ten full sections that describe your business. Most of these have already been created or explored earlier in the planning process.
- A business plan (executive) summary.
- A company summary.
- Product/Service description.
- Market analysis.
- Marketing strategy.
- Product strategy.
- Website plan.
- Management details.
- Financial plan.
- An exit plan.
C) Discuss your funding needs and sources
The main and most important aspect in business is to discuss your funding needs and sources. If you need a loan, where will you get it? All this is to be discussed while planning an funding.