Internet Business Plan – 7 Steps To A Successful Online Business

An internet business plan is the most important first step if you want to be successful online, and it is often the missing puzzle piece needed to make money online. Like any small business, you need to be intentional about what you do if you want to succeed. Taking the time to write an internet business plan can make the difference between being successful and wasting countless hours and not reaching your goals.

In order to write an internet business plan, the first thing you need to do is learn internet marketing. Fortunately, there are many great sites available that will help you learn the ropes as you are getting started. Take some time and familiarize yourself with the different strategies of internet marketing. Read as much as you can, and practice it as you go. I have always found that doing is the best and fastest way to learn.

As you become familiar with the various strategies, find out which you enjoy more and which ones you are better at. Keep these strategies in mind as you are writing your internet business plan. You will be much more successful and you will enjoy what you are doing more if you concentrate on what you are good at, while practicing and learning the other strategies as a minor part of your plan.

Here are things that you will need to do in order to have a successful internet marketing plan.

#1 Find a niche – Keep in mind that you want to solve a problem, not sell a product. Find a niche where people are looking for a solution to a specific problem. This is called a hungry market, and when you find one, you will be much more profitable.

#2 Find a product that will solve the problem – When you are starting out, clickbank is the best place to find products. They offer high commissions (usually 50-75%), the products are digital so there is no shipping, and they offer a wide variety of products.

#3 Find a keyword to target - This is how your niche will find you. You need a keyword that enough people are searching for each week, but with low competition so that you are able to make your way to the first page of google.

#4 Set up a website using WordPress – I recommend using wordpress because it is easy. You can update and edit very easily and you do not need to know much, if any, html. As you set up your site, make sure to optimize it by using your keyword in the title, description, and several times in the body.

#5 Use the strategies you know – Pick two or three of the strategies that you feel you are best at and use them to promote your site. As you get better and faster at these, introduce other strategies as it is always best to have a diverse set of links pointing back at your site.

#6 Plan your weekly routine – Take some time and plan what you will do each day of the week. This will make you much more productive and it will ensure that you cover all of the promotion strategies that you want to. Make sure to schedule time for learning and researching as that is one of the most important things you will be doing in the beginning.

#7 Evaluate your plan monthly - You want your internet business plan to work, right? The best way to do that is to evaluate it after following it for a month. Is it working? What can be improved? Make the changes and try it for another month. Pretty soon, you will have a streamlined operation, allowing you to do more in less time.

This is a very simple Internet business plan that can be used to guide you as you get started in internet marketing. Feel free to add to it because this has to be your internet business plan. The most important thing about any internet business plan is not how well written it is, or how great it looks, but how well you can follow it and the success that follows. Write yourself a plan and stick to it – you will be glad you did.

Business Plan – A Better Idea

Pick up almost any document on starting a business and you’ll be advised that you should promptly undertake the creation of a business plan. I am a big fan of business planning but here I’ll disagree. A better idea is to complete a feasibility study. A feasibility study and a business plan share a lot in common but the feasibility study is much shorter and can be completed in less time than a full business plan.

The whole point of the feasibility study is to determine if the business concept is feasible. There is no need to go to all of the detail required by a business plan if a general testing of market numbers indicates the idea will not work.

It is alright to use educated guesses for the numbers. You can increase accuracy and detail in the business plan to follow if your initial study indicates it is warranted. A good feasibility study should answer at least the following questions:

  • What is the size of the market (units sold)?
  • What market share can we expect to gain (% of market)?
  • How many will we sell?
  • At what price?
  • What expenses will we incur?

Try to make a list of the resources you’ll need to operate the business (land, buildings, equipment, training, employees, licenses, permits & fees, inventory, interest, marketing etc.). Do your expenses resemble within reason your consumption of these resources?

Next, Test your plan on a variety of inputs. Generate a worst case, probable and best case number for each input. This will provide you with a minimum threshold below which your idea is not feasible. This will prove immensely valuable if you move on to the business plan stage. When (if) you begin additional research, you’ll focus on the most critical number in the plan. For instance, if you determine you need a market size of at least 30,000 customers meeting a specific demographic to make the plan work and you find out that there are only 20,000 then either find a plan to make it work with 20,000 or stop working the plan.

Now have a knowledgeable third party evaluate your study. Incorporate their suggestions to make your plan more realistic.

After revision, ask yourself if the anticipated profits are worth the risks you will take? Does it make sense to invest your time and money in this manner? If so, move on to the full business plan with a clear insight into where to focus your research.

How to Write a Business Plan – Tips and Insights

Writing a business plan is not a simple task … nor does it need to be a painful one either.

For starters, if this is your first attempt, you should look for Govt. and Non Govt. resources for small businesses and entrepreneurs ….. like your local chamber of commerce.

For online resources LinkedIn is a good start. Also try advisorgarage, gobignetwork, and similar networks to find a business consultant ready for pro-bono work.

The last thing you want to do though is to buy a software for business planning purposes unless you need this business plan simply for the sake of having a business plan on the shelf.

The better approach is: you should write a rough draft of your idea and everything what you think about it. Bounce these ideas at others and gather unique perspectives, feedback and more ideas, document that too. Lay out your monthly fixed costs ( rent, wages etc) along side your variable costs and then compare it with your prospective income sources. Run this schedule for at least 24 months. Use this schedule to see how much money you can go down for before the business works. Do you walk away 5 grand down after 6 months, or do you get lumbered with a hard to sell, expensive to keep, lease? Figure out, what happens if you reduce your income. Do a break even analysis – what is the lowest level at which you can make it work. Try to write something why …. and how sure are you that you will do better than anyone else who is doing the same. If you’re the only one doing or planning to do this the chances are either the idea is not profitable …. or even you don’t know where and who is doing it? So do more research about the business and try to figure the realistic bottom line for the business. All this analysis and work above was for your use. If you still want to do it -

Then draft a business plan using the free resources like Microsoft template and many more available in the market – this draft initially should include what you have done that makes you sure this will work. This may simply be – I have a contract, I know the business, there will be more, or it may be a thorough market research, traffic counts, industry statistics and the like. Put the schedule we did in the first place, into a spreadsheet,and lay out the rest in whichever format you like.

In my opinion, this is the most economic and realistic approach to write a business plan and not an off the shelf software which will give you a me-too business plan which to me is of no use as neither am I convinced nor can I convince any investors with that kind of auto-generated plan.

A business plan has many formats but shares a common group of elements. The one you write for yourself is different from one written to secure financing, or key employees. The place to start is not “which software to use” although that will be very helpful later.

You need to tell a story, or better yet, view it as a movie screenplay. If you can fill in the four elements below, you are well on your way to starting writing one.

The Title- The description of what your core idea is has to be compelling and not “just like all the others”. Why are you different?

The Star Studded Cast- Your Customers. Who is going to give you money? Why? Why Them?

The Thrilling Action-The plot details -Money In and Money Out- financiers love this part- but in simple terms, explain the money coming in and the money going out.

The Big Finish- Answer the question Why You Will Succeed? A good crisp answer here is the capstone.

I have seen plans go forward without these key elements explained simply and clearly, but the ones who do have a better shot at accomplishing their goals.