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Sunday, 27 May 2012
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Getting
Started: Creating A Great Business Plan
by
Glenn McDonald
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:
1) The
target market. The target market is 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?
2) 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. Finds out the pros and cons of
their business and try to improve your product based on their
flaws.
3) 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.
4) 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 detour customers.
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 think about shipping outside the country that
you live in.
6) 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.
Glenn McDonald can help YOU start your own profitable business
on the Internet within the next 24 hours. To learn more, visit
http://www.AutoProfitCash.com/pips.html.
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