In The Beginning...The Business Plan

Whatever it is that has influenced you to start your new Small Business Venture, whether it be brick and mortar, home based or online, it is vital that you make a sound business plan before beginning. There is little room for fits and starts and trial and errors if you really want to succeed in a Small Business, the competition is fierce. Here are some basic things that should be included in your business plan.

The Business Summary is an integral part of the overall business plan and should start with a brief description of the entire business. After this, 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 should address all the specifics of the business. When developing the marketing strategy, you should consider the following:
1 - Your Target Market - These are the customers that you expect to see visiting your store or website. Who will your product appeal to more, young or old? "Gens" or Baby Boomers? Workers or to those who have retired?

2. The Competition for your product - Choose a product that will be seen as unique and useful. Know your competitors that offer the same or similar products. Find out the cost and how these products are being marketed. Research the pros and cons of these business methods and try to improve your product based on their flaws.

3. The various methods for Advertising - Probably the most cost effective is Online Advertising. Do research on search engines and learn how they work as each one is different. Make sure that you learn how to submit your website to search engines. Build your site with SEO, (Search Engine Optimization,) in mind. Be prepared to allocate a small amount of money on advertising; the profits gained from the advertisements will make your investment worth it.

4. Think about Pricing - Again, look at the competition and see what similar products are selling for. Pricing can play a significant role in the success of your product. Selling a product well below the average market price may lead customers to think that there may be a problem with the product, or that it is inferior in quality. On the other hand, pricing items too high could also deter customers from purchasing.

5. Determine how you will Ship the product - Make sure that you know how products will be shipped so that shipping details are clearly posted on your website. When shipping things of great value, you should consider providing shipping insurance. Consider also shipping outside the country that you live in.

6. The different Payment Methods to accept - If your business does not accept credit cards, you should be prepared to give up half, if not more, of your sales. Should you decide to accept credit cards, you can choose to use a Merchant Account or a Third Party Credit Card Processing Center. While both will help you get started, the third party processing center will handle all of the business so you don’t have to. It is essential to have a secure server when taking credit cards. You must also decide if you will accept checks or money orders.

These few things will help jump-start your New Small 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.