Old,Meets,New,the,Web,Store,Bu ecommerce Old Meets New in the Web Store Business Plan
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E-commerce may be revolutionizing the way the world doesbusiness, but it shouldnt change your approach to writing abusiness plan. Whether youre starting a Web store from scratchor taking an existing outfit online, the basic elements of yourbusiness plan will be no different from a traditionalsmall-business plan.Those basic elements, according to the Small BusinessAdministration, are a description of the business, a marketingplan, a management plan and a financial plan. Consider eachelement in the context of a Web store and youll develop abusiness plan that cant lose. Here are some tips to get you started:Business DescriptionDefine the products and services youll be selling online andevaluate your strengths against online and offline competition.Describe your Web store content the information on your sitethat merchandises your product or service. Exactly what kind ofcontent do you expect to provide, and how will it relate to yourproduct or service?Marketing PlanClearly define your target customers, and define the advertisingand sales plans required to reach them. As you formulate yourmarketing strategy, consider the online surfing and shoppinghabits as well as the general usability concerns of yourcustomer base. For example, what Internet technologies (browserbrands and versions, connection speeds, etc.) do your customersprobably use? Do they want community features, such as messageboards and live chat? Are they open to push marketing, such ase-mail promotions and newsletters? (Find out more by visitingwww.workz.com/attract/home.asp.)Management PlanIdentify the key players who will plan, build and maintain youronline operation. Dont forget to include personnel in charge ofyour back-end systems, such as customer service (check outwww.workz.com/manage/cs.asp), order fulfillment, warehousing, andshipping. Determine what tasks will go to existing staff and whattasks you will outsource to consultants, so your business planclearly states where these responsibilities will lie.Financial PlanDecide what technical functions are necessary to your Web siteand research the costs of delivering those functions. You can usea turnkey solution to get your site up on the Internet (such asAOL or Yahoo! Store), or you can pay for technical expertise andbring these functions in-house. (Trywww.workz.com/build/vendors/host.asp.)Once youve determined your technical requirements, calculate how far yourexisting capital will go and then decide whether to seek additional capitalinvestment. If youve been thorough in developing the rest of your plan, youll be able to project income versus expense based on estimated site trafficand visitor-to-order ratios (the number of visitors compared to the numberof buyers on a site). Your investors will require this type of forecasting.Remember the old saying, "The more things change, the more they stay thesame." E-commerce strategy combined with a traditional small-business formatis the winning formula for your Web store business plan.
Old,Meets,New,the,Web,Store,Bu