Now that you’re certain, that you have what it takes to journey into this internet marketing industry. And you really want to start a business online. It’s time to realize that you must now think as a business-person. And even though you will be for the most part, working online (a little heads up, there will be off-line tactics involved as well, but that’s later!), any business owner must have a vision of what, where, how & who they want their business to cater to.
What segment of society will most likely benefit from what you have to offer? Your targeted audience.
Is your product/service in demand, a niche market, a hobby?
With these types of questions, there’s only one way to determine those parameters for which you must work within. This is where some real work is put into play.
It is called a business plan.
A business plan is not only a description of your business’ forecast. But also, a kind of road-map that will give you an insight on the business’ products/services, markets, marketing strategies & procedures that will get you to the place you need to be with your new business.
A well-written business plan can provide you with a view of your business concept, a description of your products or services, what distinguishes your products/services from your competition.
Consumers’ needs they will meet and its market potential.
Research & research some more. A business plan can show how you plan to turn your ideas into a product/service that consumers will want to buy.
Identifying your target audience is important so that you concentrate your resources on the needs of a specific segment and could mean the difference between success and failure. How will you contact potential customers or clients? Explain how your pricing structure will enable you to gain acceptance (the consumer) of your product/service, maintain and increase market share while providing for a profit. Write out how much money is needed ( Don’t let anyone fool you……equipment, software, office supplies, legal documents, back-up system etc.,), it takes money to make money, plain & simple. How it will be used, where will it come from? It seems like a lot, yes, but armed with this type of information will clearly give you the upper hand in the making decisions that will put you in the right direction.
So you say, you just want to sell other peoples stuff. Still, wouldn’t it be better for you to have this information? Gain knowledge; be able to talk shop with your consumers or clients. The more information you have, the more professional you sound about what you offer, the more likely you are in capturing the customer’s interest.
In conclusion, these guidelines should enable you to describe your companies’ market niche, and future goals and objectives.
Remember this, 90% or more business’ fail within the first year. Why, for the most part, they did not have a clear picture of the road ahead. A business plan gives you just that. A plan!
What’s the saying……? Businesses don’t plan to fail, you just fail to plan!