By Steije Blokpoel at April 28 2019 19:17:13
For an online business, a detailed and in depth business plan is usually not necessary unless you are trying to combine your online business with a traditional business. For most online business startups, the detail involved with planning a traditional business is not required. However, it would still be beneficial to you if most of the topics were still covered, even if only briefly. Having a written plan in front of you will help you to focus on important aspects of the business.
That is a great thing to make sure you have in your business plan, that your business will be built around those real customer wants. Do not make callous assumptions, or statements like "I know what people want", "People are going to love this", and so on. Have you done your research? Do you really know that the people you will be targeting want your product / service, and crucially do they want it AT THE PRICE that you will be offering it at? Whilst confidence in your plan is fantastic, you must make sure that it does not lead you down a blind alley along a path that is not desired by your target market. Don't assume what customers want, do your research and make sure that is clear from the start in your business plan.
Some of the questions a growth business plan might ask you are: _ Are you comfortable that the market wants and is willing to buy your product or service? _ Is your product or service priced so it is competitive in your market? _ What's different about your product or service? Why would a customer purchase it over someone else's? _ Is your market big enough to support your business? What about 15 years into the future? _ If you wanted a better lifestyle, what would your business need to do to give you that lifestyle? _ How much sales would your business need to generate to give you that income? _ How much sales would your business need to generate to give you the income you want 15 years into the future? _ What will be the cost of your labor and material? _ What will your expenses run? _ How much will it cost to overcome the capacity constraints that will occur as your business grows to meet your income requirements? _ Will your profit give you the income you want in the future and at the same time maintain a healthy business for you as well?
Succession Planning _ Unless you plan to run your business for your entire life, you will need a plan of succession. If you are the only person who can run and operate your company, it is doomed to fail when you can no longer run it. Create a plan that will spell out what steps will be taken to either sell your company or hand it over to another manager. Develop a system that allows your business to be run without you. An operations manual that details the key components of running your company is the first step in succession planning. Consult an attorney about the legal aspects of either selling or transferring ownership of your company.