Lou Dubois is a Philadelphia-based Social Media Editor for NBC Universal's local news affiliate (WCAU-TV).He is an experienced writer, editor and marketer who has worked with and written about Fortune 500 companies and small businesses, focusing on social media, emerging technologies, small business success, entrepreneurship, sports business and corporate policy.Tags: Raintree Essay QuestionBill Brown Thing Theory EssayMany Pages 1300 Word Essay Double SpacedCompare And Contrast Essay Example CollegeChristianity A Religion EssayMarketing Research Process EssaysProper Heading For A Research PaperImperial College Thesis RegulationsEssay On Prophet Muhammad Pbuh In EnglishLegal Writing Thesis Paragraph
When it comes to planning, it's all about your understanding of the target market (as it always has been), but these days its much more reliant upon your willingness to adapt and change.
Business Plan for an Online Business: Deciding What Business to Build"Don't think of the formal business plan until you actually need it," notes Tim Berry, president and founder of Palo Alto Software, the maker of Business Plan Pro software, who blogs at and is the author of .
While sales, revenue, and established users will be catchy in a business plan, you also want to describe how much capital you already have and will need, what the cost of operation will be, and what type of accounting you plan on utilizing."The beauty of starting an online business, if you don't have hard sales numbers," says Berry, "is that you can at least get the site up and live, get a module, get going in a way that is more practical and more close to reality than it was in the past to show potential investors what they're spending on."Dig Deeper: Financial Projections Model Business Plan for an Online Business: Measure the Market and the Metrics Focus specifically on the demographics and users you're looking to hit with your new business, and how your price and costs might compare with what the market wants to pay.
This is the spot to list your existing competition and what they're doing right or wrong, and remains one of the most attractive and important sections to lure investors or lenders.
"People are no longer looking at their computers as a screen or a mobile phone as just their phone.
Rather, they're looking at it as a gateway to their life. It means there are new opportunities for marketers and entrepreneurs to talk to people in a new environment in a more meaningful manner."Users are very willing to attach themselves and become loyal consumers around new products and services today, and if you find a way to capitalize on that enthusiasm, you can bring a customer in for good while also gaining a brand advocate (someone who will express their enjoyment to others)." Using social media to evangelize a category or vertical that is your product is an important piece to this, because that's how you find influencers.And when you find influencers, that's how you find people who are related that are around things you make or can help identify the impact its going to have on society."Regarding metrics, online entrepreneurs are blessed with the availability of way more metrics than any businesses in the past.There are immediate ways to measure your business success that are very practical and very inexpensive, which makes them considerably easier to obtain."Online sentiment and what customers are saying is certainly important," says Burg, "but it doesn't tell you whether people are purchasing your goods.What are you selling, where does it fit within the market, and what is its price in comparison?If you're not a transactional site, you'll still want to define how you plan to make money, whether that's via advertising, traffic and visitors, etc.Consider your management summary to be a resume of the qualifications and work history for the people involved in your startup.If it's a smaller venture, which many online businesses tend to be, you'll want to play up your understanding and expertise in the digital space.If you can find a way to show that you have innovative ideas and marketing strategies, you're a step ahead.And in today's business landscape, those innovative ideas must include a social media strategy (yes, Facebook, Twitter and more)."I love the word personality when it comes to finding your personality in the social space," says Brendan Gallagher, the VP/Group Creative Director for Emerging Technologies at Digitas.