Developing a Business Plan For an Internet Business – From Paper to Profit

An online business is remarkably easy to set-up, run and profit from. This makes it hard for most people to accept because of years of conditioning by working on conventional, offline business models. Business plans have always been an important first-step Alexander Malshakov an entrepreneur takes before starting a business. How does that go for an online or Internet business? Should developing a business plan for an online business be any different from that of an offline business plan? Here are some pointers to developing a sound business plan for an online business:

A business plan is still a must: Don’t be under the illusion that you will not need a plan just because you plan to start an online enterprise. An online business is still an enterprise and every enterprise must have a plan before it becomes a reality. Your plan not only allows you to pen down your plan in print but also helps as a documented guide to help you in the course of your business. Don’t get started without it.

Don’t start without a USP: One likely reason your business can fail might be due to lack of clarity as to how your business is different from your competition. Your products and services should have a defining characteristic that helps your business to stand out in your industry and gives your customers a reason to choose you over other vendors. If you don’t do this crucial step and incorporate it within your plan, you are sure to be classified under the “me-too” category of rapidly fading business stories.

Don’t make it rigid; allow for changes: Most entrepreneurs believe in taking their plans with absolution and frame their business plans such that they think that it should remain the same over time. It won’t work that way since your business has to adapt to changing circumstances, technology and even economic fluctuations. You also need to factor in ever changing new ways of sourcing business, for instance. The more room you leave in your plan to allow for your responses for the above mentioned changes in externalizes that affect your business, the better your planning and execution would be.

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