Starting your own business can be an exciting proposition, and never has the time been better for those who want to cash in on an ecommerce business. If you’re dreaming of the flexibility and freedom of working for yourself and have grown weary of the daily grind in commuting to and from to labor for others, you should start taking that dream seriously!
Build a business plan that allows you to work from home on your time by looking at products that are popular right now. Here is a step-by-step approach to get you moving in the right direction.
Write an Executive Summary. This is a paragraph or two that summarizes your overall vision for your business. In this part of your business plan, you should dream and think big. The executive summary is the framework that you will use to add the details later, so don’t be too worried if you aren’t sure of everything just yet. The most important part is getting something down on paper that provides insight into what you want long term, even if the goal cannot be realized immediately. The product you are going to focus on is important, but where you see yourself going is even more critical.
Describe the Company. In the General Company Description section, you are going to write an overview of what the company looks like and what products it will sell to consumers. This section may contain a comparison to similar businesses or analyze the local demographics or trends of your target consumer base. This part of your business plan serves as a guide to what you are doing and where your company is headed so that it will be more detailed than the executive summary.
Discuss the Product. This part of your business plan is critical to your understanding of the product. Because there are so many best-selling products today, it is important to emphasize how your product is unique. You will also want to illustrate how your product fills a void in the market and emphasizes the ways your product is different from those of your competitors. This section of your business plan may attract prospective investors, so write to sell your idea to those who may want to throw money your way to get you started!
Develop a Marketing Plan. In this segment, you will want to explain how you plan to bring your product to consumers. Write about the ways you will inform customers about your product, including any social media platforms you intend to use. Think about how you will make your new company known in your community, how you will grow your business over time, and the manner in which you will increase your company’s presence online and, if applicable, in your locale. In this part of your plan, you may want to emphasize the socially responsible aspects of your company and how you will inform others about your philanthropic thrust.
Design an Operational Plan. This is, perhaps, the hardest part to write. In this portion of the plan, you will get down to the nitty-gritty details of how the business will be conducted on a daily basis. You will need to describe who will be hired, what the employees will be doing, and how the product will get where it needs to go. Generally speaking, this requires you to think critically about how you intend to meet your company’s goals and objectives. A flowchart may be required to help you problem solve and articulate clearly the details of the operational plan.
Articulate Management and Organizational Processes. In this part of the plan, you will explain the philosophy of your company and describe its structure. It may include an overarching mission or vision statement that reflects back to the general overview of your company provided in the executive summary but also explains your organizational management style. In other words, how will you gather your employees together so that they are able and willing to work toward a common goal?
Construct a Financial Plan. In this final section, you will illustrate your intended model for the financial aspect of your company. In it, you will also include your need from investors. In this part, you delineate your decision regarding sole proprietorship, LLC, or corporation, as well as decide how to obtain business credit, if needed. You may also include information regarding the separation of personal and business finances. Using an online financial planning template may help you organize your thinking about your ecommerce store.
The idea of starting a business is exciting, but remain firm in your objective t plan well enough so that you be flexible and creative along the way without compromising your company in the process.
What details would you include in your business plan? Share your thoughts here.
