Learn the questions you have to answer to make an online business plan, helping you to get clear on your goals.
- Some people think that starting an online business is really easy, and they don't really need a business plan. In fact I think you need a business plan more than ever. You gotta think about the fundamentals, just because it's online doesn't mean that the business is any different. You still wanna make money, I mean that's what it's all about. So do you know where your customers are? Do you know how to find them? Do you know how many there are? Do you know why they buy from you? In fact the question I want you to be able to answer for yourself is, what job are they hiring my product to do.
And when you understand that, you can work on your brand story. Now brand story is equally part of a business plan. A business plan is not a sit and forget document. In fact the smaller the better. I like a one page plan quite frankly. In fact I think I'll pull one together for you. The most important thing is to keep reviewing it. What are your critical numbers? What is important to you, and are you meeting those? You see, I see many people coming onto Shark Tank Australia, and they present to us a product that they believe has market acceptance, but what we don't yet know is, is it a viable business.
And there's a difference between having a fabulous product and getting the product to market in a way that is gonna be cost effective. You might think that online is cheap, it is not necessarily. If you think that there is 1.5 billion websites on the planet, trying to find people to attract them to yours can be really hard. So planning, thinking about what is your unique proposition, and staying agile and listening and responding and adjusting. Your business plan should be your guide.
It should be your scorecard. It is something that you refer to regularly.
- Explore the pace at which new products can be added.
- Recall methods for building trust in your online brand.
- List the various website metrics that can be used to track success.
- Recognize the factors that resonate with an online audience.