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Creating an Online Business PlanJune 7th, 2008 Every serious company maintains a crystal-clear business plan - but far too many serious companies venture onto the Internet without a sharp online vision and without a well-defined business agenda tailored to the idiosyncrasies of electronic commerce. As more and more business moves online, solid planning becomes increasingly critical, and a business plan - specifically one that takes into account the unique properties of e-commerce - is key to commercial success. Like any business venture, starting a successful online store requires vision, planning and strategic decision-making. And it is precisely the novelty of the Internet that makes solid planning crucial to realizing your business objectives. In many respects, e-commerce is an uncharted terrain. So in establishing a blueprint for action, your plan must address the following fundamental questions: |
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What differentiates e-commerce from traditional brick and mortar marketing?
Which traditional marketing techniques can be generalized to online business and which cannot?
How will you promote your company and your product online?
What audience or market will you target?
And how will you deliver your products to customers?
The Internet poses unique challenges for online business. Beyond defining mission goals, a business plan should explain how company objectives fit into emergent e-commerce contexts. Such a plan requires that a comprehensive analysis is carried out and that all contingencies are planned for.
A business plan determines the most powerful models of online promotion and marketing; it identifies who the competition is; it locates and understands its online customers; it establishes an online presence and image. And because the Internet is unique, an online business plan should display an innovative and flexible approach in elaborating e-commerce goals and solutions.
Whether your business is a start-up or an established brick and mortar firm just now expanding onto the Internet, developing a business plan means doing research and gathering viewpoints, as well as studying the errors and successes of existing online enterprises.