A business plan, regardless of the business that it ends up being for, can be one of the best initial investments you will make when gearing up to start your own business. In this article I’m going to cover internet marketing business plans, since that is the area I’m naturally drawn too, but many aspects of it will be the same for any business you might be considering starting up.
A business plan will be a fluid like document that accurately defines the scope of your business, as well as any goals that you might have for it, and it will give you, as well as others a glimpse into just what it is you are trying to achieve over the course of your startup, launch and execution of your new venture.
I would consider this to be one of the critical documents that all entrepreneurs have going into an online business, as it will provide you with a roadmap if you will, and break down some key items that will be important for years to come.
You should tailor your business plan to the niche that you have chosen for yourself. If you plan to become the expert in your field, then building this document will be your first step, and if done correctly will show you things about your new business and market that you probably didn’t already know beforehand.
In internet marketing there are a few things that you will probably focus on a little differently, like keywords, keyword research. Your demographics will be more difficult and broader, but you should still have a clear idea of who your target audience will be, and who it is you will be marketing too, so that you can tailor certain aspects of your marketing and advertising to this particular group.
A typical business plan will consist of four main sections, while an internet marketing business plan will have up to six.
Typical Business Plan:
1. Description of business
2. Marketing
3. Finances
4. Management
Internet Marketing Business Plan:
1. Description of business
2. Competitor Research
3. Sales and Marketing
4. Social Media Strategy
5. Advertising
6. Growth Strategies
It’s important to go into as much detail and depth when putting this information together and then compile it in such a way as to make it easy to read. This plan will become part of your roadmap for the future, and you will most likely refer to it often. I would consider this document a working copy, because as you and your business grows over time, you will find yourself surpassing certain aspects of your plan, while others may either be a struggle, or simply cease to be important. Something that is profitable and important today in internet marketing might become obsolete in the coming months or years. In the past we have seen the internet change many times, and you want to be able to change with it.
I’m going to outline each section below and you can use it as a guideline, each business is slightly different and unique in its own way, and you may need to add or remove information that you do, or don’t require. Remember, each business plan is also unique and should be put together as such. They can be as short, or as long as needed.
Executive summary:
A concise overview of your company, what your company is, where it’s heading, which people are involved as well as the goals and visions for the future.
Description of business:
Here, you can define your company in greater detail, telling about your products or services that you might offer, the growth that you anticipate, as well as the direction you will be taking your company.
Competitor research:
This is where you will show the strengths and possible shortcomings of the top competitors in your niche, you might list the keywords they target as well as their ranking, advertising budget, income, market saturation, social media strategy, etc. There is a lot of information available to you on a competitor’s website that you can capitalize on. The more in depth look you are able to take, the more it can help you with your own strategy. If for example your competitor spent over $800,000 last year in advertising, yet failed to capitalize on the social media aspect such as Facebook, or Twitter, you might want to go after the weaker area, rather than the stronger one.
Sales and marketing:
This is where you will have your financial documents, loans, bank statements, income streams, cash flow analysis, pricing structures, product lists, etc. If you are providing a future forecast, show your assumptions that you based the numbers on. For example if your showing a growing income from advertising based on your site’s traffic, and PageRank growth, show how you intend to achieve this.
How will you market your product and services, show your strategies and plans here.
Social media strategy:
Internet marketing and social media go hand in hand these days, and it is important that you don’t neglect this aspect with your own online business. This is where you will show how you intend to build your brand, and following, will you be growing your email list? How will you build a relationship with that list, and what methods will you use to grow it? What avenues will you pursue, and how will you grow your following?
Advertising:
How will you tell the world about your products and services? Will you use pay-per-click, banner advertising, guest blogs, or speaking, do you have a budget? How will your customer find out about you?
Try breaking it down into online methods, and offline methods, and focus on the profitable one’s first.
Growth strategies:
Try to have a clear set of goals outlined for your business, as well as exactly what you will need to do in order to achieve them, set deadlines and be accountable to them. I would have it broken down into monthly chunks, and remember that these goals are fluid, and can change as the need arises. You will find that you excel in certain areas and are able to accomplish those goals faster; perhaps you have a great outsource team that is able to provide content at twice the speed, or half the price, in which case you will have to reevaluate your goals and perhaps the timelines.
A successful internet marketing business plan will be able to change and adapt, as you and your company grows.
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