Build Your Online Business Plan in 10 Sections
If you are planning to create an online business, you need to begin to build your internet business plan, which is made up of 10 sections that should be included in your plan. Let’s have a look at those 10 sections.
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Your Internet Business Plan Should Cover
1. Executive Summary – This is a required section and it’s goal is to clearly communicate your business plan basics. Keep in mind the reader may not be aware of the potential of an internet business so make sure you provide enough detail.
2. Business Description – This is also required. Talk about your company’s products/services along with history of the industry. Explain the internet environment and how what you have fits into it. Make sure you use words the reader will understand rather than industry terminology or lingo.
3. Marketing Plan – This is required and will discuss your targeted market, describe your advertising products, identify your customer and identify the competition, explain your pricing structure, etc.
4. Research & Development – This is required and get’s into the technical components of your project. What R&D is required to complete it and the forecast for the project cost to get it off the ground.
5. Operations & Manufacturing or Production – This is not required but is recommended. You should talk about the major aspects of the business you are planning to start including your daily operations, what equipment you will need if any, whether you’ll have your own web server or contract from a company. How many employees, how specialized they have to be, etc.
6. Management – This is not required but it is recommended. This should address who is running the company, what their expertise is, how many people on the management team and what they do.
7. Risks – This is required. Here you need to define the major and minor risks your business faces. In addition to regular risks such as a downturn in the industry, cost overruns, new competitors that weren’t expected. There are other types of risks online such as hackers, computer viruses, new policies, etc.
8. Financial – This is required. Investors or lendors are going to be paying close attention to what’s in this area. This is a summary of the money you hope to have invested or lended and the forecast of your profitability. Remember to highlight operating a business online has the lowest operating costs of all business types!
9. Timeline – This is required. Here you’ll lay out all of the steps to go from an idea to a reality.
10. Bibliography and/or Appendices – This is not required. Include business references, internet references, proposal studies, etc.
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