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Sunday, June 21, 2009

The Way a Business Plan Should Be Written For an Online Business

It's very important that one should do adequate planning, if that person wants to venture into online business. The most suitable way to start is to visualize a perfect business plan. The most important requirement, to start any business, is the easy availability of finance. In case there is inadequate finance, the person can apply for a business loan. But it should be kept in mind that in order to get the required loan sanctioned, the person should furnish a perfect business plan to the concerned bank officials in order to gain their confidence about your loan repayment capacity.

The plan should provide detailed information about your business ideas regarding the available products and services. Previous experience in the particular segment would definitely give a professional touch to the business plan.

The plan should contain all required information of the business proposal, which will help the person in understanding the advantages and disadvantages of the venture and thus help in taking corrective steps in the initial stages. The plan should contain all information about the businesses unique selling Points (USP), the number of competitors and the volume of customers.

The plan should also contain information about the available startup finance for bearing the various expenses which will be incurred for administration and equipment purchases. It should also list the expense reduction methods, the loan amount and repayment period, if required, contingency plan during the loan period and also the minimum period required to start earning profits.

Another important point which should be included is the value of the business assets which would be required by the bank as a guarantee for the loan amount, if sanctioned. In case property assets are unavailable, other assets like personal insurance should be kept handy. These are the requirements of a good business plan.

The most important point of a business plan is the marketing strategy. A market survey of the products and services of our business should be done in order to understand the market in a more professional manner. This will surely give us an insight about the business psychology and help in sharpening our marketing skills. The advertising budget and methods should be thoroughly planned. We should refer to the case studies of other reputed and well established companies having similar products and services and compare their strategies with our plan in order to come out with the best possible marketing strategy for our business. The advertising budget for our perfect plan should be generous in order to get the maximum exposure in the market. The mode of delivery, the methods of marketing (Direct / Indirect) and the mode of payments should also be included in our business plan.

We can now definitely understand that in order to start a successful and profitable business venture we should have a perfect, technically sound and fool - proof business plan which will surely help us in becoming a successful entrepreneur in the future.


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