The Birth of a Successful
Internet Business
Part four of ten -- Developing Your Business Plan
By Shelley Lowery
Developing a strategic business plan is an essential part of your success. Not only will
it assist you in visualizing your business strategy, but it will also give you an
organized approach to achieving your goals.
Your plan will be used as a step by step guide to assist you in accomplishing your goals.
Without a solid plan of action, you won't have any direction. You'll travel in circles and
ultimately never reach your goals.
Your Internet business plan should include all of the following:
Business Summary
Your business summary will completely summarize your entire business strategy from start
to finish.
Objectives
Your business objectives will consist of a description of your products and services, and
exactly what you want to accomplish.
Marketing Plan
Your marketing plan should consist of all of the following:
=> Identify your target market
If your product or service doesn't have a market, you definitely won't be successful. You
must identify who your customers will be to determine whether or not there will be an
interest in what you're offering.
Your product should not only fill a void, but should also be unique. The less competition
you have, the better. If you enter a market in which you're competing against hundreds of
other products similar to yours, your chance of success will be minimal. Develop a
high-quality product that fills a void and provides people with exactly what they want.
=> Identify your competition
You must know who your competition is in order to compete. What are they offering? How are
their products priced? How is their website designed? How are their products delivered?
In order to compete with your competition, you must continuously keep an eye on them. Do a
search at the Search Engines to locate your competition and evaluate their business.
=> How do you plan to advertise?
Although setting up a website is an essential part of your advertising plan, it is only
the first step. You must develop an advertising plan that will drive a continuous stream
of targeted traffic to you website.
Your first step will be to submit your site to the Search Engines.
Although there are many Internet marketers that are constantly trying to maintain a top
listing in the Search Engines, in my humble opinion, it's simply a waste of time.
Each Search Engine is different and has different guidelines in regard to how they rank a
web page. In addition, their guidelines change very frequently and it is literally
impossible to keep up with them. Your best option will be to optimize your website to the
best of your ability, submit your pages to the Search Engines and forget it. (Resubmit
your main pages any time you make any significant changes.) Your time can be better spent
using other marketing techniques other than fighting the Search Engine wars.
If you really want to build your business online, you must be willing to invest a portion
of your profits back into your business. There are many advertising opportunities
available on the Internet that will enable you to purchase targeted advertising very
reasonably.
Ezine Advertising
http://www.web-source.net/cgi-bin/t.cgi?l=doe
Pay-per-click Search Engines
http://www.payperclicksearchengines.com/
Pay-per-lead / Pay-per-sales
http://www.clickaffiliate.com/
=> How will your product or services be priced?
Although pricing your product or service may seem like a simple task, it is a little more
difficult than you may realize. If you price your product too low, it may be perceived as
a poor quality product. Remember the old saying, "You get what you pay for?" A
higher price is naturally perceived as a better quality product. However, if you price it
too high, your product may not measure up.
Make sure you take your time and select your selling price very carefully. Visit your
competitor sites and see how they're pricing their products. Test different prices to
determine the best price for your product.
=> How will your product or services be delivered?
If you're selling a tangible or physical product, what shipping options will you offer?
What shipping prices will you charge? Will you charge higher shipping rates for orders
outside your country?
If you're selling an intangible or electronic product, will you have security measures in
place? Will your product be password protected? How will your customers retrieve your
product? Will your product delivery be automated or manual?
=> How will you accept payment?
How many payment options will you offer your customers? Will you have a merchant account
to process credit card orders? If you don't want to get a merchant account, will you be
using a third party credit card processing company? Which companies will you use? Will you
accept checks and money
orders?
If you decide to get your own merchant account, you will also need access to a secure
server and a shopping cart system. A secure server will protect your customers'
information. A shopping cart system will provide your customer with a running total of
what they've ordered and the total cost.
The following website can provide you with a merchant account:
Total Merchant Services (TMS)
http://www.web-source.net/cgi-bin/t.cgi?l=ec
If you'd rather not have your own merchant account, third party credit card processors
will process your credit card orders for you. There are usually no monthly fees. They
charge a "per transaction" fee and send you payment for all your orders
processed, minus their fee and a reserve fee.
iBill http://www.web-source.net/cgi-bin/t.cgi?l=ibill
PayPal http://www.web-source.net/cgi-bin/t.cgi?l=pp
ClickBank http://www.web-source.net/cgi-bin/t.cgi?l=cb
If you're just starting out, you may want to use one of the third party credit card
processors, as this is the easiest route. Each company provides you with step by step
instructions to assist you in getting your website set up to accept credit cards. The
great thing about third party credit card processors is that they handle everything for
you. You don't have to hassle with processing your credit card payments or charge backs,
as everything is taken care of for you.
Developing an Internet business plan will provide you with a road map to achieving your
dreams. Plan each step very carefully and fully research your options. Plan your work then
work your plan and you'll be well on your way to achieving your goals.
Copyright © Shelley Lowery 2002. All Rights Reserved
About the Author:
Shelley Lowery is the author of several successful ebooks including Web Design Mastery -
An in-depth guide to professional web design. Ebook Starter - A Complete Ebook Design Kit,
and eZines: A Complete Guide to Publishing for Profit. Subscribe to Etips and receive a
free copy of her highly acclaimed ebook, "Killer Internet Marketing Strategies."
http://www.web-source.net
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