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When you start an offline business, you normally start with a business plan. The simplicity or complexity of your business plan depends to a very large extent, the size and magnitude of your business operation.
Since this site is primarily designed for individuals and small business owners, we will be using a simplified e-business plan.
A lof of small businesses neglect this stage and simply take the plunge. But keep in mind, no matter how small your business is, you must still have a plan. A word of caution, though. In the Internet, things change every second and so you must act fast. While there is a need for a plan, there is no need to overplan. Launch your site as soon as it sufficiently delivers what you intend to achieve and make the necessary changes and adjustments as you go along.
Steps in e-Business Planning
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The main challenge in any business, whether online or offline is identifying the business that you would go in. The world is full of opportunities and every so often, we hear of people hitting it big, some hitting it really big as in the case of YouTube and MySpace.
Although opportunities abound, it is best to focus your attention on a single opportunity. Concentrate on that single business opportunity where you believe you can have the most impact. Bear in mind that opportunities exist if there is an unfilled need.
The most important question you need to answer:
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Is there a need for the product or service that I intend to launch?
There may be existing products or services in the same category that you have in mind, but does yours offer something different? Someting superior? Something cheaper? Something more reliable? Something more readily available?
Let's take a look at one of the most successful business models:
a. Identify your Industry
One of the best ways to narrow your opporunity is to identify an industry. And focus on this particular industry. I am sure that you have visited sites that seem to have everything under one page: lotto, cars, insurance, credit card refinancing, free domain names, dating, etc. Success from this kind of site is only possible if you are Yahoo!, but as you very well know, the Yahoo days are long over. Niche or target marketing is the key to success in today's internet marketing.
What industry do you have an expertise in?
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Some Industry Types
Agriculture, Construction, Beauty and Wellness, Publishing, Hotels and Restaurants, Interior Design, Health Care, Transportation, Consulting, Manufacturing, Communications, Retail, Finance, Realty, Insurance .....
Your expertise?
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While there is no one stopping you from going into an industry you know nothing about, it much riskier. As with offline business, you have a higher chances of success if you enter an industry where you have already gained considerable experience.
b. Identify and research your target market
As with the offline business, customer is king. And you should research your customer:
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Who are your customers?
Where can you find them?
How can you find them?
If you find them, how can you make them your customer?
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And how do you go about researching your customers?
You can employ traditional methods of research: read newspapers, magazines, trade journals, etc. But since you are going to be an Internet entrepreneur, you might as well use the internet to do your research. Once you have identified the specific segment of the industry that you would like to focus on, start looking at sites related to your planned business.
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How many people in the world are looking for your product or service?
The easiest way to find what people are looking for and how many people are looking for is to use Google and Overture. Here's how:
Click on the link below to go the Google Labs. Type in the keywords for what you are searching for and Google will offer suggestions and at the same time, give you the figures on how many people "googled" this item.
1. Google Suggest
To see how many people searched for your keywords with Yahoo and Yahoo-supplied engines, click the link below:
2. Overture
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c. Research your Competition
Whatever business idea you have, you are sure to have competition. And it is better to equip yourself with competitive information.
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Who are your competitors?
How do you compare with them?
Who are your direct competitors?
Who are your indirect competitors?
Who are your potential competitors?
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Again, the easiest way to search for your competitors is through the Internet. Simply "google" or "yahoo" your business of interest and the relevant sites will appear. Check them out and see what your future "competitors are doing and see what you can do to be better.
Compare your offerings with that of your competitors based on the following parameters: price, quality, strengths, weaknesses, innovativeness, creativity, ease of navigation. You may also apply the parameters that you would if you are evaluating an offline business.
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