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Before starting any business, you need to research and write a thorough business plan. A business plan is beneficial for many reasons. For one, it lets you outline exactly what your business will be and how you can make it successful. It’s also useful for getting funding from banks and investors.
A business plan isn’t just about what your business does. It also covers things like where your company will be, whom you’ll market to, and how you plan to start making a profit. You’ll need to carry out some detailed research, but it’ll pay off. Here are ten things you need in your startup business plan.
1. Business Overview
First of all, you’ll need to sum up what exactly your business is for. Simply identifying yourself as a store, for instance, isn’t enough. You need to identify what makes your business worth creating or investing in.
Outline what your business is offering, who’s looking for it, and how you’ll meet their needs. For example, maybe you’re a streaming service offering documentaries online. Maybe you’re trying to deliver athletic sporting goods to locals. Write a basic overview to catch people’s attention before launching into the fine details.
2. Company Location
Your location is one of the most important aspects of your business plan. You need to identify where you’ll be located, the size of your premises, and your local reach.
It’s important to do some research into locations before you set your flag down. For instance, starting a mechanic shop in an area where four are already operating wouldn’t be smart. Finding an area where many people need your service will help your business take off fast.
Price can also be a factor. If all you need is an office, you could start out somewhere small then expand as you make a profit.
3. Your Unique Selling Point
For your company to be successful, you need a USP or unique selling point. This is the aspect of your business that makes you stand out ahead of your competitors. Your entire brand, tagline, and business model may be based around this USP.
This can be any number of things. Maybe you’re the first company to take a certain service online. Maybe you’re the only one in the local area. Maybe you’re a bar with a revolving dance floor or a cafe with live music. Whichever way, identify why your business is worth getting excited about instead of being another generic company in the industry.
4. Target Market
It’s also crucial to identify a target market. Some companies aim themselves at a specific demographic. For instance, you could be a nutrition company which creates healthy baby food for parents. Maybe you’re a cosmetics store aimed at young women.
Your target market doesn’t have to be super specific- some companies aim their products and services at a wider range of people. However, by targeting a smaller subculture and becoming the number one business in that niche, you’ll increase your chances of standing out and making money.
5. Your Competitors
Knowing your competition will help you enormously. Every business needs to take a detailed look at their competitors. Identify what they’re doing right so you can satisfy your own customers. More importantly, look for what they’re doing wrong so you can offer something better.
Researching every business in your desired industry will help. You can look for gaps in the market and fill them in with your own company.
Also, remember that dissatisfied customers often turn to new businesses. If your rivals aren’t doing customer service well or ignoring customer feedback, you could pick up some loyal customers by offering what they’re missing.
6. Financial Projections
Naturally one of the main things you need to consider is how your business is going to generate profit. Your business plan should detail how exactly you plan to start bringing in money. You’ll need to calculate how much money you have to spend, what your expenses will be, and how you’ll make it back.
Research is important here. If you can find out how much businesses in your industry can generally make per-sale you can predict how much you’ll make. You should also take into account how much you expect your business to grow and how much your profits will grow with them.
Showing some financial awareness will help you start bringing in money fast. It’s also something that will appeal to investors.
7. Potential Risks
Identifying the potential risks to your business is vital for success. According to the Small Business Association, around 30% of small businesses fail in the first year. Around 50% fail within the first five years.
Possible risks can include things like cyber attacks, internet downtime, and poor financial management. By identifying the things that might impact your business and coming up with a risk management plan, you can keep your business safe.
You may need to look into things like insurance and professional security to keep your business safe. Whichever way, make sure you take all risks into account.
8. Your Team
It’s also important to outline who will be working for your company. Maybe your startup plan consists of a small team who will manage various operations. Perhaps you’re planning to launch a full-scale workforce with multiple departments.
Take into account how you’re going to find the right talent and how much you plan to pay. This is an important part of getting your startup up and running.
You’ll need to invest some money to get your business going. As such, you need to know how much you need and where the money will come from.
Figure out how much money you need for your startup expenses. Then detail how you plan to get it. You may take out a bank loan, reach out to investors or even fund it yourself. Having a business plan which identifies how much you need and what the rewards will be will also help you get funding.
10. Business Goals
Every successful business has goals. Even if your startup starts out modest, plan out where you plan to be in a year and in five years. Maybe you want to start making an overall profit within the first 6 months. Maybe you plan to expand your business to a new location within a year. Maybe you want to grow your brand and branch out into other projects after five.
Setting out short-term and long-term targets is a huge part of your business plan. This helps to identify the potential your business has and how you plan to achieve your goals.
A successful business plan will require a lot of research and a good idea. But if you put the time in and identify these ten things, you’ll set yourself up for success. A detailed startup business plan will help you appeal to funders. It’ll also help you work out how your business will thrive from the get-go.
Looking for a consultant who skilled and experienced in the eCommerce Industry to transformation your product/service/business into digital?
64% of small businesses currently have a website but More than one-third of American small businesses do not have a website. As an eCommerce business Developer, I see, small business entrepreneurs rapidly looking for developers or agencies to make eCommerce Websites for their business.
Why Small Businesses Need an eCommerce Website?
It’s estimated that there will be 2.14 billion global digital buyers in 2021.
eCommerce websites give you the opportunity to reach out and offer your products and services to customers around the world, regardless of the distance and time zone.
You can sell your products directly to your clients and can get the money in Bank by online money transfer or cash on delivery.
24/7/365 days the advantage of the sale. Through the e-commerce website, you can sell 24 hours or 7 hours a week for your business organization’s product or service.
It is easy to manage an e-commerce website or Online Business than a physical store and it can easily sell hundreds of different types of products of different categories.
An e-commerce website can manage businesses with less manpower and space, so the risk of business is less but more profitable.
No need for any shop or storehouse to do the business.
No need for many people to manage the business.
The professional unique design having control of changing site content without IT knowledge.
You probably happy now to hear that but The Reality On average, only 1.94 percent of eCommerce website visits convert into a purchase. But Why? The reason is that they don’t choose the right eCommerce Platform for their online business to make a professional online store that converts high.
A website is a part and parcel of the eCommerce business. When you want to start a business online then alongside other questions this question comes up in your plan, Which eCommerce platform should you use for small business?
There are over 100 eCommerce platforms online. All platform has an individual feature that makes them different one form another.
In common knowledge, You can understand d that all platforms are not switched for your small business. So choosing the best eCommerce business platform for your small business very essential.
In this tutorial, you can know
– Which eCommerce platform should you use for your small business?
– Why you should platform use this?
– Why not other platforms?
eCommerce Usage Distribution in the Top 1 Million Sites. Distribution for websites using eCommerce technologies
10 best eCommerce platforms
WooCommerce is a free eCommerce plugin for WordPress. It is designed for small to large-sized online merchants using WordPress. Launched on September 27, 2011. WordPress powers 34% of all the websites on the Internet. There are lots of WordPress users who have online shops, so WooCommerce is the most suitable solution for them.
It’s fully customizable and SEO-friendly than any other CMS. By default, WooCommerce includes its own secure payment processor PayPal and Stripe when setting your website. Also, you can accept payments via Amazon Pay and PayFast. WooCommerce has a Worldwide community and developers come from all over the world.
Shopify is another most used eCommerce platform. a German youngster living in Canada created this eCommerce Software in 2006. Shopify Inc. is a Canadian e-commerce company headquartered in Ottawa, Ontario. They don’t offer any free services but you can try Shopify free for 14 days without any credit card.
Shopify is a Subscription business model or services provider. You have to pick a plan to set up your online store.
Here’s a breakdown of the pricing for each plan:
Lite Plan – $9 per month + a Buy button
Basic Shopify Plan – $29 per month + 2.9% and 30¢ per transaction
Shopify Plan– $79 per month + 2.6% and 30¢ per transaction
Advanced Shopify Plan – $299 per month + 2.4% and 30¢ per transaction
Shopify Plus – pricing plans start around $2000 per month + 2.15% per transaction
Magento is an open-source e-commerce platform like WooCommerce. Though it is open-source software It has two types of versions with a paid and free version. You can run multiple online stores with one backend CMS. On the basis of website page load speed, query processing, and website security Magento is the best eCommerce platform.
Magento is better than any other eCommerce platform if you want to start a big business with thousands and thousands of products.
OpenCart is a free shopping cart system. It’s also open-source PHP-based. It supports multiple languages, currencies. Like Magento, you can manage multiple stores from one admin interface.
Setup an eCommerce store using OpenCart is easy. OpenCart developers provide free lifetime support and updates.
BigCommerce founded in 2009. It’s a privately held technology company. Currently, It has 600+ employees. Like other eCommerce platforms It lets you set up your store, add products, and make money through your website.
Similar to Shopify BigCommerce offers a 15-day free trial to try before you buy.
BigCommerce’s prices start from $29.95
$29.95 per month for the Standard plan $79.95 per month for Plus $249.95 per month for Pro.
Right now we know the top five eCommerce platforms in the world. They are WooCommerce, Shopify, Magento, OpenCart, BigCommerce. Also, there have a lot of eCommerce platforms and software. we will consider and make a decision from this top 5 platform.
Here I am going to write from my six years of experience which eCommerce platform should you use for small businesses. I have no doubt say WooCommerce is the best platform for small businesses.
Right now, a question came up in your mind. Why WooCommerce? We already know WooCommerce is an open-source eCommerce plugin of WordPress. I think I must tell you a summary of WordPress.
WordPress is the world’s most popular content management system powering 34% of all websites on the internet. 60.8% CMS market share by WordPress. 14.7% of the world’s top websites build with WordPress
Every day more than five hundred websites build using WordPress. Where other CMS 60-80 websites build per day like Shopify and Squarespace. It has 55,000+ plugins
WordPress was released on May 27, 2003, by its founders, Matt Mullenweg, and Mike Little, as a fork of b2/catalog
Let’s know about WooCommerce Feature and Benefit: WooCommerce powers 22% of the top 1 million eCommerce sites in the world. It’s 100% free to use. Fully SEO-friendly and easy to manage without any coding skills. You can use WooCommerce To Sell Anything. no matter what type of product or services you want to sell. physical products, digital products, subscriptions, appointments, and much more. Whether you intend to sell a single digital product or an enormous variety of physical products, WooCommerce is the Swiss Army Knife of eCommerce applications. WooCommerce Has A Vibrant Developer Community. Also, the design and development of a Website using WooCommerce is cheap than any other CMS.
It has a Powerful Analytics interface from where you can know the details of your business. WooCommerce Grows With Your Business When choosing an eCommerce platform, it is a good idea to think about the future of your business. It might be small.
Here a List of WooCommerce Features:
Modern and clean Interface
Improved experience for store owners
WordPress Content Integration
Pre-installed payment gateways
Total control of the checkout process
Set Default Currency
Reduce Page Loading
Flexible Shipping Destinations
Multiple Shipping Methods
Custom Tax Calculations
Geo-location enabled taxes
Select Customer Address
Tax rate definition
Simplified Coupon System
Discount Coupons and codes
Analyze Products and Orders
I 100% suggest starting your small business with WooCommerce. If you need any help or support just comments or contact me.