Technology has dramatically changed the way that businesses operate, and it is without doubt going to continue to evolve with the passing of time. In particular, the world of e-commerce offers infinite possibilities for entrepreneurs and small businesses, providing fast, straightforward and inexpensive opportunities to create an online business.
Although technology has made it incredibly easy to get set up, it’s still essential to develop a well-thought-out business plan that covers every single element, from planning, strategizing and ultimately starting a successful e-commerce business.
Listed below are our top tips on how to create your online store in 10 simple steps using this simple e-commerce business plan!
1. Executive Summary
The Executive Summary can be a tough part of the business plan process, but it’s absolutely essential. In it, you should include your company’s objectives, mission and keys to success.
2. Company Summary
In this section of the business plan you will provide important details about your company, such as goals, competitive edge and target market.
3. Products
Here you can get to the nitty gritty with an outline of all of your products along with an inventory of all products, as well as the packaging you intend to use. At this stage it’s important to think ahead: what products will you add to the inventory? Will you manufacture your products or purchase them wholesale?
4. Market Analysis
Before beginning any business venture it’s vital that you know everything there is to know about that particular industry. Learn the ins and outs of the current market and determine exactly who your competition is. There are plenty of online tools available, such as Google Trends, which give you an insight into demand for your product throughout a given year. For instance, demand for gloves naturally peaks throughout the winter months.
5. Strategy and Implementation
This involves creating a detailed strategy and forecast for sales, customer service and acquisition. Incorporate milestones as this is a great way to keep on track with everything!
6. Marketing Strategy
In this section of your business plan you will be able to truly stand out from the competition. Create a clear vision for your branding and determine exactly how you will communicate with your customers. Always keep your mission in the forefront of your mind and try to be as consistent as possible in everything that you do in order to attract and maintain the attention of your target market. There are plenty of ways to communicate with your customers and plenty of ways to develop your brand image, including via blogging, social media marketing and advertising.
7. Web Plan
Next, it’s time to determine how you want your e-commerce website to look! If you aren’t in a position to design it independently, 8 Ways Media can do the hard work for you as we are your leaders in professional, creative, flexible and effective web design (check out our portfolio).
8. Management Summary
Here you need to outline all of the employees you will require along with their responsibilities. Detail how much each employee cost you and what value they will bring to your company. Also, determine how you will find qualified candidates and how they can grow when they join your company.
9. Financial Plan
Your financial plan is a big bulk of your overall business plan but is an essential part of it. Think about budget planning, projected profit and loss, break-even analysis, projected cash flow and funding requirements.
10. Exit Plan
Finally, you need to detail how you plan to exit your business in future. It’s important here to think long-term: Will you sell it to an investor? Do you have a 4-year timeline for the project? This will help get your business off the ground and ensure you cut your losses before you get started.
About 8 Ways Media
8 Ways Media is your leading business development agency specialising in the creation of bespoke services that are proven to help you succeed as a business.
Discover how 8 Ways Media can help you to create a powerful business strategy by contacting us today – because your business deserves the best.
Alternatively, fill in our quotation form and a member of our team will get back to you with a free, no obligation quotation.
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