9 Ways to Create an Online Business Plan to Grow Your Company!
We all want to succeed. We all want to be the best versions of ourselves, but sometimes our methods may not work for us.
You are listening to the Kaz Johnson Podcast. Hello and welcome to session 207. This week I am talking to you about your online business set up
Hello and welcome to the Kaz Johnso Podcast, my name is Kaz Johnson and I am your host today, this is episode 207, and Today I am talking to you about the 9 Ways to Create an Online Business Plan to Grow Your Company!
You might have a good idea and you might be really good at what you do, but if your plan isn’t working it can feel like there’s no hope in sight. If that sounds familiar then read on!
Step One: Choosing a Company Name
A company name is the first step to creating an online business, and you have a few options for how to go about it. You can choose something that’s already available or decide on your own unique name. The latter option means trademarking your work in order to protect it from being used by other businesses later down the line. One way of choosing a new name is to use 9 letters as this will be memorable and easy for people to type into their browser when they won’t find what you’re offering!
Step Two: Writing the Executive Summary
The executive summary is the first section of your business plan and it should include an overview, details about your company profile, and how you will make money. This blog post talks about what’s included in this crucial document, some best practices for writing it, as well as providing a template that can be used to write one from scratch!
The purpose of the executive summary is to provide a concise overview for readers. It’s fast, it needs to be short and punchy, but also detailed enough that people can get an idea of what you’re offering.
So how do we write one?
There are three main steps: understanding your audience, mapping out what you want them to know about your business plan in this document, and writing it up!
Understanding your audience
In order to understand who will read this document, think about their background and whether they have any knowledge or expertise around entrepreneurship. A good way to do this is by considering where the reader might find themselves on the ‘Entrepreneurial Continuum’. If they fall somewhere along the continuum, they will be less likely to need individualized information about your business plan. This is because the core of their understanding will come from broader knowledge that you don’t need to cover in this document.
Mapping out what you want them to know about your business plan
You’ll want to include all relevant aspects of your project here, but it’s important not to go overboard or get too bogged down with detail! The most successful executive summaries are focused and succinct while still communicating a clear idea of how things work. To back up this point: 95% of people stopped reading the first paragraph when given an online excerpt from three different proposals for a public space installation. What’s more? They were far more interested in looking at the proposal that used fewer words than those with more text.
Create a powerful introduction
This is where you need to tell them what’s in your business plan and why it’s important for them to read on! As I mentioned before, this should be clear and concise while still giving an idea of how things work. Remember: if they’re not interested now, they won’t ever get any further into the document which means their understanding will come from broader knowledge that you don’t even have to cover here in order for them to make an informed decision about whether or not your project is right for them.
Step Three: Write Your Mission Statement
A mission statement is a sentence or two that summarizes the purpose of your business. It’s usually 3-4 sentences long. This is your chance to communicate what your company stands for and what makes it different from other companies.
Here are some things I would recommend when writing your own:
- Brainstorming what makes your business unique from others
- Writing down a list of values that you hold close as an individual and will also promote within your company
- Listing out goals that can further these values (e.g., providing high-quality work, providing a safe and welcoming environment for all employees)
A good mission statement will not only help you develop your business plan but also act as an inspiration to move forward. Remembering the things that make your company unique is important to maintaining its success in this ever-changing world.
Step Four: Choose Your Target Market
Find companies that can help you with your plan
This is where you need to look at the type of business and what it needs. There are a number of different types, from retail stores to manufacturing businesses. To find out who these people are so they can guide you on how best to market your product or service if you’re looking for investment in order for this idea to succeed!
Diversify Your Options/Offerings for Investors
What’s more? They were far more interested in looking at the proposal that used fewer words than those with more text. Those investors want as many options open to them as possible which means they’ll give an opportunity like yours serious consideration because there may be something else here they feel is more appropriate for their own company.
Make Sure Your Business Model Is Appropriate
You have to make sure that what you’re proposing is something they can get behind with the investors you want to talk to because if not, it’s going to be a hard sell and why bother?
Do your research first on these people so that there are no surprises here. They’ll appreciate this as well because most of them don’t want headaches in addition to helping out someone else!
Understand That Investing Money Requires Risk
It doesn’t matter how good your idea seems or even who you may know, investing money means taking some risks which many prospective investors will only do when they feel confident about the investment opportunity ahead of time. The fact that you’re starting a business is always going to be an investment risk so save yourself some time and energy in the long run by doing your research now.
Balance The Rewards With The Risk
There are really two sides to this coin, one being a reward and the other being risk but it’s important to have both in order for things to work out best at all times. You need good rewards otherwise there won’t be any incentive for people to invest their money into what you’re proposing whereas without risks then who knows how well your idea will do? It comes down to balancing these factors out which might take more than just a quick consideration.
Step Five: Creating and Managing Research Data Sheet
What is a Research Data Sheet?
A research data sheet is that piece of paper that you hand to your customer at the end of an appointment or consultation. It has all information about what they’ve just been told and it’s very important for replying back to them with updates on their case.
How do I make one?
The first thing to do would be writing out everything that was said during the meeting, including any questions asked and answers given as well as any other notes relating to this client such as how many sessions have taken place so far etc. Then move on listing the time spent in each session and finally adding up these amounts which will give you total minutes worked per day/week/month (depending on the type of service) and which you can use to calculate the cost.
What should it include?
It’s important to be transparent with your clients so list everything that is being provided on this sheet including any costs, hours worked as well as contact details for any follow-up inquiries or appointments etc.
The research datasheet provides an excellent way for therapists or other professionals dealing primarily in one-on-one consultations to remain both organized and transparent during their interactions with customers by allowing them space where they can detail information about a given session (following the completion of each meeting).
This ensures that all parties have access to accurate records and are kept aware of changes made during meetings such as how much time has been spent or who may be available for follow up enquiries.
This lets the client know what to expect before even stepping foot in a therapist’s office or other location and also helps therapists manage their time more efficiently by providing them with an opportunity to estimate how much time needs to be reserved for each meeting, whether it is simply fifteen minutes of consultation time or one hour. These records will help all parties involved stay organized and efficient and should provide increased trust between both sides as they can easily share information that was discussed during meetings which then negates any need for “he said she said” scenarios.
Step Six: Developing Key Performance Indicators (KPIs)
The Key Performance Indicators (KPIs) for a marketing campaign strategy are based on the goals and objectives determined in the first step of developing an online business plan. First, it is important to identify your target audience and figure out what they want from you as well as how best to reach them. Secondly, it’s essential that once you’ve established these KPIs, you stick with them so there is continuity throughout all aspects of your company or organization.
Key performance indicators for this aspect could be things like: the number of sales made per month; percentage increase in average order value over the past six months; customer acquisition cost versus lifetime value ratio. These metrics will help determine whether or not a given marketing effort has been successful at achieving the desired outcome.
Step Seven: Evaluating Your Competitors’ Strengths and Weaknesses
A good way to determine strengths and weaknesses is by evaluating the competition in your industry. This can be done by looking at demographics and interests, determining key metrics of success for the campaign, selecting a media outlet or outlets that are most appropriate for the type of product you sell to reach your desired customers.
Some factors may not be within your control such as competition in industries with similar products. However, each company has unique opportunities available to it which can allow it an advantage over its competitors. A good example is knowing how social media sites work best based on the demographic profile of potential consumers who visit these sites regularly like Facebook as opposed to those who use LinkedIn more often.
Step Eight: Developing a Marketing Campaign Strategy
Developing a marketing campaign strategy is one of the most important aspects when starting an online business. If you are able to develop your own marketing strategies, it can help increase not only your profit margins but also customer satisfaction. In order to create a successful marketing campaign strategy that resonates with customers and drives desired actions, there are several steps involved in crafting such as developing target audience persona’s identifying their needs and wants understanding market segments and researching the competition within those markets segmenting potential customers by demographics refining targeting audiences with specific interests (ex: sports enthusiasts). Designing content for each interest group optimizing digital assets across all channels generating sales leads monitoring results.
You may want to consider a number of factors before creating or executing any type of advertising campaign including identifying your target audience, segmenting them according to demographics and interests, determining key metrics of success for the campaign, selecting a media outlet or outlets that are most appropriate for the type of product you sell to reach your desired customers.
Step Nine: Formulating a Financial Growth Strategy
A sound financial growth strategy can help an entrepreneur or company grow their finances without having to take out loans and getting into debt. By utilizing these strategies, they are more likely to reach the goals that were set at the beginning of their journey.
Entrepreneurs should be aware of which type of owner they want to be (Owner/Sole Proprietor vs Owner/Partner), what types of funding is available for them, how much startup costs will cost, whether it’s best for them to buy equipment now or lease it from another entity in order to save money on upfront costs and so forth – all while keeping in mind future expenses such as taxes, retirement savings plans, and future costs.
In order to create the perfect online business plan, entrepreneurs should start by determining what type of owner they want to be (Owner/Sole Proprietor vs Owner/Partner). This will dictate which funding sources are available for them as well as determine how many employees it would make sense for them to have on staff.
Entrepreneurs also need a realistic assessment of their income and expenses in order to ensure that there is enough money coming in at all times so that they can cover the typical monthly operating expenses such as payroll taxes, insurance premiums, utilities and other miscellaneous bills. Also, keep in mind any upcoming obligations like retirement savings plans or future costs such as potential capital expenditures or property acquisition cost – these too must be considered.
A business plan is a road map to success that will also help you keep your eye on the proverbial prize. With so many options available for starting or improving an online business, it can be difficult knowing where to start and what steps are necessary in order to succeed. You may have noticed from this article alone that there are a lot of aspects to creating an online business according to one’s needs and goals. It isn’t just about coming up with the idea anymore–it takes research, strategy, creativity, practice, and commitment!
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That’s it for this week, This podcast is sponsored by the Online Business Academy, an online membership program that will help you plan, build and grow a successful business online with monthly master classes, quick wins, a weekly coaching session, as well as a whole host of resources as well and if you are thinking about starting an online business, why not start out with the challenge? You can get it here.
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