How to write a Business Plan for your e-commerce business

30 Jun , 2017 Articles

How to write a Business Plan for your e-commerce business

As it is in the brick and mortar world, so it is in the e-commerce world. Welcome to the world of the business plan, and if you say “yuck” when discussing it for your online business, at least know you can’t escape it if you must succeed in your e-commerce business.

How to write an e-commerce business plan

Your business plan will include various sections as listed below:

  1. Explaining Your Business Idea

Starting a business starts from an idea to fill a perceived market gap. Unless you write down your plan and script out your value proposition, it may be difficult getting a clear picture of your offering. This part also helps to explain to your audience what you do.

  1. State how you will make money from your idea

To every successful business, there is a business model that defines how the company will make its income. Unless your enterprise generates sustainable income, your continuity is at stake. So, take the time to say in clear language how you intend to make money in the business. Are you selling a physical or digital product? How will you deliver your product and in what manner will that be? When clients buy from you, how do you intend to deliver the product? You also need to identify your customers and how to reach them.

  1. Section 3: Products and services

You need to spend time defining your offering goods and services. Unless you plan your product, beating the competition with a unique offer might be a tough nut to crack.

  1. Reaching your market

If you have heard the cliché “customer is king” you need to resolve how best to reach them.  Your e-commerce business plan must contain a well-researched section that deals with how you intend to market your product. The truth here is, there is no stupid way of thinking this through, the important thing is whatever you have thought through, you need to implement it to the letter to get the desired result.

E-commerce has tons of marketing strategies to handle your marketing. But the import is to get your product to the prospective audience.

  1. Competition analysis

You are not alone in what you do; after all, nothing in this world is new, but how do you beat your competitors in the game? Use this section to dissect your competition and come up with the strategy on how to survive in the market.

  1. How do you intend to sell?

Your business plan should say how to sell your products and services. Talk about your entry sales and up-sell that will see you succeed in the business. There are various sales strategies used by successful e-commerce entrepreneurs out there; you need to come up with yours to ensure your success online.

  1. Technology

Your business plan wouldn’t be complete if you didn’t talk about what technology to employ in your e-commerce. Remember, the essence of internet business is technology, and you need to be with the right technology to win. For your contact management, marketing management, sales management and security and quality control. Your business plan needs to discuss technology and say what dollar value you expect to spend when and how?

  1. Financial plan

That no business will survive without income is a fact, but more factual is that no business will succeed without a sound financial plan. Your ability to forecast sales and plan your expenses will determine your business prosperity or failure.

Getting your bearing from the start of your e-commerce is critical for its survival. Take the time to plan your business today and get the deserving freedom tomorrow.

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