Chapter 5. Business Plan

This is part 5 of a 10 part eBook "Online Business Bible" which will be sent to you when you join our newsletter at http://www.gbizbuilders.com.

Things to consider in a general business plan for an online business.

Building a Business Plan

A business plan is a written document that defines the goals of your business and describes the means you will use to attain those goals. It is a chance for you to really reflect on your goals, desires, and strategies. I spoke about a 3 phase strategy in the section entitled "Show Me the Money." Feel free to use that information in creating your business roadmap. Also, you can see roadmaps for 3 phases in our library here: Online Business Phases .

Other reasons for having a business plan: To develop milestones for your business, and if you need to borrow money, you'll be asked for your business plan.

Some general headings for your business plan should take into consideration:

1. Description of the business. Describe the business, including what the products and services of the business will be. Determine your mission statement and your USP (Unique Selling Proposition).
2. The marketing plan. Knowing your target market and how to reach them is an important part of the plan. Be sure and review items for the internet marketing plan by going here: Internet Marketing.
3. The financial management plan. Detailed line items for the costs of goods and/or cost of operations is important to understand. Also, do you have the resources or will you need financing to start the business... If so, how much.
4. The operations management plan. What are the functions or job descriptions for running your business. Do you need a staffing plan?
5. The launch. Know how you will launch and the steps to get up and going as fast as possible.
6. The Technology. Create an equipment checklist and decide if you have everything you need for your online business.
7. Know your Strenghts and Skills, and your Weaknesses. Knowing these traits can help make or break your business. This is a soft skill part of the plan. Do you hate bookkeeping, don't want to sell, etc...

Choosing your Business Name and Business Entity

Whether you've purchased an existing business or started one from scratch, you must decide which form of organization (sometimes referred to as "business entity") is best for your company. Here are the business entity choices. Make sure that you consult with your attorney or accountant before making a final decision. Choose one of the following:

• Sole proprietorships
• Partnerships
• Limited liability companies
• Corporations
• S corporations

You can change your business entity form if you need to. For example, you may start your business as a sole proprietorship, but, as your business grows, you may take on a partner and become a partnership.