10 Steps to Success For an Effective Business Plan

No matter whether you are starting out on a new business venture, breathing new life into an existing business or simply seeking to improve your business performance, a carefully constructed and realistic business plan is essential.

We all have a tendency to map things out in our heads and together with some rough calculations on the back of an envelope, we quickly convince ourselves that it is all possible. In practice, we tend to gloss over the less attractive details. Consequently, many people dive straight in and start a business without the necessary planning, which often results in a false start costing the owners money and time. Business plans can vary considerably but the essential sections are shown below:

(1) Executive summary.

The executive summary provides a very succinct look at the business. It is similar to the elevator conversation where someone important to you asks what is this all about? Why are we looking at it? This is your opportunity to make a fast impression and engage the reader so that they fully understand where you are coming from.

(2) Industry analysis.

Probably the greatest risk for any business is a lack of knowledge about the industry and the market. It may sound like a great idea to start an alternative lifestyle and run an olive farm as described in our example. Probably many people do just that. They invest all their savings in to the business. They mortgage their home. Then they trust to good luck to make things work. In practice there is nothing to replace thorough research an analysis of the industry and the market.

(3) The business

The Business section of the Business Plan is a simple statement of the facts clearly laid out. It usually results in a one page factual summary showing the business relationships.

(4) Products / Services

Businesses can take many forms and may deliver either products / services or a combination of the two. For instance a company that sells floor tiles may also offer to lay the tiles as a service. This section should clearly describe the products and service offered by the business.

(5) Production

This section needs to be very dependent on the nature of your business and the sample we are using simply illustrates how this can be done. For example if we had a cake shop we would need to consider:

- The raw materials such as flour, eggs etc

- The tools that are required such as mixers, oven etc

- The instructions and process used

- The timing for each stage

For many businesses there will be no production as such, however you may be providing services and the section could be used to describe the methods used to deliver those services.

(6) Marketing

The marketing strategy should be a simple statement to set the scene for the rest of this section. It enables the reader to focus on the areas of interest rather than looking at the full range of marketing possibilities.

(7) Financial information

You need to be able to express the current financial status of the business in a way the readily understood by the reader. For an established business this would involve the use of a Balance Sheet which clearly itemizes the assets and liabilities as well as capital or owners equity.

(8) Management and staffing requirements

This is a simple statement of how the business will be managed. Will you manage the business yourself or will it be necessary to employ supervisors etc. Provide an overview of the anticipated staffing requirements and how they will be employed.

(9) Financial spreadsheet attachment

There is a clear need for financial spreadsheets to provide the basic figures about the business. These can be rudimentary calculations or detailed and complex worksheets but the basic intent is the same.

(10) Other attachments

This can include any other relevant material such as product brochures, plans and specifications. However, a recommended attachment is a bibliography listing the sources of your research information. This gives great credibility to the whole plan.

A Fortunate Discovery – My Introduction to Turnkey Internet Business Systems

I entered the home based business industry through a traditional MLM in the health and wellness niche. After a rapid start enrolling nearly 30 friends and family in my first 45 days I began to deal with the same challenge most networkers face – a lack of duplication. I was new to the industry and I started asking other networkers exactly how they overcome the challenge of creating duplication. I was amazed to discover that many networkers accept this as just part of being in the business and really had no advice on how to get my team to duplicate. Many of these networkers adopted the posture that this is just a numbers game believing some will, some won’t, so what and move on was their motto. This was not acceptable to me.

Fortunately I met an online marketing coach through a social network who taught me how to market and recruit online, which opened up a whole new world of possibilities for me and my business. I learned about the importance of utilizing a marketing funnel and I learned how to earn money everyday by using funded proposals. I learned the value of having multiple income streams inside of my funnel such as affiliate programs, business building tools, training resources, small ticket programs, a medium ticket traditional MLM for long-term residual income and a big ticket direct sales program for large paydays and rapid wealth creation. I spent months and invested thousands of dollars in my education learning from many of the best marketers online, which lead me to discover turnkey business models.

So what are turnkey business models? Think of a business model much like a franchise opportunity in a number of niches. Turnkey business models include the actual products or services, training, sales tools, technology, and in a couple exceptional cases, personal business assistants to help you close your sales.

The opportunities to make money on line are boundless, which can often lead to confusion and information overload when evaluating options for starting a business on line. Unlike the offline world, the idea of creating a business on line from scratch is a challenge because of the complexity of putting all of the correct pieces together in a manner that results in traffic, conversions and sales. For this reason finding a system where experienced professional have built a turnkey system make more sense for most people seeking online success.

In summary, I encourage you to find a a true turnkey system that can provide a clear path to create wealth online to anyone willing to apply the strategies that are taught and effectively drive traffic to the system. In my opinion YourNet Biz and Worldprofit are the two best business model of this type – information marketing and training niche within Internet marketing.

Be Your Own Boss With a Dot Com Business

You have an idea? Now you can use the internet to develop it into a viable business. Every year more people are owning computers and buying all types of products and services online. Discover how to start a small online business and grow.

What’s different about a web business?

A web business is open to the world 24/7 and does not require an investment in a geographical location such as a main street shop. It is cheaper, faster and easier to start a web business than a shop in the city and it’s cheaper to run. However, it requires planning and budgeting like any other venture.

Products and Services:

Everyone has ideas. Many of us sit back and admire those who take the initiative to develop those ideas to their potential. What steps can you take to start a business using your ideas?

Choose an item that you can feel enthusiastic about selling. Choose one that you believe people will be enthusiastic about buying from you.

An ideal product is a consumable that needs replacing over and over. Your customers will keep returning. An ideal service is one that is required frequently.

Talk about it with people from whom you can expect honest opinions on its viability. Talk to strangers or prospective customers.

Is there a large enough market for it? Is there a large population of prospective customers?

Suppliers

Is there a reliable source for the product or service? Can you obtain it instantly or on a short lead-time?

Does its cost allow you to deliver it at a competitive price that gives you a reasonable profit?

Is ‘drop shipping’ available? Some suppliers will deliver direct to your customers. This service may only be offered after you have an established business.

Competition

Be aware that the big retailers are now selling items that were once only available on the internet. Check the competition. Search the internet for these products. Your price including delivery needs to be still competitive with theirs.

Business Name

For the internet, the name should contain a word for which prospective customers will search. Research and ensure your business name cannot be confused with any existing business.

Domain name (www.yourname.com)

Register the .com version as well as your country’s extension. We recommend .net too. If you do not own all versions you never know what the others will be used for. To avoid confusion do not register a name similar to any existing web address. A key search word in the name will give you points with search engines – e.g. mydogstoys.com instead on mybusiness.com – if you are selling dogs toys.

Website

Get a website hosted as soon as possible, even just a home page announcing your business, products and contact details. Get as much information as possible on to your website, even while you are finalizing prices and delivery charges. Among the factors search engines use to rank websites is their age.

Choose an attractive logo. Maybe your business name in a striking but easy to read font. Think up a memorable sub heading. e.g. A ballpoint pen manufacturer claims theirs is the pen “pinched more than any other pen.”

Ultimately you need a database of your products driving a shopping cart system, with online payment options and a scale of delivery charges. Choose a system that lets your customer first find their product quickly and then go directly to entering their credit card into a secure screen.

Choose a web designer good at optimizing websites for search engines. Your database will come with screens to add / edit products, but also learn how to change text on your home page and page footers, as you will need to make text changes from time to time to keep your website’s position in search engines. You do not need to be an expert to edit your website.

Marketing

It is cheaper to market on the internet than any other form of marketing. You avoid printing costs by having your catalogue online. Make announcements on your home page. Put effort into providing as much information as possible on the website. This helps with search engines. Follow all the guidelines for optimizing your website for search engines. Check competing websites to see how they get their position.

Customers will not flock to your business overnight! However, after people find your website, a small trickle of orders will over time develop into a steady stream.

Service

We see businesses selling the same product brands into the same markets with similar websites built by us, but with very different degrees of success.

We have concluded that where everything else is equal, personal service makes the difference. This may be demonstrated in the way a business reacts to enquiries, provides expert advice, delivers on time, or deals with orders for out of stock items. Customers get a feel for service.

The difference between two businesses may be that one displays a telephone number while another has only an email contact, or one displays a postal address and another does not. People like to know that they are doing business with people, not with computers.

Management

Being your own boss enables you to look at your work in a different way. It may mean that you think about your work outside of normal hours while you plan new ways of improving business. Remember that it is you that will profit from the extra effort.

If you are selling a product or service that you like, you will make yourself become expert in it.

Managing an online business can be easier than managing a shop on the main street, but the manager still needs to learn skills in marketing products on a website, so that ordinary people find it easy to purchase them.

Be your own boss

Self employment is a way of life different from paid employment and requires self discipline.

Many people have made their fortune on the internet. In any business, if you like what you do, you will do it well.