Insights, Ideas, Results
Before jumping in with both feet, most successful business owners take a moment to research their business ideas. This involves learning about their target audience, what problem their product or service will solve, their competition, and their business model. This research, and subsequent written outline, is called a business plan.
If you’re considering starting a new e-commerce business, there are quite a number of things you need to map out—everything from what you will sell to what shipping services you’ll use matters. You shouldn’t ignore the fine details either. When you consider around 20% of small businesses fail in their first year, the stakes can be pretty high. Here are 10 things every new e-commerce business must plan for.
Small businesses are startups of an entrepreneur in a small market. If you look at the successful companies, you will be amazed to know that they started in a garage, a warehouse, or a studio apartment. Many know that The Body Shop is one of the most famous and world-recognized skincare brands. But most don’t know is that it was a startup by a mother and daughter who used to make skincare products in their home. Surprisingly, The Body Shop has franchises in about three thousand locations worldwide. However, starting from a small business and expanding it further is a long competitive journey. Therefore, for such growth, every small business needs a business growth plan. A business growth plan includes the growth strategies crucial for entrepreneurs to take in times of need. It has been proved, the startups that ignored assessment and planning stages have received a fatal blow in the market.
Business owners must remain aware of their competitors, or else they risk losing their edge in the market. If you’re a business owner, some of the things you should watch out for in your competition are their strengths and weaknesses, their target audience demographic, and their marketing strategy. This process of tracking your competition is known as competitive analysis.
Comprehensive research into your competitors helps you identify their strengths and weaknesses, along with any potential opportunities or threats. You can then use this information to give your business the advantage it deserves. Below are some benefits of competitive research and analysis that a business can leverage for growth.
2020 has brought challenging times to Australia. The world is not able to trade as it used to, and for anybody hoping to start a small business, the prognosis may look bleak. But being bitten by the business bug is something that entrepreneurs cannot ignore. Whatever your big idea, finding a way forward is possible with research and planning.
It’s not always easy to see a way ahead if what you offer cannot be accessed online (take hair stylists and taxi firms, for example), and that’s why we’re going to start from the ground up. Securing funding for your project will come later – you may wish to look into small business loans for more information dedicated to funding your small business. But for now, let’s begin with how to plan your small business.
Every business idea begins with the hope of being successful. There are many businesses that start but only a few sustain. The challenges are ever increasing in this global market. The opportunities are endless, but it is only viable for those who are smart enough to adapt, keep up with the changes and take risks. As a blueprint is essential before building a house, a business plan helps to bring focus on the business. It determines whether the business idea is worth the effort or not.
A great business plan can be made only when you know your business very well and get deep into all the details. The key components of a business plan are as follows:
While having a business plan is obviously a good idea — in fact, it’s a fundamental requirement — it must be robust, complete and accurate. Otherwise, it’s not going to steer your business in the right direction; on the contrary, it might take you over the edge or down a pitfall. What’s more, if you’re thinking about applying for a business loan from a bank or credit union, having an excellent business plan is mandatory. After all, if you aren’t sure of where you’re going, how and why, then lenders aren’t going to be filled with confidence.
With this in mind, here are 10 must-have elements of a successful business plan:
Every good business should have a sound marketing plan. That involves a sturdy website, well-run social media channels and of course, the intention to get the name of your business out there and known. How can any business sell its great products or fantastic services without people knowing about them? What’s more, the smaller the business – the bigger the effect that marketing has. Why is that? Well people already know about Apple, Coca-Cola and Google – but they might not know about you. Marketing works and if your name isn’t known, it will be with solid marketing efforts.
