How to Write an Online Business Plan

Someone once said if you fail to plan, you plan to fail. No matter what kind of business you want to start, you need to write a business plan. It may take many time to write a good business plan, but the time is well spent. The process of writing the business plan forces you to consider every aspect of the online business. The plan also helps you create a road map for your business to follow. Your business plan is not set in stone. You should go back and review the business plan to add new information and update future plans.

Difficulty: Moderate

Instructions

1. Create a title page with the legal name of the business.

2. Write an executive summary for the online business which will include a synopsis of the document, the business concept, financial features, financial requirements, current business status and major achievements.

3. Prepare a business description giving all of the specifics regarding what you offer, why you exist, how you operate and why you will succeed.

4. Cover every aspect of the market your online business will be involved in. Include everything from pricing to the projected piece of the market you plan to take.

5. Write a section about every aspect of the competition in the industry you are in. Express how you will survive and grow in the marketplace.

6. Describe in detail the products and/or services you offer, who your target customers are and how goods/services are offered to the public.

7. Explain the plan for operations and management of the business, including expenses associated with operations and management.

8. Address all of the financial components of the business including current financial position, cash flow, income and a balance sheet.

9. Use an appendix to provide supporting documents for the information in the plan. You may include statistical analysis, marketing material and resumes of key positions.

Tips & Warnings

• Your online business plan will be needed to qualify for a business loan. The quality of the information in and presentation of the plan will be a determining factor in the loan's approval.
• Enlist the help of people involved in the business to collect all of the information in the business plan.
• Use the plan to your advantage by following the plans set forth in the document.
• You can include a table of contents to help readers of the business plan quickly find specific information.

Resources

• Additional business plan details at Entrepreneur Magazine

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