How to Write an Internet Business Plan
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Loading ...Writing an Internet business plan for a online business or website is similar to how you would write up a business plan for traditional small businesses. Any successful Internet business plan should include your basic Internet business plan elements. The differences between a traditional business plan and a Internet business plan will be in the details. Just like with a traditional business plan, you should write a Internet business plan. If you haven’t taken the time to write your plan then your Internet business is still just a fantasy.
Below are the five primary components you must have for your Internet business plan:
1. Executive Summary – Internet business plans need an executive summary just like with traditional business plans. An executive summary usually is the first part of an Internet business plan, although it should be the last part written. The reason is because an executive summary will just serve as an summary or overview of everything in your Internet business plan, and should include a company / business description, the business / website mission, and your financial projections.
2. Business / Website Summary – Your Internet business plan should include a business or website summary that offers a glimpse of what your business is about for it’s reader. It should describe your internet business or website in detail, offering some general information about the niche or market (for example, if your internet business plan is for a niche health care website, it should explain health care). Answer all the basic questions here, such as, who? when? where? what? and why? - make sure to mention manages or owns the online business or website, what your business is about and services or products your trying to offer, when the website or online business was launched, where the business or website is located, and why the online business or website was launched to begin with. Such as explaining why it would be beneficial to it’s visitors. When you update your Internet business plan in the future, beyond your initial startup, this section is where you should include past results and developments for you online business.
3. Ownership / Management - This section of your Internet business plan will explain in detail about the owners or managers of your online business or business website. If you are creating this plan for personal use, the the owners or managers aren’t required for your Internet business plan, but it could be beneficial in recognizing strengths and weaknesses in your industry or niche. But if your seeking outside financing for your business from investors or a bank, you will need to include all the industry and business experience, including management and owners educational credentials for those involved with your online business. This information is typically included in a resume form.
4. Marketing Plan – A marketing plan is essential and one of the most important aspects of a Internet business plan. In this section, in should include a a SWOT analysis (your business strengths and weaknesses as opposed to your competition, and opportunities and threats that your online business faces in your market), it should also include information about your primary competitors, based on your business research efforts. In the marketing plan, outline the demographic population of your target market (include specifics of who is intended to visit the website or buy services or products online, include your targeted age groups, gender and ethnic groups, marital status, income levels, etc.). Last but not least, your Internet marketing plan should include a calendar or list detailing your planned marketing tactics for your Internet business. The marketing tactics chosen will be the biggest difference between an Internet business plan and a traditional business plan such as for a brick and mortar business. With a Internet business your marketing plan will be more focused toward search engine optimization and other ways to get relevant internet traffic.
5. Budget / Financial Projections – Your Internet business plan won’t be complete until you have your basic budget and financial details, such as startup capital and your anticipated business expenses. If your pursuing financing your internet business with a bank or investors you would include your profit / financial projections for 1 to 3 years and include any supporting information of how your business can justify the projections to potential business investors.
