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Online Business Startup: Planning For
If you were to start up an offline business, what is the first thing you would do? If you were to take an idea to a bank for financial assistance, what will they demand from you?
That's right — a business plan.
You would have to create a business plan detailing everything about your business from competitor analysis to financial projections to staffing information to premises and stock information. All of this information is vital to know because otherwise how will you know if the business is going to be profitable? If you turn up to a bank asking for money without a comprehensive business plan then you will be quickly shown the door. A business plan is a vital component of any offline business.
Though when someone starts up an Internet business, a business plan is rarely produced.
Why the difference? Why create a business plan for an offline business yet not bother for an online business?
The simple reason is because of the amount of money involved. An offline business will typically require a significant capital investment from you, and possibly even from a financial institution. In order to determine if this investment is justified a comprehensive business plan is required to analyze the business to find out if it is profitable.
Typically, an online business requires less financial investment and for many people is not seen as a "proper" business. Many people start an Internet business in their spare time whilst in another job, and this contributes to the view that it is not a "proper" business.
As such, most people do not feel a need to create a business plan for their Internet business.
Unfortunately, these people are missing out a major key in their business success. They are left wondering why their business is not making money and why it is taking so long to succeed.
Without a business plan and significant research you have no idea whether your idea and product will make you money.
Having a business plan will help you to understand if your business will be profitable. It will also help you to remain focused on your business and work towards its success. Without a plan there is every risk that you will get sidetracked and focus on something else.
Your business plan will help you to speed up your journey to success and make your Internet business profitable and successful.
If you want to take a shortcut to Internet success then create a business plan and follow it through. Internet success is within anyone's grasp with a good plan. Order your copy of "Business Plan Creation Software For Internet Marketers" and start planning your success.
Copyright © 2006 Lama Kalla
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