For all your online business building info! , 2020-07-10 06:17:14
Make Money Online and the Need of a Business Plan
Many people start an online business to make money online. Most of these businesses are started without a business plan. Most people start an online business without even thinking about the future or without thinking about the business systems/models a company needs.
This is not very smart and most of these businesses will fail in the long run.Every type of business needs a business plan, even if the business doesn’t need money from investors. The main reason for writing a business plan is that you are forced to think about certain things. A business plan will force you to think in creative ways about a business.
A business plan also forces you to set goals and provides the tools to control the outcome of your goals.
Some of the things that a business plan must cover are:
- Detail description of the business
- How you will Market the business and products
- Operating procedures and business systems/processes
- Risk analysis
- Types of insurances and permits
- Financial plan (start-up costs, etc)
A well written business plan not only helps you at business start-up, it also helps you on the long road ahead. You establish a road map for the future of the company. You can steer the company in the right direction if it company looses its pad (according to the business plan.)
Writing a business plan doesn’t have to take long (not month’s but a couple weeks is enough; it depends on what type of company and how fast you can determine certain data.)
When you’re done writing your business plan, then you can determine if your business ideas will work and if your business will make a profit or not.
A lot of new business owners say: “I don’t have to put my ideas on paper, their all in my head.” If they are all in your head, why can’t you take a couple of days and put them on paper. Think about it! What if something happens to this person and he/she can’t work anymore (or worse.) Who in the company knows the plans for the future! (Remember the plans where all in one persons head and that person isn’t there anymore.)
So take some time to write a business plan. We hope your company will continue to make money online and that it reaches the goals described in the business plan.
Online Business Plan Resources
The U.S. Small Business Administration has extensive information on planning for a new business, including writing a business plan.
For readers from the Netherlands you can find business plan example here.
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