Planning A New Business
Let’s say you’re looking to start a hiking company, called Atlas Hiking Co., which sells premium performance hiking shirts.A possible company description could be the following: Atlas Hiking Co. and a portion of our profits are donated to preserve national parks around the country. Before you start diving into the weeds, it’s a good idea to first develop a framework for your business model.Depending on what you intend to sell, it’s important to think through which business model makes the most sense for your product. Here’s a fact you can bank on: there has never been a successful e-commerce entrepreneur that didn’t understand his/her target market, cold.That’s why this section is one of the most important in the entire business plan.It will force you to understand the industry in which you operate, the overall industry outlook, the existing competition, and your target customer demographic.[click To Tweet tweet=”there has never been a successful e-commerce entrepreneur that didn’t understand his/her market, cold” quote=”there has never been a successful e-commerce entrepreneur that didn’t understand his/her market, cold”] Before you even get started in writing this section, you need to spend several hours researching your target market.is a lifestyle hiking company that produces high performance hiking shirts for outdoor lovers. Once you go through the different sections of the business plan and conducted extensive research, you will definitely want to make some tweaks to your business model so no need to make this perfect.
Now that you know you need a business plan lets jump into the sections you need to think about. Also, there’s an ecommerce Business plan PDF sample and starup costs calculator in the membership area.
[click To Tweet tweet=”If you don’t know your customer, your business will fail.” quote=”If you don’t know your customer, your business will fail.”] In order to come up with a marketing strategy, you need to first know your customer inside out.
You should be able to answer such questions as: With so many channels to reach your customer, which one is best for you?
Additional References Creating a short, crisp value proposition is a good gauge for how clear your idea is.
Write this section as if you had one minute to explain your business to a potential investor or customer.