So you’ve made the decision or planning on starting a business online. If you’ve done any research on the statistics of new business start-ups most end in failure due to poor preparation and planning. Luckily, there are things you can do to guard against wasting time and money and improve your odds at winning this venture.
While every business is unique and comes with its own set of problems and opportunities, there are some basic steps to starting up a new business. Things like “Writing a Business Plan”, “Proving Marketability of the Business”, ”The Capital Needed to Run it”, “Choosing a Legal Structure” and other important issues to consider.
Starting a Business Online
This is perhaps one of the most important of all the tasks the new business owner needs to take before engaging any business activities. We are all too eager to jump right in to the driver’s seat and do business but that would be a drive that puts a blanket over ones head and becoming blind to the direction you’re taking. Implementing a business plan may seem like a gigantic work for anyone in the industry however, it is one of the most critical steps to properly plan your business and its structure.
A business plan doesn’t have to be long but long enough to consider everything that your business covers. Personally, a good business plan covers a lot of things to get the business on the path of success. But, it also covers other plans just in case the growth becomes a negative and your business plan will tell you what steps you should take if ever you fall into such circumstances.
If you’re pitching to investors or lenders then you aught to take on this task extremely seriously. Money can be lost due to poor plans, even if you’re so confident of your skills and knowledge.
This document is really not about the in-depth steps to the business plan but to summarize. The business plan should include an overview of the business, industry background, the products and/or services you’re offering, the business model, the strategy and your projected staff member count.
Spending your quality time to produce the business plan is vital. The business plan can and does show you what you have not considered through your initial estimations and thoughts. Think of the process as a way to better understand the opportunities and the risks involved in taking on this big step.
Starting your business online or offline with a proper plan may even show you if your business is do-able or not worth the risk. It is your business to do the job right!
(updated Nov 23, 2018)