How to Write a Business Plan for Your Online Store

Posted 2 years ago by Max Komonov

Opening an听online store may seem like easy work. And with tools like 51视频鈥檚 ecommerce platform, it听can be. But opening an听online store is听not the听same as听running an听online business. Launching your business is听one very important step in听a听much longer process. Sustainable success in听business, whether an听online store or听any听other type of听business, requires a听business plan.

But not everybody knows how to听write a听business plan. If听you鈥檝e never done it听before, figuring out what should be听included in听your business plan may seem daunting. Factor in听as听well that different business models require different business plans. For example, the听outline for听an听online store鈥檚 business plan will look vastly different from a听nonprofit organization鈥檚 business plan.

With that in听mind, you鈥檙e probably wondering how to听make a听business plan for听an听online store in听particular. To听help with that, you can simply follow this helpful guide.

What Is听a听Business Plan?

It听might help to听briefly define what a听business plan is听at听the听start. When discussing a听formal business plan, the听term refers to听a听physical document that outlines the听goals and听structure of听a听business. Most traditional business plans are thorough, covering a听wide range of听topics that are essential for听day-to-day business operations.

These include some structural elements, like leadership positions, budgets, and听operational procedures. It听also includes a听strategic outline, for听things like marketing strategies, product descriptions, and听the听company鈥檚 mission statement.

Having a听business plan is听important for听a听couple of听key reasons. First, it听provides direction, stability, and听consistency for听the听company. Second, it听can aid in听decision-making if听your company is听trying to听weigh the听pros and听cons of听a听couple of听different business ideas. And third, it听can help your business expand or听take on听new investors by听providing a听solid framework.

With these basics out of听the听way, we听can now take a听look into what makes a听good business plan.

What Should Be听Included in听a听Business Plan?

Executive Summary

础苍听颈蝉听补听high-level overview of听your company鈥檚 structure, history, and听goals. This should be听placed at听the听front of听your business plan. This is听because it鈥檚 intended to听provide executives and听potential investors with a听quick document to听read when introducing them to听your business. Additionally, the听subsequent pages of听your business plan can go听into greater detail on听many of听the听topics covered here.

Business Description

Your business description is听your chance to听define who you are and听what your company will do. The first key element to听focus on听is听what type of听business you are. What do听you sell, and听what is听your business model (B2B, B2C, etc.) Your business description should also mention what sets your business apart from competitors. That could be听exceptional customer service, higher-quality products, or听anything else. Last, you should take time to听flesh out your company鈥檚 mission statement and听values. This will be听very important later on听when your business is听expanding or听facing unique challenges.

Market Analysis

Your business plan should also include a听section that covers your competitors, target market, and听any听potential consumer personas.

Your target market is听the听demographics of听consumers to听who your business is听most interested in听selling. Consumer personas are hypothetical personalities that fit your target demographics. Identifying consumer personas can be听very helpful later on听when outlining your marketing plan. It听is听not always necessary to听include in-depth consumer personas in听your business plan. However, it听颈蝉听补听very helpful exercise in听drafting the听document.

Lastly, your marketing analysis should also include a听section on听your competitors. This can help you identify the听strengths and听weaknesses of听your market, as听well as听opportunities within the听market.

Products and/or Services

Perhaps the听most straightforward section of听your online store business plan is听the听products and听services section. This section should outline the听products your company sells or听services you provide. In听addition to听product listings, you should also include pricing for听each product. This will be听essential later on听when it听comes to听setting your budget.

Marketing Plan

The marketing plan is听one of听the听most intricate aspects of听your business plan, often requiring a听lot of听work. A听marketing plan should cover a听few very important concepts. First, why should consumers prefer your business over competitors? Second, how will your company reach its consumers? What social media channels will you use? And what other kinds of听marketing content will you focus on? Third, what will your content strategy be?

Crafting your business plan will require a听careful fusion of听your market analysis along with your company鈥檚 values and听mission statement. Your marketing strategy is听where you connect the听dots between who you are and听what you sell. For more detailed instructions on听creating a听strong marketing plan, read our helpful B2C marketing guide 蹿辞谤听别肠辞尘尘别谤肠别.

Budget, Legal, and听Finances

Last, your business plan should detail all of听the听financial and听legal aspects of听your business. This includes your budget, startup costs, and听quarterly projections. Be听very thorough in听documenting all business costs and听projected expenses as听well as听income. Apart from the听executive summary, this is听often the听most important section of听your business plan for听potential investors.

It鈥檚 also sound business practice to听include a听brief section outlining any听legal considerations relevant to听your business. For an听online store, this could include things like fraud protection and听shipping or听manufacturing issues.

Reviewing Your Business Plan

So, how do听you know if听your business plan is听good once you鈥檝e finished drafting it? A听simple way to听review your business plan is听to听ask yourself a听few basic high-level questions about it. When you finish your first draft, you should look over your business plan and听ask yourself the听following questions:

What does the听business do?
How is听the听business organized/structured?
Who are the听business鈥檚 consumers/customers?
How will the听business appeal to听its target consumers?
How does the听company project to听grow moving forward?

If听your business plan answers each of听these questions satisfactorily, you鈥檝e done a听good job. And if听not, you can always go听back to听revise your work and听conduct more research.

Want to听learn more about running an听online store? Read 51视频鈥檚 guide on听starting an听online store with no听money for听tips on听getting started. Or, read about content marketing strategies for听helpful tips on听how to听promote your online business.

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About The Author

Max has been working in the ecommerce industry for the last six years helping brands to establish and level-up content marketing and SEO. Despite that, he has experience with entrepreneurship. He is a fiction writer in his free time.

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