E-commerce Business Plan
If you’re starting an E-commerce Business, it’s very important to write a business plan as quickly as possible. A proper E-commerce Business Plan helps you showcase the things you are aiming for, all while giving some guidance in regards to the future. A dependable business plan can actually bring in potential investors, and that on its own can make a huge difference. Here you have a quick outline of the things you need to include in your business plan.
The executive summary is pivotal for the E-commerce Business Plan because you can showcase financial highlights, success factors and a business overview. For the latter you want to add products and services, the management team and how you focus on offering customers the right value.
In this section you will need to talk about what the company offers, its history, the products that you want to sell and so on. This is also the right time to talk about website design, the type of design that works for your E-commerce store and if you have multiple ideas.
This section can have 3 sub-sections. In the first one, you can focus on industry statistics and trends. Then you can perform a competitive analysis for direct and indirect competitors, all while showcasing the competitive advantage that you have. Lastly, you have the customer analysis which will focus on customer segmentation and the creation of a demographic profile.
Talking about the website and technology used
If you’re bringing in an innovative E-commerce system or if you’re implementing new technologies, then it’s important add this section and showcase everything.
In regards to the marketing plan, you will need to showcase all the possible promotional strategies. That includes PR, incentives, print advertising, strategic alliances, affiliate programs, PPC, SEO, email marketing or a specific pricing strategy. You also need to think about marketing budgets, which one of the promotional strategies listed you will be using and how you can expand on this in the future.
Your E-commerce Business Plan needs to have an operations plan where you show exactly what your business needs to focus on. You can talk here about service and website functions, and you can also cover the administrative functions. Having the right milestones can make a huge difference in the eyes of potential investors.
It’s important to create a list with the management team members and also showcase a hiring plan. Do you need many employees? What expertise do you expect from them? The more information you have, the better.
Lastly, it’s imperative to have a proper financial plan. This is where investors will mostly look and see if your business is worth investing in or not. The financial plan needs to include revenue and cost drivers, what capital you need and how you want to use it, as well as forecasts and assumptions. Normally you also want to have a 5-year projection for the cash flow statement, balance sheet or income statement.
Establishing the right E-commerce Business Plan is not going to be an easy task. However, this structure will make it easy for you to write a comprehensive, engaging and powerful E-commerce Business Plan that will help you grab attention from investors. Plus, you can take this plan as a guideline for your company’s future, as you focus on fulfilling all those goals and projections!