Creating Your Business Plan

When starting your online business, it is essential that you have a marketing plan. You wouldn't start on a trip without a map, would you? Why would you want to start marketing your business without some idea of where you are going?

There are different ways to create your plan. There are several marketing plans software packages available to help you with the process. I have never used any of them, so I cannot recommend one in particular. I am more comfortable just creating my plan myself. If that interests you, then read on to see how I do it.

There is a suggested order to your marketing plan elements and I encourage you to learn it. If you ever decide to look for outside financing or a business partner, they will expect to see all of these elements. For my own use, I am not quite as formal. I will teach you everything, though, so you can get familiar with it.

The first part of your plan should always be an "Executive Summary". This is the who, what, when, where, and how of your marketing strategy. Although it is the first part of your written plan, it is typically created last, after all of your marketing analysis has been completed.

Yes, I said marketing analysis. You will need some information about your industry and your competitors before you launch your marketing campaign. This should be the second part of your marketing plan. You will want to research the strengths and weaknesses of your industry as a whole, plus your competitors. You need to find out as much as you can about them. Trust me - if they are successful in the business, they know all about you!

The third part of your marketing plan should focus on your products or services and your target markets. Information such as target market demographics, industry trends, societal/cultural trends, and the needs/wants of your target market go here. If you don't know how or don't have the time to do this yourself, you can purchase the information. Again, I have never done so. My husband loves spending countless hours on the internet researching this stuff for me, and he works cheap so I let him do it!

Next you will want to outline your actual marketing strategy. How will you get the word out to your target markets? What promotional activities will you use? What type of marketing programs? Will you be strictly online or will you use some offline marketing? What pricing strategies will you use for each of your products/services? State your overall marketing objective and then describe how you are going to get there.

You will also need to describe how you are going to measure whether your strategies are succeeding. Most formal marketing plans include this information in a separate section. Since no one sees my marketing plan except me and my husband, I just include it with the information above. But you do want to describe how you will monitor your progress and make adjustments if necessary.

The last part of your marketing plan is your forecast. This is where you will forecast your growth and financial analyses. Information to include: What does it cost to produce your product/service (including all overhead costs and other expenses)? How many of each product/service will you need to sell to make a profit? How long will it take to make a profit? What will you do if you don't sell enough? What will you do if you sell more than expected?

You can learn to do all of this by reading books on marketing plans. One of my favorites is "Breakthrough Marketing Plans: How to Stop Wasting Time and Start Driving Growth" by Tim Calkins. It's a couple of years old, but it still has great information. 

Make your plan then follow your plan and you'll be on your way to a successful business! Boomer Business Ideas Home Opening a Small Business 

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