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When you’re starting a business or planning to expand, having a business plan can help to get you on track and get some detail behind your ideas.However, research from Barclays shows that 1 in 4 businesses don’t have a business plan.
In this article, we’ll dive into the key elements of an ecommerce business plan, which is very different than writing a traditional business plan.
Taking the time to write a business plan might seem like a lot of work but it can save you a lot of time and money in the long-run by better preparing you for potential challenges and opportunities that you’ll face as a first time entrepreneur.
Rebecca Mc Neil, MD for Business Lending and Enterprise at Barclays, says: “A strong plan can help applications for finance from a business loan to alternative forms of finance and investment.” Many people assume that a business plan will be a hefty document containing lots of facts and figures, but it doesn’t have to be.
The key thing is to choose a format that will work for you and your business.
That would be: While it’s valuable to get your ideas clarified and to test your thinking before you launch your business, it’s even better if it’s embedded into your day-to-day business too.
As Jennifer says: “Business planning is a continuous process – from the initial start up any business to stage two of developing and growth of existing sales and developing new income streams.
So you’ve decided that you want to quit your day job and start your very own ecommerce empire. But before you become the next Jeff Bezos (and definitely before you quit your job!
), it’s worth spending some time to think about a 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.