How to Set Up a Business Plan For Online Success

Make sure you set yourself a business plan when starting your online business, and in this way you will be making a road map towards your online success.

When you set up a business plan, you in fact put your goals on paper, and also work out different strategies to help you to succeed. You will also gain a better understanding of the market place and your competitors.

It is a good idea to add growth projections and expectations into your business plan. You will also need to work out who your target audience will be, and work out how your product will meet their needs.

When you do your business plan try breaking it up into sections as follows:

1. A summary of the service or product you want to provide.
2. Research on the product or service, and what the competition is doing.
3. How to position your product so it is above your competitors.
4. Ways to market your product or service.
5. What your budget is and how much you need to invest in your business.
6. Your goals and what you need to achieve with your online business.

Now you need to put your business plan in a prominent place where you will see it on a daily basis. It won’t help to put it into a drawer somewhere. Make a daily list of tasks and try and stick to it. Keep your business plan simple and two pages maximum.

When starting out in your online business, a great way to achieve you goals is to backward plan as follows:

First get a set goal in your mind. Write it down and then write down what the last thing you will need to do is to achieve this goal. Keep doing this backward planning until you get to where you are today. This method was used a lot by the military when they plan their attacks on their enemies. It has since been adopted by many successful businesses and industries.

Each day in your diary you should have a list of things that you need to do today to get you closer to your end goal. Too many of us get caught up on unimportant non productive tasks on the side, and don’t focus enough on the tasks that actually get us to where we want to be. Make sure that you complete that list of things that you want to achieve each day. A good way to ensure you do this is to start each day with that list and do each task until it is complete before carrying on to the next thing.

Top Time Management Tips For Busy Entrepreneurs

I don’t think I’ve ever met a business owner who wasn’t busy. Managing your time is one of the hardest things you’ll need to do as an entrepreneur. There’s always too much to do, so you’ll need to manage your time well in order to get everything done. Here are my top time management tips:

1. Find out what you’re doing with your time.

One of the first things to do is to actually find out what you are doing with your time. Try monitoring your time for a week and see what’s going on. Use colour coding if it makes things easier i.e. yellow for administrative tasks; blue for marketing; green for client work and so on. At the end of the week, you’ll be able to see what you’re spending too much time on and adjust your time accordingly.

2. Get organised

The more organised you get yourself, the more you’ll be able to handle all the tasks you need to do. Tidy your desk; set up filing systems; and have procedures to deal with the work that comes in. I know it’s hard, but try to deal with each thing only once so that you get it out of the way.

3. Practise the “Do it now” philosophy

As soon as a new task comes in, try to “do it now”. You’ll be amazed at how many tasks you can get rid of. Things very rarely take as long as you think they will once you get cracking.

4. Do things in short bursts

If you’re really not looking forward to doing a task, make yourself do it for 5 minutes only. If you know you’re only going to be doing it for 5 minutes, it doesn’t look as daunting. And once you’ve got started on the task, you’ll probably find you’ll continue on it once the 5 minutes is up.

5. Ask yourself “what’s stopping you?”

Lack of time is often used as an excuse for not doing something. If you find yourself putting something off because you “don’t have the time”, ask yourself what’s going on. Questioning what’s stopping you completing tasks can often really help you decide whether or not to do them.

6. Don’t be afraid to drop a task

Look, if you haven’t completed a task; you’ve asked yourself “what’s stopping you”; and you’ve reached the conclusion that you really don’t want to do it, don’t be afraid to drop the task altogether. We often agree to things that don’t actually benefit us and if a task falls into this category, make the decision that you have the choice to drop the task.

7. You have a choice

As entrepreneurs, we start each day with a blank piece of paper and choose how to fill our time. You don’t have to agree to everything unless you want to do it or it helps you to achieve your goals.

8. Set goals

Setting goals will help keep you motivated and focused. Decide on three personal goals that you’d love to complete over the next year and three business ones. The goals must be things that you really want to do. Your time should then be spent on tasks and activities that help you complete these goals.

9. Accept that it’s impossible to get everything done

There’s only so much time in a day. Even if you’re the most efficient person ever, if you have too many tasks you won’t get them all completed. Accept this and don’t feel too guilty if you miss out on a few.

10. Have fun

Finally, remember as an entrepreneur to have some fun. Running a business isn’t all about working – take some time off too. If you develop a hobby or an interest that takes your mind off the business, you’ll be much more productive as a result.

There’s no one solution to managing your time. The trick is to find things that work for you, Try different things, have fun and do the things that help you to achieve your goals for what you want from your business.

Successful Home-Based Business Owners Develop a Marketing Plan

I’m always surprised by the people that fail to work with a business or marketing plan. The idea seems to be intimidating to many otherwise fearless entrepreneurs. The plan doesn’t have to be a long drawn-out process to be effective. You can take a few minutes and sketch out something quickly that helps you to formalize your goals, establish a budget and evaluate your expected returns on investment.

It will also serve as a roadmap to help you maintain consistent sales throughout the year. Savvy marketers often develop the entire project around a sales and marketing proposal in order to bring in joint venture partners.

There are many ways to develop a marketing plan. The approach taken here is a simple six step process. If you are really creative you can accomplish all six steps on the back of a napkin.

  1. State your purpose – Dr. Stephen R. Covey is famous for coining the phrase; “Begin with the and in mind.” This simply means to have an idea of what your results should look like before you begin your journey.
  2. Quantify the result – if you are selling glass figurines online, you should know how many units you’ll need to sell in order to make the kind of income that will make the project worthwhile. You must identify what success looks like even before you begin.
  3. Situational Analysis – this simply means you are acknowledging where you are in the process at the moment. You will also want to look back in the past to evaluate the decisions and actions that lead you to the present situation.
  4. Marketing Focus – take a close look at consumers to whom you wish to sell your services or products. Get a clear understanding of your ideal prospect; get to know and relate to the problems they face and recognize how your solutions can benefit them.
  5. Tactical – now we brainstorm to find the various methods to get our message to its intended target. Don’t be afraid to get wild, crazy and creative during brainstorming. There are often a few really good ideas hidden among the off-the-wall stuff. Write them all down and review them later.
  6. Budgets Analysis and Performance Milestones – I saved the bean counting for last because it is usually the part that entrepreneurs don’t like to do. Once you have roughed out your marketing plan of attack, you will want to create a budget for which to work your plan. You will also need to set realistic milestones to monitor your progress along the way.

In the end, a marketing plan is just a road map for your objectives. You can create a formal marketing plan with spreadsheets, graphs and even PowerPoint presentations. You might simply look at your worn out napkin one or twice a year. Whichever technique you choose will be perfect as long as you get it done. When it comes to marketing your business, you need to know where you’re going so that you know when you’ve arrived.

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