How To Create A Solid Internet Business Plan

How To Create a Solid Internet Business Plan | The Internet Marketing Place

Thinking of creating an Internet Business? Or do you already own an internet business?

In either case, the first item on your list should always be your business plan.

In Benjamin Franklin’s own words of wisdom:

“By failing to prepare, you are preparing to fail.”

 

If you already have a business plan then congratulations! You are one step closer to your dream business becoming a reality.

However if you haven’t got a plan, or your plan needs updating, then be sure to follow the steps below to get started.

 

First off, There are three main areas to assess in your business plan:How To Create a Solid Internet Business Plan

1. Your Business Model

2. Your Marketing

3. Your Customer Journey & Repeat Business

 

Let’s jump into these three areas individually:

 

Your Business Model

 

The bones of any business is always going to be about a product/service that is being sold to a customer who is making a purchase. So the basis of your business should revolve around what are you selling and who is buying it. Now you can get ideas for what to sell from the niche market you are operating in – if you haven’t yet picked your niche then click here for information on how to do that.

The second decision that you are going to need to make is whether you are going to sell your own products/services, or whether you are going to sell somebody else’s as an affiliate.

If you already have your owns products then this is a no-brainer, but if you haven’t yet got your own products, then you will either need to create them or consider selling somebody else’s as an affiliate, either temporarily or permanently.

The next step is to iron out your ideal customer’s inner-most thoughts, desires, fears and dreams before you get going. This will help you further down the road when you come to sell your products as you will be able to talk to the customer in their language to clinch the sale!

A great exercise to get into the mind of your customer is to do what is called a customer avatar. To do this, sit down and really think about what your customer is thinking and feeling. You can then map out exactly who your sample customer is, even down to their age, dreams, desires and location.

To get you started, I have put a few questions below to help – feel free to expand on these:

 

  • What is likely to be your avatar’s age?
  • Is he/she employed?
  • What is your avatar’s biggest source of pain?
  • What keeps your avatar awake at night?
  • What scares your avatar?
  • What is the biggest danger that they are not aware of yet?
  • What are your avatar’s greatest opportunities?
  • What are your avatar’s hopes and dreams?
  • What does your avatar want short-term and long-term?

Once you get a handle on exactly who you are targeting with your business activities, you can start to think about how you are going to relate to them.

Were you in their position once? Have you worked with them? Have you studied them?

These questions will form your own personal connection to your customers and ultimately how you speak to them (your story). Your story can be used in your marketing so that your customers know that you can empathize with their situation, as you have been there.

One last point about your business model – make sure that any decisions made in your business take your Return on Investment (ROI) into account!

It is very easy to get swept away in the fun of creating a business, so that you actually forget the point of opening the business at all – TO MAKE A PROFIT! 🙂

With everything that you do in your business, from selling products, to spending money on adverts to posting on your blog, make sure that you take into account the effort spent vs. the reward.

This is crucial in order to not waste time or money in your business. Work in the 20% of tasks that will make you money and help your customers, and not the 80% of distraction!

 

Your Marketing

 

Now you have a solid base in your business plan, your marketing tools will be the instruments used to reach out to your customers, and turn your business idea into a reality!

Online marketing can be split into two areas: free marketing, and paid marketing.

Internet Business Plan | The Internet Marketing PlaceFree marketing consists of marketing methods that are free to implement, but will cost you in time to set them up properly. A few examples of free marketing methods are Article Syndication, Social Media Marketing, Running a Blog and Forum Marketing.

Paid marketing costs you money, but generally saves you time if set up correctly. It can also be scaled up hugely once you have found a marketing system that works for your business. Examples of paid marketing are Facebook Ads, Google Ads, Banner Ads, and solo ads (check out the best place for solo ad providers here).

The thing to remember about marketing is that what will work best is very dependant on the niche that you are operating in, and your budget.

The best place to market is where you will reach the most customers right? So where do your customers hang out?

If you have a young target market, then are they more likely to be on Facebook and Instagram than on LinkedIn?

Or if you are targeting those who play golf, would they be likely to like golfing groups on Facebook, and be searching for golfing-related searches on Google?

Of course!

Try and target your marketing towards where your prospective clients are most likely to be.

The other factor in your marketing is your budget.

What marketing that you decide to use is a personal decision for your business, and there is no right or wrong answer, and this is especially true when it comes to your marketing budget.

If you are short on money, then it would be FAR cheaper to start using free methods of marketing, and then incorporating paid marketing efforts further down the line. But of course these methods will take time to come into fruition.

If however you have more of a marketing budget, then you may decide to start with paid marketing to get the ball rolling quicker.

Or you could do a mixture of both!

The most important thing to do is to get a plan for your marketing and stick to it diligently – FOCUS (Follow One Course Until Successful!) 🙂

If it isn’t really working out after a period of time then tweak your plan until it does. But building a business is a journey – you are not going to make £100K in your first week!

Start your business and marketing plan on a foundation of rock so that it prospers in the good times, and withstands the tough times.

 

“The rain came down, the streams rose, and the winds blew and beat against that house; yet it did not fall, because it had its foundation on the rock.” – Matthew 7:25

Your Customer Journey & Repeat Business

 

A product or service is what you sell, and the customer journey is how you sell what you are selling.

Your customer journey is very important, as it is what will turn a simple business transaction into raving fans for your business!How To Create a Solid Internet Business Plan | The Internet Marketing Place

There are several parts of the customer journey to be aware of and plan for:

  • Your Customer Service & Unique Experience
  • Getting Repeat Business
  • The Use Of Surveys To Test Market Demand

Customer service is a fundamental part of any business and it increases the value and experience that your customers receive massively. Your customer service should include the basics such as having an address to email for inquiries and disputes, being friendly and helpful and sending thank you emails to your customers.

But where your customer service REALLY comes into it’s own is in providing a unique experience, and going that extra mile for your customers!

If you do things that your competitors don’t, such as having an easily navigable site, giving away unannounced free bonuses, and having a lot of personal communication with your customers (responding to comments on your blog for example), it can put you and your company in an entirely separate league from other businesses.

And that means more sales for you!

Now here’s a tip to incorporate into your planning: use post-sale (and random) surveys to test the market and get ideas for your next product.

You see, after somebody has bought from you, you can send them a survey to ask for feedback on the bought product (basic customer service), but you can also include questions such as ‘What questions do you still have about X?’, or ‘What are your most pressing questions in X?’.

The answers to these questions show you where the market demand is, and can give you ideas for your next products!

Then all you have to do is survey after the next product, and the next, and keep selling what the market wants to them.

Good customer service and always providing what the market wants next are the basis of getting repeat business. So always strive to go that extra mile for your customers, and they will pay you handsomely for it!


 

That’s it! We have covered the basics of creating a solid internet business plan, now all you have to do is take action and get your personal business plan drawn up!

 

If you like this article, then please like it, leave a comment and share it! :)

Speak Soon! :)

The Internet Marketing Team

Send us your questions to yourquestions@theinternetmarketingplace.com – we would love to answer them!

 

Christian Swift

Christian Swift

Christian is the co-founder of The Internet Marketing Place. He is an avid Internet Marketer, Entrepreneur & Writer who enjoys helping others turn their passion into a cash-flowing business online!

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About The Author

Christian Swift

Christian is the co-founder of The Internet Marketing Place. He is an avid Internet Marketer, Entrepreneur & Writer who enjoys helping others turn their passion into a cash-flowing business online!

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