8 Questions You Need To Ask Before Writing An Online Business Plan

Whether you are writing your ideas and goals on a napkin at the corner cafe or hiring a professional writer to put your thoughts to paper, your online business plan is the lifeline to any entrepreneur's success when leveraging the internet to promote and market your products and services. While business plans come in all shapes, sizes and formats the core elements should be the same. So make sure your online business plan is up to par by asking yourself these key questions. It can mean the difference between a successful home business and a failing one.

Key Questions Every Entrepreneur Should Ask When Writing An Online Business Plan

#1 Do you have what people want? What value do you have that people will be willing to pay for...is it a product, service, skill? You can have what YOU think is the brightest idea, but if no one if buying or no one needs what you're selling, then you are out of luck. One of the main goals of your online business plan is to define what problems and challenges your target market needs and solve their problems with the knowledge and expertise your posses. This will help you outline the unique features and benefits of your product or service. Make sure you have them written out and use them as a reference when developing your sales and marketing materials.

Always remember this: If you are not solving problems you are not making money.

#2 What, who, and where is your target market? I know I know, this is more like three questions in one, but before you get to marketing your product to any and everyone, know your niche...health and wellness, internet marketing, social media, wine, motivational speaking, custom invitations, video marketing, etc. Next know who you are targeting...athletes, small business owners, corporations, the rich, the poor, college students, stay at home moms...I think you get my point here. Lastly, know where your target market hangs out both online and offline. For example does your ideal customer frequent the gym, the internet, facebook, day cares, or church functions, small business seminars.

By answering these 3 questions you will define what your ideal customer looks like...what we like to call your AVATAR. Only when you have a crystal clear idea on who you are selling to and where you can find them can you focus the right time and energy into the most effective and profitable marketing and lead generation strategies.

#3 Who’s your competition? Unless you have invented a product that has never been seen before you will always have competition...and even if your novel invention is a first to market...if it's a goldmine, the competition is not too far behind. You will always be competing with someone else. Other business owners, other marketers, other distributors, other entrepreneurs within your niche.

Once you know the other players in the game you can adjust your marketing plan and brand to be a cut-above the rest. If there is nothing unique about your offerings, mo perceived added value a customer gets from joining or buying from you, or if you are priced too high over your competition who is providing comparable products and services, then you'll lose every time.

#4 What’s your intention statement? What the heck is an intention statement. Your intention statement is the core of your success map will communicate what you are trying to do and how you plan to do it. It can be one sentence or as long as a couple of paragraphs but keep it concise and to the point. The shorter, the better. To learn more about developing your personal success map click here to watch the free webinar replay A Date With Success - Success Mapping Strategy.

 #5 What is your personal promise to your customers and business partners? Start with “I promise to…” Offer a gourmet coffee experience at a decent price? Provide step by step tutorials on building a brand from home? This is something you have to know. I promise to provide online marketers cutting-edge access to the most effective Facebook marketing strategies.

#6 What are my greatest challenges or obstacles? Identify what might keep you from being successful. Inferior resources, limited knowledge, lack of strategic partnerships, fear, the wrong attitude (yes your mindset if the greatest obstacle of them all). It’s important to identify these things, so that you can come up with solutions. The better PROBLEM SOLVER you become the better plan of action you will have for dealing with these road blocks.

#7 What are your marketing and sales plans? Develop a plan that will maximize your business exposure, help you generate targeted leads and then convert those leads into buying customers. Will you market online, using social media, Facebook, billboards, trade shows, at local meet ups. Do you have an elevator pitch (can you quickly tell someone what you do in 15 seconds or less) and create value while doing so? What are the price points for your products and services? Also, what are your sales goals?

#8 Do you need a staff or external support? While most of us are solo-entrepreneurs or small business owners, ask yourself can you achieve your marketing and sales goals by doing everything on your own? There may be some tasks you do not know how to do or even want to do yourself. If this is the case, you must account for future employees, the possibility of outsourcing or investing in learning the skills you need to run your ship if paying others is not an option.

The better prepared you are as an entrepreneur, whether you run a home based business or small retail shop, you must have a success map that will guide you along the way. The worst feeling you can have as an entrepreneur is to have your visions and dreams collapse because you failed to plan!