The thought of online entrepreneurship may be daunting for some of us, especially when you are so used to having a 9-5 job with stable income. I left formal employment in 2014 and have never looked back since. If you are planning to move your business online or simply to leave your 9-5 job, or just make some extra cash while your studying then it is a good idea to familiarize yourself with methods to establish an online presence, how to acquire sales, customer engagement and promoting your online business while you’re in transition.  It is wiser to slowly move into adopting online entrepreneurship if your financial situation is heavily dependent on your job and you do not have backup savings. In circumstances where you have lost your job then the pressure would be on as you will need to keep up with bills and other expenses.

Today, I will help you identify what you need to help kickstart your online business.

START OFF WITH A BUSINESS PLAN.

Why do you need a business plan? Why are business plans so important?

A plan serves as a clear guideline to help you attain your end goal. This is not only relevant for online entrepreneurship but any entity with an end goal. Although it may be time consuming, it’s importance is fundamental to your business’s success. It’s understandable that we all differ on our opinion on planning as some people may not see it as relevant due to the changing nature of the digital world.

WHY IS IT IMPORTANT TO HAVE A BUSINESS PLAN?

• Trial your idea to see if it is accomplishable in real life situation.
• To gain clarity on your business vision and strategy
• To establish common value for your entity.
• To set a strategic roadmap for your business

HAVING A BUSINESS PLAN VS NO BUSINESS PLAN

1. Proper projected financial management in line with anticipated business activities.
2. You can miss sales projections if you do not know who your customers are and where to find them
3. Loss of customers due to unsatisfactory service or products
4. Loss of business purpose due to lack of focus. Mission or vision
5. Bankruptcy due to lack of proper business model.

MOST COMMON ELEMENTS IN A BUSINESS PLAN

1. Table of contents
2. Executive summary
3. Company Overview
4. Business environment
5. Company description
6. Business environment
7. Company description
8. Company strategy
9. Marketing plan
10. Financial review
11. Action plan.
12. Appendix

INFORMATIVE RESOURCES

1. Internet website: Read up on customer reviews and to read up on market competition.
2. Local library to find information on industry trends, business journals.
3. Speak to business professors
4. Business Newspapers and magazines such as the New York Times, Economist
5. LEXUS/NEXUS)
6. Check professional associations /groups
7. Local business networking groups

Things to think about when your working on your business plan.

-As a startup a business plan will help you to evaluate your new idea , identify your potential market and your customers . It will also give you a clearer picture of your financial needs. A business plan will also help you to identify what stage your business is at if you already have an up and running business. You will be able to focus on what your priorities are for your business , it is similar to compiling a wish list or a vision board. It gives you a sense of direction. It helps you to define milestones with measurable objectives.

A business plan will involve a lot of brainstorming, discussions and research. It is advisable that a business planning software if used to help you to move forward with your planning.