Wednesday, March 10, 2010

make sure that you have a plan before beginning.
This is not the time to "pick it up as you go". There are some
vital and basic things that should be included in your business
plan.

The business summary is an integral part of the overall business
plan and should start with a brief description of the entire
business. After this, list the objectives or the goals that you want
to accomplish through the business.

Next, and perhaps most importantly, you should develop your
marketing plan. The marketing plan should address all the
specifics of the business. When developing the marketing
strategy, you should consider the following:

1.The TARGET MARKET. This is the customers that you
expect to see visiting your site. For example, will your product
appeal more to college students or to those who have retired?

2. The COMPETITION for your product. Choose a product
that will be seen as unique and useful. Visit sites that offer
the same or similar products. Find out the cost, and how
these products are being marketed. Research the pros and
cons of these business methods and try to improve your product
based on these flaws of your competitors.

3. The various methods for ADVERTISING ONLINE. Do
research on search engines and learn how they work as each
one is different. Make sure that you learn how to submit your
site to search engines. Be prepared to allocate a small amount
of money on advertising; the profits gained from the
advertisements will be money well spent.

4. Think about PRICING. Again, look at the competition and
see what similar products are selling for. Pricing can play a
significant role in the success of your product. Selling a product
well below the average market price may lead customers to think
that there may be a problem with the product, or that it is
inferior in quality. On the other hand, pricing items too high
could also deter customers from purchasing.

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