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Online Store Business Plan


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onlinestorebusinessplan

 

The online store business plan is appropriate for a new business that will sell solely online or for creating an online business as a companion operation to a brick-and-mortar business. It is estimated that as much as 80 percent of the market now does business online, proving the internet’s adaptability in most industries. Once the business concept is developed for the online store, its true viability can then be determined by researching and then developing a detailed business plan. Since technology changes so rapidly and the marketplace is no longer limited by geographical boundaries, the business plan has taken on new importance as a guide for achieving goals.

 

The critical issues of the online store business plan


The following type of unique issues are addressed in the online store business plan:

  • Are all products and services adaptable to online marketing?

  • Who will develop and maintain the website?

  • How will targeted customers be driven to the website?

  • What risks have been identified, i.e. security, slow website traffic, etc.

  • How will goods be sourced?

  • How will goods be stored and shipped, i.e. from warehouse, drop shipments, brick-and-mortar store, etc.?

  • What merchant account and shopping cart software will be purchased or developed?

  • What sales promotions are planned?

  • What technology is involved and will hardware and software need regular upgrading? Who will provide technical support on a routine basis?

  • Will the business need to hire employees, i.e. IT, customer service, etc.?


The website design and content are critical elements and must be clearly described in the business plan. Interested investors will need to develop a high comfort level that the entrepreneur has worked through the many business details, down to the website design. Entrepreneurs who have never started and managed an online business should get assistance with developing the business plan. There are many aspects to the online business that are not applicable to a storefront. For example, the business has to identify the web host and online customer ordering system. Technology is a major consideration, especially since it changes so rapidly, and will need special treatment in the business plan. The internet offers tremendous potential because the competitive playing field is leveled in terms of market access. Every business has an excellent chance for success if the business plan is carefully thought out.

OGS Capital has experienced consultants who understand the complexities of writing an online store business plan. New businesses can also get help finding investors interested in helping startups. The process begins by completing the online contact form.
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