Much has been written about the potential income one can make from online business and what these businesses are, but what we will tackle here is how to lay out your business plan and the details that go into it each step of the way. Strategies are the long-range plans; tactics are the methods you will use towards achieving those plans.
1. Define Your Objective
Before you even start making plans, clarify what it is you want to achieve. Do you want to set up an eCommerce website for the mothers-market and make an x-amount of money every month? Do you want your present Blog to make more money than it is doing now? How much do you want to earn from it per month? Let us use this as an example: You are a blogger in the mom niche and you want your site to earn you at least x-amount per month. This is your objective. Set up a separate bank account for the earnings from this particular objective so you can track the success of your plans.
2. Make a List of Your Resources
Write down your assets with relation to your chosen objective. Still going with our example, list down your resources:
- Your blog already has a regular audience.
- You are a good writer.
- You have loads of experience as a mother and are knowledgeable about the products moms use.
- You have set aside some money from your earnings.
- You have an extensive network of family and friends who are willing to help in marketing your site.
- You already have some advertisers who regularly buy ad space on your pages.
- You have a regular number of hours per day to devote online.
3. Make a List of Your Limitations
What are your likely obstacles and deficiencies? Anticipate the possible problems you may have in attaining your objectives:
- You have a slow computer with an unreliable Internet connection.
- You need more advertisers but your ad slots are full.
- You don’t have a good camera for images and videos that you want to post on your site.
- Your website has a limited scope.
Do extensive research on the business/field you want to get into. What is the competition like? What are the rates of success? What is the target market? What specific niche would you be able occupy competitively? What advertising networks can give you the most income? What companies would possibly advertise directly on your site? What products in the mom niche are the most popular? What are the most popular keywords used in your niche? Take the results of this research and amend the items in the first three steps if you have to.
5. Map Out Your Strategy
This could be a timeline, a marketing plan, or web network design. For example: Your research has shown you that there is a large number of products that you can market and link with your mom niche but your present blog is limited, so you set out to created a network of blogs with one blog as the hub.
Your strategy is to make one website, for ex. www.mommyonline.com, your main hub, where you will feature highlights from linked blog sites on product reviews, books for moms, life-advice, video how-to’s etc. These sites will be maximized for ads and promos within tasteful parameters.
6. Plot Out Your Tactics
These are the steps you will take within your strategic plan towards your objective. This is where you will fill in which advertisers/advertising networks to tap, what kind of contracts with product companies you can get into, which relative with a child can star in your how-to-assemble-a-dollhouse product, what themes to use in your sites to suit each topic, how to place links in your social network accounts and those of your relatives and friends, what products of amazon.com and other companies you can review, etc. You look for a reasonably priced computer and a more reliable internet service provider.
This step is crucial, because if you do not take the first step into implementing your plans, they will remain just that, and you would be nowhere near the objectives you visualized. Once you take that first step though, you will find the momentum will feed your enthusiasm. As you go along, do periodic reviews to make sure you do not stray from what you have plotted out and you can improve or change areas that don’t seem to work.