Do you have a Business Plan for your online strategy?
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Before you begin your online venture (blog, e-commerce site etc), giving some thought and consideration as to where you’d like to end up in a couple of years will could ultimately mean the difference between success and failure. Launching an online venture WILL take up a considerable amount of your time, energy and financial resources. Here’s how to ensure that those resources are spent in an effective manner:
1. Start with the end in mind: Consider both your short term and long term goals. Give some thought to where you’d like to end up in a year, 3yrs or 5 yrs down the road. What are the basic goals behind your decision to start an online venture - do you desire the ability to spend more time with your family, achieving financial independence? Picture yourself in the future, and write this down to help provide you with motivation for the rough times ahead. What are you doing this for?
2. How do you plan to make money online: Will it be from a blog (e.g. ad sales), online retailing, multi-level marketing, etc? There are so many business opportunities available, and failure to clearly choose and identify one can make you feel overwhelmed and confused. You should also give some thought to marketing costs involved with choosing your online strategy - the costs (minimal to zero) of someone who plans to make money online blogging will vastly differ from someone who wants to operate an e-commerce site.
3. Know your audience: Who is your audience? Develop a profile for your target audience
- How old are they?
- Where do they hang out - both online and off?
- How will you market to them - can you find them on MySpace, Facebook, at your local gym, grocery store etc?
Knowing this will help ensure that your audience finds your message receptive. For example, would you try and sell a life insurance policy on MySpace? You probably wouldn’t do very well - the majority of MySpace users are teenagers and young adults. However something like ringtones would be excellent. Know your audience!
4. Network, network, network! Join as many groups, forums, social networking sites as you can in your industry. Establish relationships with other influential people in your niche and the media as soon as you can. Networks are great places to market yourself and learn of the latest developments and events in your industry. Networking groups are also great places to receive support from experienced business people in your industry.
5. Plan B / Exit Strategy: What will you do if things do not ultimately work out the way you expect them to? Will you just give up entirely, flip your blog/site/service for a profit or try your hand at another industry? Thinking about this ahead of time will help you identify other potential business markets and expansion opportunities.
Mapping your course to success beforehand will help ensure that you do just that, succeed!
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Comments
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