Best 7 Business plan for Online Business

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Everyone wants a secure life not just only savings money, LIC, and decrease the expenses and sacrifices.

What you want, you want a secure life by doing your business.

because business is the best way to become stronger and stronger and to generate huge revenue.

Do you interest in build your Brand?

Do you find the right way to start your business?

Do you want to be an employee until your death?

You want to become a businessman and do great work, right?

You don’t want a salary or commission, right?

We all are interested to start our start-up and work with a team for achieving the goal of the organization. But we are getting some confused about how we can build our e-business or online business.

If you want to start your e-business then it must be happening with your mind that from where we need to start our e-business and how to achieve the goals, right?

Don’t worry in this article I am going to help you with how you can make the best e-business plan:

Do we know that planning is the primary ingredient for every work, right?

Even we are not able to get the best result without making any planning means “daily routine”. [Planning = Routine]

Planning is the root of every work. So, what you need first you need to make the best planning process for your business.

Best Elements of the e-business plan:

  • Description of the business
  • Analysis of industry
  • Analysis of market
  • Analysis of competitor
  • Development of website
  • Operations
  • Budget
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If you follow and add the above elements to your business, then you don’t need to recur your e-business after these. before your e-business plan is finalized, you have to sure that all the above components are analyzed thoroughly. Only after the management is satisfied with the analysis of each of the above elements individually. You need to create a good mindset for planning your e-business.

  • Description of Your Business: Description of the business deals with the purpose of the business and the nature of your business. The description of your business also accounts for the mission of the organization, the goal of the organization, the value-added services the organization plans to offer and it also describes the products or services. The business description elements in your e-business ensure that all the above elements are stated in a very informative way. However, the business description manner gives a very transparent picture of your e-business to all your stakeholders, government, customer, consumer, etc.

Like you telling a ghost story to me and I imagine your word into a reality and getting fear about ghosts.

 That’s why we all are in fear to go to the toilet alone, after listening to any ghost stories. That’s how you need to describe your business.

For Example; you are going to build an e-business based on a course and now you describe your business- tell people that your business about spread education and easily provide the best quality courses in a very less amount. And you need to tell that to whom you are connected and tell about your partners [like- coaching centers, digital mentor, private school, private college, and private university], you need to change the education system that all people have the power to access the valuable education by this theory (Now the son of the king, not the king, the son of the subjects can also become the king).

  • Analysis of Industry: Analysis of industry most important for your business and you need a detailed study of the industry in which the e-business you will operate. If you analyze the industry, you can see the future prospect of that particular industry. And you are well prepared for any problem in your business because you see the future prospect of your industry just by highly reliable and objective oriented data through analysis. Since every industry has its own different and unique nature, you can’t mix up every industry with your business. You can’t mix up the education industry with the film industry. For example; the nature of the education industry provides education is different from the fashion industry provides stylish clothes and fashion to trending, right? Keep in your mind that as a consequence a thorough and in-depth industry analysis is compulsory for an e-business.
  • Analysis of the Market: An e-business plan must account for the analysis of the market where the e-business is going to operate. By market analysis, I mean the detailed analysis of prospective customers, estimation of the size and architecture of the customer base, determination of the target market, and prediction of the overall growth of the market with time is first important.

The e-commerce market is classified into two subdivisions:

  1. The Potential Market
  2. The Addressable Market

The Potential Market: It includes in it all those people who can be treated as potential customers for a particular product or a service.

For Example; You are selling fridges online through your website. Therefore each & every individual having a credit/debit card is its potential customer that is a part of its potential market only. Thus from this content, it is very much clear that the potential market & its potential customers are full of illusions.

 The Addressable Market: It’s true that the addressable market is much lesser volume than the potential market. But the addressable market is more realistic & specific than the potential customer. Addressable market refers to that group of people who also is a part of the overall potential market who are expected to show interest in the products or services that e-business is going to offer. The addressable market is estimated from the potential market only. More accurately an addressable market is estimated, more is the probability of having a greater & dedicated customer base in reality. A narrow definition & estimation of the addressable market implies there would be a difficulty in the estimation of a customer base that may generate profit for an organization.

Because there are not only your customers and they don’t know about your products or services and you need to find the best addressable market it’s more important for the Beginner businessman. A too-broad definition on the other hand causes difficulty in collecting relevant information for proper market analysis.

It’s true that you have to research your industry and get well-detailed information, but you need to care about correct information that means measuring data that you have.

  • Analysis of Your Competitor: Most of the organizations which are into e-business activities come across a cut-throat competition because there are other organizations doing the same business as well. therefore, analysis of competitors is compulsory for each and every business before starting the business as well as while doing the same business.

Complete competitor analysis helps the firm to determine its true position in the online market place. 

Being Aware; You need to find out what services you offer which other competitor does not offer. So you need to complete research about your competitor, competitor analysis well-performed what the competitors are offering which the present e-business company is not offering. From the analysis, the organization can reveal its shortcomings & accordingly develop suitable strategies.

In a short word- you have to find the loose point of your current competitor and develop your strategy to bid your competitor.

Once you did the competitor analysis then it creates a benchmark for analysis of the recognized competitor and determining the result of their analysis and in this way your business position in the competitive global market.

“ You have to prepare and update your business strategy and  

    Bid your competitor and get the best result” 

  • Development of Your E-commerce Website: The website is the face of the organization for organizations that carry on e-business. At the time of development of your e-business website the following factors should be kept in mind:
  1. The technology through which your websites are developed should be chosen very carefully. Before running your business online you need to carefully to choose;
  • You need to choose a very short name(domain name) for your website which users can easily type your site name and correctly. If you choose a long domain name then you users come to the trouble to type your website name and many times you can easily go down day by day.  So, what you can do you have to choose less than 5-8 characters name for your domain name. Like: Amazon, Flipkart, Shopify, etc.
  • If once your website runs on low-quality hosting then your user experience may be decreased day by day. Because it takes more time to load your website to customers. But when you decide to change your hosting site then you may be losing your traffic on your website. So, what you can do, you have to choose the fastest and best service providing a hosting company.
  • The last one is you need to hire the best web developer who performs well on your website.
  1. The contents of your website must be written in such a transparent & understandable language that every reader can understand it just by going through it. I am trying to express my concept in a clean and understandable language that not used any high-level word. Can you understand my words? The website must be very transparent in terms of content and reflect a true & fair view to its customers/readers.
  2.  The website must be dynamic in nature i.e.(that is) it must accept payments online & must be interactive with its customers. It should be updated as & when needed.
  • Operations: the e-business plan must take into account the operative factors. By operative factor I mean the e-business plan must be very flexible to operate.

An inflexible e-business plan can be brought into operations very easily. In the case of a flexible e-business plan, operations such as improvement, reductions, modifications, choice of alternative approaches for technology, contingency measures, etc. are very easy to implement. Every organization while drawing a business plan takes into account each & every parameter that may have a strong effect on its operations.

So, what you can understand that if you start the first time it does not create a very problem to run your business if you operate well in your business.

  • Budget; Budget is very important in our daily life, right? If the budget is matching with our future then it’s really good to maintain our life easier but if it’s does not then it’s effect badly in our life, that’s right?

 Exactly the same thing in every business plan to be executed successfully, preparation of a very dynamic budget is compulsory. While preparing a budget the following tips must be kept in mind:

  1. The budget must contain provisions for fixed costs, recurring costs & contingencies.

Fixed costs: By fixed costs mean the cost of implementation of a high-speed broadband internet connection, purchase laptops, desktops & its accessories, purchase of software, purchase a domain name & hosting, employee salary, etc.

Recurring Costs; By recurring costs mean fees to be paid for the renewal of the license of software, renewal of domain name & hosting, annual revision of salary payable to employees, office overhead expenditures, etc.

Contingencies Costs; Contingencies costs mean some losses in your business, goods are destroyed, abnormal loss, increase in the market price of your purchasing product, etc.

Contingencies factors that may take place anytime during the e-business process kept in your mind.

  1. The e-business budget is greatly influenced by the choice of technology for the organization. Technological tools like .NET, ORACLE, SQL Server are comparatively must costly than technological tools like PHP, MYSQL. The budget must account for these types of probabilities.
  2. A very careful & complete audit of the budget is necessary before its allocation.
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Conclusion; If you want to start your e-business you need to follow the 7 best business plan format to bid your competitor and earn huge revenue with a great user experience.

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