How to Create a Plan for Your Online Business

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The World Bank released a report evaluating the situation of doing business in 2020. It scrutinizes the regulations that favor business activities in the country and those that constrain it. Kenya emerged as no. 56 out of the 190 countries reviewed.

The report checks on more than ten areas of a business life. Some of the areas include staring a business, property registration, tax payments, accessing electricity etc. Although the country declined by one position to number four in Africa, the overall ranking was an improvement by five positions. Such an improvement means that the country is ripe for business.

The above-mentioned are matters to do with the environment, which are crucial for a successful online business. But on the side of you as an individual entrepreneur, there are things you need to be keen on so as to see the success of your idea. The first essential step before starting an online business is to have a plan. It is a road map to ensure you get where you wish to see your startup. This article will take you through the seven questions that guide you in the process of creating a solid plan for your online business.

Who Are You?

There are two parts in this question. The first one is who you are at personal level and second, who is your business? The image your online business portrays to clients is crucial, because it can be an informative tool on how you move on with every aspect of your business.

What Do You Offer?

It is easy to name the online service or product that you offer. But relatively more focus is on the solutions you are providing. It is faster to move your business forward when you can answer what you offer.

Who Is your Customer?

Identification of customers is crucial part of running a successful online venture. It is a continuous process and does not end after figuring out your exact customer. You have to keep studying your clients over time.

What Differentiates Your Offering?

There is high likelihood that there is someone else offering either an identical or a close online service or product to yours. But there is that aspect that makes yours exceptional and gives you a competitive edge. Identify and emphasize on that aspect.

How Will You Deliver It?

An entrepreneur has to plan on the means through which their online products or services reaches their audience. You can always improve the plans as you advance.

How Many Do You Need to Deliver for Success?

An important aspect that most online entrepreneurs forget when planning their startup is what they need to deliver to break even. It is crucial since it informs the other plans and helps you to have a re-look on cost.

What Is Your Timeline to Profitability and Success?

Once you have answered all the above questions, you are in a position to determine the timeline for the success of your online enterprise.

Online business can be exhausting and overwhelming to run. It does not matter whether you want to start one, or you want to invest in an existing online business. But with a clear business plan, guided by the above questions, you have more chances of success.

 

 

 

 

 

 

 

Fred Kabiru

Fred Kabiru is a content creator and SEO specialist. He is passionate and experienced about Business, Digital Marketing, News and Technology. He is a believer of content worth reading for a brand worth following.

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