While spontaneity may seem like an important part of the recipe for business success, it is not. The first thing you need to do is write a business plan. He just threw clay at the wall to see if he could do it without a plan. But if nothing succeeds, your business will fail along with your money and trust.
Although it may seem difficult, writing a business plan is easier than you think. It simply describes how you will move your business from point A to point B and is a living document.
Now, don’t download an e-commerce business plan template and start plugging in things; it will lead to boredom, burnout, headaches and lack of general context.
Here are 6 simple steps that will inspire creative thinking, intentional inquiry, and perceptual problem solving.
By the end of this article, you should have a highly regarded and actionable e-commerce business plan ready to take on the digital world.
Perform market analysis
The main reason a startup fails is lack of market demand. It doesn’t matter how innovative your product is if the market doesn’t want it or need it.
For example, Ivaylo (Ivo) Kalburdzhiev spent 3 years and $50,000 on an iPad flyer that no one really wanted; that’s what we try to avoid by creating a successful ecommerce business plan from scratch.
Analyze your market. Does it stand out? What doesn’t stand out? Is there space for your product to fit? What customer problems have not been resolved? What are problems with multiple solutions?
Not only does your business need to keep pace with the industry, it also needs to find a way to stay ahead of the game. Who are your direct and indirect competitors? What are they currently selling and how do they sell it?
You can learn more about the ecosystem you are looking to join by doing a market analysis. Similar to visiting a university before deciding on admission, you must visit the dormitories, eat in the canteen, interact with students and much more. Then and only then will you be confident in your choice to move on.
During your market analysis, you may encounter problems (such as a product market correction or a trend going in the wrong direction) that indicate your ecommerce business idea is over. On the other hand, you can identify signals that validate your business idea.
Describe your business
Now that you know what the market looks like, it’s time to analyze what your business will be like. Let the information you discover in your market analysis determine the direction your business should take.
For example, your analysis may reveal that your competitor has created a product similar to yours, but it may be too expensive for your market; This is where you will solve problems to bring the price down.
Which issue would your solution address? What kind of buyer persona are you after, and whywill they pick you over your rivals? What is the USP (Unique Selling Proposition) of your e–commerce business?