Small Business Internet Guide-SBOguide

At its core, a good business plan will at a minimum, state your business objectives or goals, identify your resources both personal and financial (including what you already have and what you might need to acquire to accomplish your objective), and a detailed timetable for its accomplishment.

There is nothing magic about a business on the Internet - the old business school mantra still applies – “a failure to plan is a plan to fail”.

The result of smalll business planning can run the continuum from simple to complex. Depending on the nature of your business objective and whether or not you need outside funding, your requirements will vary. No matter how you intend to fund your business – self-funding or via the help of investors, the need for careful planning and examination cannot be minimized. This is not to say that you need to over analyze the matter either. A sensible, workable plan is what you need, followed by action.

Your small business plan should include the following:

• A mission statement – define the purpose of your business.
• A statement of your objectives – what do you hope to accomplish?
• Define the scope of your business – what is your market and how do you plan to serve it?
• Your business structure – the organization of your business, from a tax, legal, licensing requirements, and accounting standpoint. For many small businesses, a LLC (Limited Liability Company) may be the most appropriate. If in doubt ask your attorney or accountant. If you are operating in the USA, you can also get advice on the proper structure for your business at the US Small Business Administration website.
• A market assessment – how big is the target market and who are your competitors?
• A timeline of what needs to be done and when – the action steps needed to put your business plan in motion and see it to fruition.
• A budget forecasting revenue and expense, assets that need to be acquired, and the sources of financing if needed.
• Your business plan needs to address in no nonsense terms how your business idea will generate income. Review your plan with trusted advisors and evaluate the merit of your plan. Create a pro forma financial statment - you'll need this if you seek outside funding, but you need it as part of your success measurement regardless of how you fund the business.
• Take the business planning course offered from the Small Business Administration website in business planning. It will give you a good overview of the process of business planning. You can sign up for the free online narrated course here. Most of the information will apply to anyone looking to start a small business, online or off.

Now that you have your business plan outlined, don't forget the most important thing you need to do to be successful - Stay Focused and TAKE ACTION !

Good luck.