Before You Do An Internet Business Start Up - Answer These 4 Questions
By: Robert Roy
So you're considering an online business? First, you need a business plan before having an internet business start up. You need to know what you need, where you are going and how long it will take you.
"The business plan is a necessity. If the person who wants to start a small business can't put a business plan together, he or she is in trouble," says Robert Krummer, Jr., chairman of First Business Bank in Los Angeles.
This goes for any business, including an internet business start up. In fact, I feel it is more important for online businesses. This can be one reason why there are so many failures.
To start any business you need to think it through. If you don't you may not end up where you think you want to go. There are 4 core questions that you need to answer before you go on according to the US Small Business Agency.
The 4 Core Questions Are:
What service or product does your business provide and what needs does it fill?
Who are the potential customers for your product or service and why will they purchase it from you?
How will you reach your potential customers?
Where will you get the financial resources to start your business?
As I mentioned in the "4 Basic Steps to a successful Web site" (www.start-internet-business-from-college.com) the first is to define your niche market. You can do this easily through SBI!'s Brainstorm It!
Financial Needs
Once you have your niche, the next questions come easily. The last point about the financial resources are important. Depending on what your niche business is and whether or not you will need to have inventory will help drive your financial resources needs.
With SBI you will not need much more. They have the complete package. In fact, they are the only "All-In-One" package for anyone who wants an internet business start up or not.
Needs
I have found outside of a computer, a high speed line and a business license you are set to go. Remember that SBI! has it all, you do not need to purchase another service.
Time Management
This is a very important factor. How much time do you have to put into your new internet business start up? You need to determine this ahead of time. Why? Because working on your online business will make time fly by and you need to put a reasonable limit on it. Remember studies, social life and family.
I will be writing more on time management in the near future.
Set Your Goals
This is also a very important part of your business plan. You need goals that you want to meet over the short term, one to 6 months. For example, you want you Web site up in 1 week or 1 month. Or you want to have 4 articles written within the first 6 weeks.
You also want long term goals for an internet business start up. These usually take the time line of 6 - 12 months to 2 years. They usually are around number of sales, profit goals or number of members.
Good Sources For More Info
Some good resources include the U.S. government Small Business Administration (SBA.gov), starting a business. Remember if you have a good business plan they have loans for online business start up's.
Another good source for internet business start up is the SBDCNET. They have partnered with the SBA to give you a great deal of information on ecommerce.
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