Strategic Business Planning For Online Startups

business planningAs part of my consulting practice, I read and review business plans written both for venture capitalists and for grant applications. If you’re entering a market where you can’t easily identify direct competitors, consider your indirect competitors—companies offering products that are substitutes for yours. Writing a business plan helps you focus and develop your ideas. A business owner’s toolkit will always have sample business plans and information on how to create a plan.

There are a variety of ways that businesses will compete, but more often than not it is based on the USP (unique selling proposition) of the firm which distinguishes the company and its products from other competitors. Rather than doing a whole heap of research, they launch their service or product quickly and watch the reaction of paying customers.

This is where you can invest time in understanding who you’re selling to, whether there’s demand for your …