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Numbers in financial statements have to mean what they are supposed to mean.
), it’s worth spending some time to think about a business plan.
In this article, we’ll dive into the key elements of an ecommerce business plan, which is very different than writing a traditional business plan.
Our proprietary SPF40 fabric is one of the lightest fabrics on the market, providing mountain lovers with maximum comfort, both from a breathability and sun-protection standpoint. There are a number of ways to sell a product on the internet and several different online business models one could employ.
Depending on what you intend to sell, it’s important to think through which business model makes the most sense for your product. Here’s a fact you can bank on: there has never been a successful e-commerce entrepreneur that didn’t understand his/her target market, cold.
Taking the time to write a business plan might seem like a lot of work but it can save you a lot of time and money in the long-run by better preparing you for potential challenges and opportunities that you’ll face as a first time entrepreneur.
When writing a business plan, YOU are your target audience!
That’s why this section is one of the most important in the entire business plan.
It will force you to understand the industry in which you operate, the overall industry outlook, the existing competition, and your target customer demographic.
There are three standard financial projections: the Projected Income (also called Projected Profit and Loss), Projected Balance, and Projected Cash Flow.
I’m going to continue in following blog posts with more details, and how-to, with steps and illustrations, for each.