The SBA is a trusted government resource for small business entrepreneurs. The free business plan template offered on the SBA website is a document for all new business ideas. Use this guide to customize their free template for e-business planning.
Business Planning Process Good for More Than New Business Funding
A business plan is critical to the success of a new e-business. The business planning process requires the organization of ideas, a clear start-up plan, and research to ensure success.
Entrepreneurs often use business plans to secure new business funding; however, they are also an important internal document. Update the business plan template regularly to set and track goals, plan for expansion, and make better management decisions.
The U.S. Small Business Administration Offers a Free Business Plan Template
The SBA's free business plan template walks entrepreneurs through critical business planning steps with customizable fields for:
- Executive summary
- Business description and vision
- Definition of the market
- Description of products and services
- Organization and management
- Marketing and sales strategy
- Financial management
Entrepreneurs access the business plan template directly through the SBA website and follow prompts to input important business planning information. The service is easy to use, with clear instructions and writing tips.
Special E-Business Planning Considerations
In the "Definition of the Market" section of the business plan template, entrepreneurs are encouraged to identify their target market and anticipated market share. Use reputable agencies such as the U.S. Census Bureau- Department of Commerce or Industry Canada to find reliable industry statistics for market research.
Demonstrate the competitive nature of products and services by researching similar items online. Use screenshots and pricing information to compare features and benefits in the "Description of Products and Services" section of the business plan template.
Use online sales statistics and internet search volume data to determine demand for the "Marketing and Sales Strategy" section.
Money-Saving Tips for New Internet Entrepreneurs
Throughout the business planning process and as the launch date approaches, compare pricing amongst e-commerce web hosting companies, pay-per-click advertising providers, and other online business-to-business service providers to find the best deals.
Brush up on search engine optimization and social media marketing strategies to inexpensively manage these tasks in-house instead of outsourcing.
See the article 3 Types of E-Commerce Start-Up Capital to compare new business financing plans and find out how to qualify for the least costly business loans and investment options.
Finalizing the Customized SBA Business Plan Template
After completing all research and data input to customize the business plan template, save as a Word document. Print and proofread carefully, adding any necessary attachments to support the information within the business plan.
Before approaching banks or potential investors for funding, ask about any specific business planning or research requirements and ensure the document covers those issues.
Save and print a final copy, updating regularly as the e-business grows.
Source:
U.S. Small Business Administration Business Plan Template, accessed December 24, 2009.
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