How to Write a Business Plan

With increasing layoffs, personal debt at all time highs and mortgage-backed securities falling, the sensible among us are developing an additional source of income. One way to do this is to create your own online business.

Starting a new online business does not mean you have to give up your current job. You can configure doing extra work in the evenings and weekends and maintain the income of your current job, while income from your new business grows.

So what you have to do to maximize the chances of success of your new business? Find something you

Good or passionate. Then you need to research and plan properly.

Here are 8 questions – answer them fully to your situation and you have the basis of a solid plan for your business:

1. What are your skills?

Can you teach? Do you write can? Can you sell? So, you're technically competent?

2. What people need to buy? In a recession.

Luxuries and frivolous things are not going to be on top of the shopping lists of people if they are struggling with the effects of the recession. Needs are.

3. Is there a market?

Is there a demand for it? How will people be willing to buy it? What will affect the demand for it (for example, weather, strikes, competition) and how? How much competition is there? How is charging its competitors?

4. What is the process?

How are you going to do? How will market and sell it? How are you going to deliver? How do people pay you?

5. What are the dependencies?

Local need – if so what kind? Need external suppliers – if so, which parts? Need licenses – if so authorized? A special equipment is needed? Need staff?

6. What are the costs? Local

, raw materials, suppliers, marketing, delivery, licensing costs, staff costs, lawyers and accountants, the day to day operating expenses.

7. How much money can you make?

How can sell it for? What sales volume is achievable you think? What sales channels will you use? How will you promote it?

8. Do you have sufficient funds?

What are the costs of implementation? What are the costs of marketing and promotion? How long before you can reach equilibrium? Where is the funding coming?

No matter what type of business you are considering, go through this checklist is a good way to ensure that you have most things covered.

Use the answers to these questions to create your business plan.

And here is some good news: If an online business many of the preceding articles shall not apply starts.

With an online marketing business, affiliate, for example, the costs of implementation would be negligible, delivery and logistics costs zero, you would not need special equipment or facilities without independent outside suppliers.

But have yet to develop a plan.

Is important to remember that if your business is online or offline, it's still a business.

Not be fooled by all the promises of easy money online. It is simply not the case – if it was everyone would be doing it.

But you can make good money online – if you treat it like a real business.

There are plenty of resources available to help with the development and promotion of your online business – just make sure you choose the premium. And

Care (and avoid) the snake oil salesmen, those who promise big monthly income to make just a few hours work a month.

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