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Writing an Internet business plan for a website
or online business is very similar to how to write
a business plan for a traditional small business.
An Internet business plan should include all basic
business plan elements, and the primary differences
between an Internet business plan and a traditional
business plan will be in the details. Here are
the primary components of an Internet business
plan:
1. Executive Summary – Just like with traditional
business plans, Internet business plans need an
executive summary. The executive summary is usually
the first section of an Internet business plan,
although it should be the last section written.
An executive summary simply serves as an overview
or summary of everything else in the Internet
business plan, and would include a very general
company description, the company / site mission,
and a summary of projected financials.
2. Website / Business Summary – The business
summary or website summary of an Internet business
plan will offer the reader a glimpse of who company
is and what they do. It should describe the website
or online business in detail, as well as some
general information about the market or niche
(for example, if running a niche social networking
website, it should explain social networking).
Answer the basic questions here of who?, what?,
when?, where?, and why? – mention who owns
or manages the website or online business, what
the site is about or trying to offer, when the
site was launched, where the site is located,
and why the site or online business was launched
in the first place. When updating an Internet
business plan beyond the startup phase, this is
also the section of the business plan which should
contain past results and developments of the website
or online business.
3. Management / Ownership – This section
of an Internet business plan should go into greater
detail regarding the managers or owners of the
website or online business. If creating an Internet
business plan simply for personal use, it isn’t
required, although it can be beneficial in helping
to realize strengths and weaknesses in the niche
or industry. If planning to seek outside financing
from a bank or investor, include all of the relevant
business and industry experience, as well as educational
credentials, of each member of the online business’
management team. This information can even be
included in full resume form.
4. Marketing Plan – A marketing plan is
one of the larger, and most important, sections
of any Internet business plan. In it, include
a SWOT analysis (your strengths and weaknesses
as opposed to your competition, and opportunities
and threats that you face in your market), as
well as information on primary competitors, based
on your market research efforts. Also outline
the demographics of your target market (specifics
of who you intend to visit the site or buy products
or services online, such as age groups, ethnic
and gender groups, marital status, income levels,
etc.). Finally, the marketing plan will include
a list or calendar detailing planned marketing
tactics. The marketing tactic choices will likely
be the biggest difference between an Internet
business plan and the business plan of a brick
and mortar business, as you’ll be more focused
on search engine optimization (SEO), link-building,
and other Internet marketing tactics.
5. Budget / Financial Projections – No Internet
business plan would be complete without at least
a basic budget detailing startup capital and anticipated
business expenses. If you plan to pursue financing
options, also include financial / profit projections
for one to three years, with any supporting information
to justify those financial projections to potential
investors.
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