He’s also the founder of Smashing Rankings, a Saa S SEO agency.
A well written business plan will allow you to take a very broad, holistic and quite objective look at your business idea.
Through a business plan you are able to truly assess if the type of online store you want to open, the niche you want to operate in or even the technology you want to use is feasible and can actually make you profit.
One of the key elements of this section is a SWOT analysis for your business, an indepth look at both internal and external factors that may affect your business’ development.
Information to include: Finance The finance section should include all the financial data about your business, from startup costs, operation costs to loans, assets, current accounts, cash-flow forecasts and more.
However, all this is not enough to discover the profitability of your niche.
You should know way more before deciding to invest at least 6 if not 12 months of your life to building and developing your store.
By writing a business plan you will naturally have to discover more about the market you want to operate in (and mind you, that includes not only the niche but potential customers, the product demand as well as the competition) and also your business.
This knowledge will help you to assess if the niche you want to enter is really worth it or not.
You don’t even need much experience, you can find all the knowledge you may need online. The ease of entry into the world of Ecommerce lets many people forget about one crucial thing: An ecommerce store is still a business.
And, for a business to succeed, it needs to be built on a solid foundation, part of which is formed through planning and research prior to launching.