The 7 Key Elements of a Successful Online Business Plan

This guest post is by Alex Papa of BusinessOpportunitiesExpo.com

The vast majority of online business initiatives will fail. But this failure culminates from certain distinct elements that are not adhered too. Instituting an online business encompasses the precise principles embedded in starting a traditional “Brick and Mortar” business. It is ignorance of these business principles that forms the primary catalyst that drives online businesses to the ground. Possessing the appropriate knowledge is the first tool in one’s armoury that will catapult one’s online business toward success.

The vital characteristic incorporated in every successful online business is the presence of a clear and concise plan. Formulating a solid business plan lays the foundation of a business, and neglecting to do so is the root cause of business failure.

A business plan should be structured to incorporate your own vision and mission of the business. Without that vision your internet business is lost! Clearly defined objectives should be established on how the business intends to realize its overall vision. Setting short, medium, and long-term goals is imperative, and it paves a focused path for the business. 

A general business plan for an online venture should include the following 7 parts:

• Mission: Establishes your goal and what you want to achieve by starting an online business.

• General business description: Highlights the overall nature of your online business. In this part you need to decide if your online business will be an eCommerce website, an eBay store, an Affiliate business, a physical or digital product business.

• Products and/or services: Describes the products/services you promote, and their respective advantages. In this part you need to clarify your offer and how it fits into a niche market.

• Marketing plan: Involves the analysis of the target market, and the marketing strategy to be utilized. In this part you clarify what promotional means you will use to drive traffic to your website. Traffic means include: Paid traffic from Adwords, Organic traffic from Search Engine Optimisation, Social Media traffic from tools like YouTube, Twitter or Facebook, Viral Marketing traffic from eBooks and Article traffic from article directories or blogs. To start with, you need to choose and focus on one plan only. Each method is an art of its own and it takes time and effort to master it.

• Management plan: Determines how you will delegate tasks and how you will manage your resources. It may take you a long time to succeed if you do everything on your own.

• Operating plan: Highlights how day-to-day business activities will be undertaken. In this part you decide what you will do every day and how this aligns with the goals of your business.

• Financial plan: Establishes how you are going to fund your Marketing plan and how many hours you need to put in it. It covers aspects dealing with budgets, return on investment, and cost of resources.

Most people underestimate the amount of time they need to sacrifice in setting-up a successful online business. Formulating a clear and concise plan is time sensitive, but the investment will reap tremendous future rewards.


"Alex Papa is an internet entrepreneur who owns several online businesses. He blogs for BusinessOpportunitiesExpo.com where he offers a  Business Start-Up CD Course. In his blog you can also find the latest Norton 360 discount coupon codes."

 About Guest Post

This post was written by a guest. Please see his details above. If you'd like to write a guest post for Work at Home Start Up Guide check out our Rules and Guidelines for details about how YOU can share your tips with our readers.

4 Critical Errors That Will Ruin Your Online Business

1. Failure to Place one’s Online Business Above one’s Job

There is a fundamental rule that governs each of our lives, and that rule says, “You move toward the direction of your most predominant thoughts”. If our most productive hours are channelled in the direction of our job, then our thoughts will be ruled by our job. Our focus and energy will be consumed by our employment. The resultant effect is that one will neglect one’s business, which will correlate to gradual and even instant business failure.

 Consider this: If you were running an offline business, would any potential partner or investor fathom investing in your business if you operated your business part-time? Certainly not!

 A business that is inconsequential to you will evaporate at a rapid rate. A distinguished businessman once said, “As a new start-up you need to mind your own business and not other people’s businesses. When you start your own business it is better to work part-time for others and full-time for you, than to work full-time for others and only part-time for you”.

 A business degree will not impart such profound wisdom; as advice of this nature is derived from experience. The mindset of an Entrepreneur should transcend the programmed minds of everyday workers who grind 24/7 for their employers.

2. Failure to Prioritize

 Time waits for no man! An hour lost today can never be redeemed. The time one has at their disposal should be utilized efficiently and effectively. The opportunity cost of engaging in unproductive activities equates to potential business failure. The online industry is competitive, and your competitors are constantly seeking alternatives to grow their market share.

 If you are wasting time watching television, chatting on Skype, or constantly leaving messages on Facebook, then you are opening the door for your competitors to expand their market share. Adhering to one’s daily operational plan is imperative; time-wasting activities and even people who waste your time should be completely avoided. Prioritizing demands discipline!

3. Failure to be Realistic

Most internet marketers expect to attain financial freedom within a month. In this regard it is pertinent to set pragmatic targets. The majority of offline businesses do not yield positive cash-flow in the first few months, and it would be unrealistic to expect a contrasting outcome in any online business venture.

 People who have achieved wealth online did so after many months or years of consistent effort. Instant financial success is usually short-lived. Sustainable success is a gradual process realized over time. It takes time to build a sizable list of customers, it takes time to develop profitable joint venture partnerships, it takes time to optimize a website, it takes time to get quality organic traffic, and it takes time to develop credibility in your sphere of business.

 A successful business is moulded in the form of a triumphant athlete; and no athlete rises to the ranks of champion in 30 days.

4. Failure to Maintain Enthusiasm

 An optimist is assured he will succeed, but the pessimist awaits failure. Instilling the attitude of a winner within oneself will breed a lifestyle of success. Establishing an online business presents an array of obstacles, and adversity is a reality for every online business owner. It is the positive mindset of an individual that will carry him through the trials, and motivate him in despair. By maintaining your enthusiasm, you will overcome most challenges.

 Initially it will be wise to set relatively mediocre financial goals in your internet business that will be easily attained. You can set a benchmark of $100. Once you’ve achieved your goal, reward yourself adequately. Thereafter you can raise the benchmark incrementally. By following this process you are effectively conditioning yourself to consistently meet your targets.

"Alex Papa often speaks in seminars around the world showing people how to find new business ideas that will help them live the lifestyle they desire. He has been an investor and internet entrepreneur for over 8 years. In his blog you will also find the Norton Symantec coupon."