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."

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