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How to Write a Business Plan for an eCommerce Business

In a business plan, we describe how we are going to achieve our business goals<br>To become successful built a road map, stick to it, and keep improvising it<br>

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How to Write a Business Plan for an eCommerce Business

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  1. Your Retail Coach How to Write a Business Plan for an eCommerce Business

  2. Index Your Retail Coach 1. Introduction 2. Business identity 3. Market Analysis 4. Marketing strategy 4a. Product 4b. Pricing 4c. Promotional 4d. Place 5. Financial Planning 6. Other Operations Details 7. Executive Summary

  3. 1. Introduction Your Retail Coach Index • There is an old proverb, “failing to plan is planning to fail” • In a business plan, we describehow we are going to achieve our business goals • To become successful built a road map, stick to it, and keep improvising it

  4. 2. Business identity Your Retail Coach Index • In a business plan, while presenting the identity of a business entity it should cover all the important and relevant aspects • The details should cover • The name of your company • Background information about your company • ECommerce business model • Regulatory licenses, awards and achievements • Ownership and Leadership • vision and mission statements • The nature of business and industry • Target market segment • Offerings, USP, UVP, or any strategic advantage • Any other factual information that helps better define your company’s identity

  5. 3. Market Analysis Your Retail Coach Index • A market analysis report presents the attractiveness and conduciveness of a market for business with a holistic approach • A good market analysis cover the following • Industry performance and trends • Market size and the demand estimates • Market trends • Availability of suppliers and distributors • Logistical ease • Demographics and customer profiling • Competitors and intensity of competition, the threat of new entrants • Substitute products, emerging products • Market-entry and exit barriers • Economic, legal and regulatory, political, social, technological, ecological factors • Bargaining edge

  6. 4. Marketing strategy Your Retail Coach Index • Marketing begins with the business idea itself and extends to how that idea can be converted into and delivered as a solution to the customers • 4Ps of marketing include: • Product • Pricing • Promotional • Place

  7. 4a. Product Your Retail Coach Index • A product is basically a solution to a certain set of needs and wants • A product is also accompanied with essential featuresand with value addition • According to Philip Kotler, a product could be defined at 5 different levels. • Core Product • Generic Product • Expected Product • Augmented Product • Potential Product

  8. 4b. Pricing Your Retail Coach Index • Price of your product/service is a significant determinant of how the current market will respond to your offering • Product pricing strategy must establish how it is going to benefit the business • Pricing Strategies include: • Premium pricing • Penetration pricing • Economy pricing • Skimming strategy

  9. 4c. Promotional Your Retail Coach Index • A promotional strategy should present how a business is going to create awareness in its targeted market segment • The key forms of promotion are: • Advertising (television, print media, social media, billboard, SEM etc.) • Sales Promotion (discounts, stock clearance sales, freebies, etc.) • Personal Selling (one-to-one communication) • Direct marketing (SMS, emails, door to door, etc.) • Public Relations

  10. 4d. Place Your Retail Coach Index • The ‘place’ element of marketing commonly denotes the distribution strategy • A distribution strategy should lay out the planned journey of a finished product from its source to its destination via intermediaries

  11. 5. Financial Planning Your Retail Coach Index • Forecasting the financial feasibility of an intended business venture • Some of the important principles, concepts and tools of financial management: • Assessment of capital requirements, source(s) of capital, capital structuring, cost of capital, terms of repayment, etc. • Operational expenditure budget • Sales forecasts • Projected cash flow • Planning for working capital management • Projected income statement • Projected profit and loss statement • Projected balance sheet • Break-even analysis • Ratio analysis

  12. 6. Other Operations Details Your Retail Coach Index • Supply chain and logistics – Production-related, distribution, and returns • The organization, Human Resources, and Administration • IT and technological platforms

  13. 7. Executive Summary Your Retail Coach Index • An executive summary is a pilot blueprint of your intended business idea • The executive summary should highlight the potential attractiveness of the business idea backed upthe rest of the business plan • It should briefly cover all the important areas which could be of potential interest to investors and other stakeholders • An executive summary may be prepared at last but be presented at first in a business plan

  14. For further details and fulfilling your consultancy and SOPs needs, please visit us at • https://www.yourretailcoach.in/how-to-write-a-business-plan-for-an-ecommerce-business/ • https://www.yourretailcoach.in/ • https://www.businessprocessxperts.com/ Thank You

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