[HiTechGadgets]

I was wondering what are some things i would like to consider when writing a business plan for an e-commerce site. I am planning to start selling different gadgets . Also anybody here ever used Myspace to market a new product and create a "buzz" by having contests while still driving traffic to your website?

Any suggestions or feedbacks i would really appreciate.

[resumenation]

HighTechGadgets:


Prior to creating my business plan, I intensely researched my competitors' click-and-mortar establishments. I took note of their target market, demographics, net worth, number of site visitors, and even their blogs. I went to consumer reporting forums as well to gain customer feedback about their services. When it comes to the competition, entrepreneurs often fail to look at the bigger picture. For example, a t-shirt designing company situated on a boardwalk may loose most of its potential customers to the GAP, a branded, more established retail chain. Although indirect, a GAP summer t-shirt sale can definitely break your business. Always keep a close eye on your indirect competitors... for you never know when a GAP and Jimmy's on the Boardwalk partnership is under way. Good luck with your business plan! Also, feel free to submit your business plan to SCORE advisors; they are very helpful and love assisting young entrepreneurs with start ups.

[HiTechGadgets]

Thanks Nicole for your advice i would take a look at that site. Anyone else know anything regarding writing a business/marketing plan for an e-commerce site or ways to market a new product through myspace.

[HiTechGadgets]

Please need more feedback from YE. So feel free to post on here.

[GuyBBY]

HiTech,

There are several things to be taken into consideration when starting a BP. There are the fundamentals, like summary, purpose, marketing plan/strategy, financial analysis of what you will need to start, cash flow, projected sales etc, competitive analysis, and all that fun stuff.

But each business also has some aspects that are unique and you should be prepeared to discuss those. If you go on SBA or SCORE or simply google Business Plan Template, there should be plenty of resources out there for you to "plug and chug" your researched information. Make no mistake about it, these templates or guides NEVER write your business plan for you, only provide you with the appropriate generic layout and advice and "road map" to discuss your business and plan.

Hope all works out

Guy

[HiTechGadgets]

Thanks Guy that really helps! I would check the site out.

[latinolive]

Before I started my business, I researched the market and knew my competitors. I also established my credlit lines so I had the financial security for my product lines in case my inventory did not sell as I had anticipated. You definitely should establish a strong relationship with a banker or your financial entity. This has been a key relationship for me.

Carlos

[rachael24]

Before I even think about starting my own business, I know it is key to build a strong rapport up with a financial institution. This can make or break a business, so having a strong relationship is key!

[JLeezer]

Totally off topic, but I have to ask...

Carlos (latinolive) who replied above: Is your username supposed to read 'latino live' or 'latin olive'? Just curious.

[CIsaac]

HiTech,

I would definitely agree with all the input given. Also from the perspective of an ex-banker myself, I will say that establishing a relationship with your bank is definitely a plus! You have to be able to sell your business to your banker and let them have some of that passion when they sell it to their underwriter. And don't try to get financing for a start-up loan without a business plan presented because they are entering your application through a different venue. I suggest a business and marketing plan within the first six months.

Please visit my blog for some tips Isaac Business Services

-Cheryl Isaac-

[HiTechGadgets]

Great point guys also i checked the blog Isaac and it does offer some good tips in starting any business. Thanks !

[bostonbrian]

I am in the Automotive sector, but the best way I have found to generate traffic and sales is to Sponsor a forum around your particular product. I design and sell aftermarket car parts for the Ford Focus, and sponsor a few forums similar to this one, and can respond to threads with my products as solutions.