Even if you don’t require any outside investment, it’s still best to have some benchmarks against which you can measure your online business's performance and that's where a business plan comes in.
Here's what you should keep in mind when preparing your business plan:
Tailor your plan to meet the needs of the reader – an investor or a bank will require something different to a potential partner, co-director or supplier
Realistically assess the size and current and future worth of your market or markets and lay out your strategy for reaching your market. Analyse your competition (if any) by identifying their strengths and weaknesses and your own as well. All assumptions and projections such as anticipated cash flows and revenue streams should be realistic and as accurate as they can be – they will be put to the test
Ensure your plan looks good and reads well – no spelling mistakes please! Keep it to the point but make sure that you provide sufficient details to enable the reader to reach an informed decision or conclusion. If appropriate inject some colour in your plan, sing charts and other images.
Try to keep the plan concise, but include sufficient detail to ensure the reader has enough information to make informed decisions. Key issues to address are a clear description of the opportunity for the reader and a solid argument and rational as to why visitors to your site will buy from you as distinct one of your competitors, in other words what’s your USP (Unique Selling Proposition) going to be?
Cover all the bases. Don’t assume that the reader knows as much about your business as you do – they won’t. So you should include sections on the company, your products or services, the management team, marketing activities, operations and your financials.
Every number in your plan will be scrutinised and scrutinised again. And again. Make doubly sure that your costs are spot on and that your sales predictions are conservative.
Include an Executive Summary – i.e., a page which sums up all the key aspects of your Business Plan and put it right at the start of your document. Anyone who’s interested in backing your business, or joining it, will read on if they like what they see in your ES.
Once you’ve written your plan get an independent but qualified view on it. Warts and all.