How to enhance your online business?

Discussion in 'Growing and Managing a Business' started by amazing_richell, Oct 20, 2009.

  1. amazing_richell

    amazing_richell
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    Hey guys! I am new in this group and as I was reading the posts here I found out that I can gain more knowledge here especially in online business. I can share it also to you guys what ideas I had which might help to the other members. Of course I won’t jump in to a decision to open an online business if I don’t have any idea with this thing. My sister and I had an online business, and as we were searching some blogs, we have across this page http://affiliateprofits2-0.blogspot.com/2009/10/way-to-success.html . This talks about how the route to success. What do you think is it a help for me? Any advices there would be appreciated.
     
    #1 amazing_richell, Oct 20, 2009
    Last edited: Oct 20, 2009
  2. Fergal

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    I don't agree with the main point of that blog post you link to, i.e. I don't agree that every business owner should hire another company to write their business plan. My personal view is that most business owners would be better off writing their own plan.

    Do you own that blog by any chance?
     
  3. amazing_richell

    amazing_richell
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    Nope, I am not the owner of that blog. I just found out here in the net. Thanks for the share.
     
  4. sarah10

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    I think that article you found can help you, you can actually have that as you basis in an online business you are into now.I visited the link and I'll find it interesting...:)
     
  5. jsonandrsn

    jsonandrsn
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    Online Business??



    I don't think that the main point will be hiring other firms just to create your own business plan. What I think is to create a strategy or a business plan that would increase your sales, relevant to the link that the TS have posted wherein business owners might hire an online support for their website IF THEY HAVE WEBSITES, converting visitors to their website to be their customers using that online web help. This plan will increase their sales, and lessen their staff working on their firm, as what I thought since there will be only one operator that will accommodate those customers than paying those severals staffs, ayt?
     
  6. Fergal

    Fergal
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    Hi jsonandrsn, welcome to Business Advice Forum and thanks for posting.

    I agree fully that completing a business plan is very important and helpful to a business. It really can help a business owner get clarity as to where they want to take the business and what their hopes are for the business. It can give their actions a direction and formulate a strategy, as you say. My point was simply that, in many cases the business owner will benefit from completing the plan themselves rather than outsourcing it to another company.
     
  7. jsonandrsn

    jsonandrsn
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    business strategy

    Well, you have a point Mr. Admin, thanks for the welcome :):) Nice being here.
    But I think some business owner really outsource to another company, right?
     
  8. Fergal

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    Yes they do and in many cases it works out very well for them, particularly if they have no experience of preparing documents and they need a plan to show their bank.

    When a business does outsource the writing of their business plan I would suggest that they should be as involved as possible in the process, so that they are fully familiar with the plan and they understand it. If the owner does not have an in-depth understanding of the plan, this will become very obvious very quickly, to any banker or funder experienced with dealing with business owners. A bank or potential funder will not be impressed if they discover that the business owner has gotten someone else to write the plan and is not very familiar with the contents.
     
  9. OneLife

    OneLife
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    Outsourcing

    Hi

    As someone who has made a living out of writing prospectuses for fund raising, stock market listings etc this is an interesting thread. Whenever I have written a business plan for someone else it is a very 'bat and ball' process between myself and the company. Often I won't even start until the company has had a bash at writing something themselves, simply because, as an outsider, you cannot get the detail of the business until you have spent quite a lot of time with the owners (if you want to do it right of course).

    I think if you are a small business, you should not outsource a business plan untill you have pretty much written it yourself, then it is only down to editing, formatting and presentation. I can also tell you that as an investor I am more interested about the people in the firm than how their business plan looks...

    Having said all that, however, there are some talented people out there on the web that could, with input from yourself, create a great plan, and (and I am probably talking myself out of some jobs here) it would cost much, much less than hiring someone like me....

    Here is an article highlighting a free outsourcing report that might help...
    http://onelifenofear.com/2009/11/how-to-outsource-your-site/
     
  10. shubh

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    Through blogging, you can create a priceless platform where you can demonstrate readily your expertise, experience, and talents to the whole world. With an internet or online business, your service or products can reach different parts of the world especially if your website can attract much traffic. You need to encourage your readers to write comments and suggestions. Their comments and feedback will be helpful because at least you know that someone is paying attention to your services and visiting your website. Some people like to have many smaller sites to generate business. They like that because they have no other content and it will focus concentration on the message.
     
  11. Fergal

    Fergal
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    Thanks for your comments OneLife. The concept of the business owner writing a business plan first (or at least a first draft of it) and then having a professional update it, is a great idea. I've assessed funding applications in the past and once you have done that for a while you can very quickly spot a business owner who is not familiar with their business plan because they have outsourced it. Potential funders don't look favourably on these types of businesses.
     
  12. OneLife

    OneLife
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    Outsourcing

    I agree, a professional business plan is a must, however, business owners sometimes forgt that it really is the executive summary they should be sending, not the entire plan... The executive summary is the thing that will get you in the door to present your business plan.

    I place much more on the people involved and how they understand their own plan (and how they present their case) much more than the plan itself. So maybe it is worth mentioning that business owners looking for funding shoul produce the best exec summary they can in the first place... this is the docuement investors really read..

    In my case I rarely read through a business plan in its intirety... If the exec summary gets me excited, then the next step is to meet the people involved.
     

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