The goals for this lesson are:
1. Find a domain name for your business
2. Begin to organize your business plan
In this lesson, we will review how to write your business plan including choosing a business field, researching existing businesses in that field, choosing your business name and then writing your actual business plan.
Choose a Business Field
In choosing a business field, it is wise to consider the Law of Supply and Demand we discussed in the last session. The best way to insure a successful business is to pick a field with a big demand – in other words a lot of customers – but a limited supply. Put another way, choose a problem, product or service that is not currently being addressed by many other businesses and then develop a plan to meet that need.
Another important factor in creating a successful business is to choose a field that you are personally interested in and a field that you have already spent a lot of time researching. Starting your own successful business will require a lot of hours of your time. To follow it through, you will need to have a personal interest in the field you are entering.
Finally write down more than one idea for a business to give you other options if your first idea falls through or your business plan reveals that there is no way for your first idea to make a profit. Write down how will your business will meet an unfulfilled need and what products or services your business will provide.
Research existing businesses in that field
Next do an online or community search of other businesses like the one you want to start. A key question to answer as you research other businesses is what could you offer to customers that would be better than what customers already get from other existing businesses. Why should customers choose your business? What will be unique about your business? Write down the benefits of your business. You may want to include these in the name of your business. And include these reasons in the first couple of paragraphs on the Home page of your business website.