Planning an Online Venture: Important Tips
Ask Yourself
Do you dream big?
Are you one of them who sit up late night managing your IT Venture with an Outsourced Company?
Do you feel the web design company you hired does not understand what you wish to accomplish?
Is your budget falling short as the project progresses further?
Do you think you need a project manager?
Do you think you should take this up sometime later?
If your answer is YES, you are amongst those many budding entrepreneurs who dream big but fail to identify the direction you must choose to fulfill your dreams. This is a very common mistake that 90% of entrepreneurs make during their initial years. While planning for a business opportunity, we generally forget to concentrate on a very important aspect PLANNING' for the opportunity.
For any and every business, it is essential that its founders invest time lavishly on planning their goals, objectives, requirements, etc. and manage available funds accordingly. Unless you have planned your course of action, there is every possibility for you to get defocused and lose track of your direction. Similar is the effect on IT Ventures when they have been taken up with inappropriate planning and analysis.
Dream BIG Plan BIG
Dreaming big has no limitation. Similarly, planning big should not be kept within bars. When you think or dream big, you should always be prepared to plan as big. The more you plan for your dream, the better are the chances of accomplishing it.
Planning for a business can be made simple and cumbersome at the same time. For start ups, it might not sound as simple and many of us may completely overlook and ignore its importance. To begin with, you may prepare a simple word document, jotting down your objectives, goals, requirements, etc. in a very raw manner. As you spend more time with this document, you will realize that detailing or converting it into a full-fledged business plan is something achievable.
Basic Components of a Business Plan
Summary Include fundamentals of the proposed business. What will your product/service be? Who will be your direct customers? Who are the owners? What the future holds for your business?
Company Description Include goals & objectives, mission statement, business philosophy. Describe your industry, company strengths and core competencies.
Products & Services Describe in depth your products/services. Your competitive advantage or disadvantage. Pricing/fee/leasing structures for your products & services.
Marketing Plan Market research: Why & How? Industry facts, features & benefits of your product/service. Describe the target audience/customers of your business.
Competition Study What products & companies will compete with you? How will your product/service compare with your competition? Prepare a SWOT (Strength, Weakness, Opportunities and Threat) analysis.
Promotion & Advertizing How will you reach your potential customers? What advertizing media will you prefer? Have you identified low cost methods to get most out of your promotional budget? What image do you want to project? How do you want customers to see you?
Operation Plan Where and how would your products/services be produced? Mention details about the Location, Legal Environment, Personnel, Inventory, Suppliers, Credit Policies, etc.
Managing Accounts How will you manage your accounts, payments & receivables?
You can continue to detail your document further using a business plan templates available easily on the web or by hiring professional services of a business analyst.
Once you have invested in your BUSINESS PLAN, you will feel confident about your aspirations and will realize that it is far easier for you to explain your requirements and expectations to any IT Solution provider. Not only for you, it will be even easier for the provider to understand your business objectives and will be a better situation to offer most suitable solutions and suggestions for your business.
DOs & DONTs for Starting an IT Venture
DOs
Always be prepared with your Business Plan before looking for an IT Service Provider.
It is important for the IT service provider to understand & know your business objectives and aspirations.
Ask for suggestions from the provider to check their level of understanding and involvement.
Always have a scope list of your initial requirements and try to stick to the original intentions.
Ask for a WBS (Work Breakdown Structure).
Look for technology options available.
Ask for fixed timelines/milestones for your project. Try to stick with it as much as possible.
Always provide timely & regular feedback to the team.
Clearly explain your functional requirements if you are not a techie. Better option will be to get inputs for the provider on the functional aspects if you don't have a technical background.
Be prepared with any Third Party Service Provider selections (payment gateways, hosting & domain services, SSL Certificates, etc.) as these take up a lot of time at the end stages.
Perform regular tests & checks on the functionality.
Hire a dedicated project manager for timely & better results.
Give more importance to the prototype as it formulates to be the skeleton of the entire online business model.
Check the usability (User interface) of the system created at regular intervals. The interface should be user friendly.
Remember to appreciate the effort put in by the team.
Planning an Online Venture: Important Tips
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