You may be surprised to know that despite online shoppers in the UK spending more per household than any other country, two million SMEs don’t have a website. Considering the amount of research and purchasing that now takes place online, these entrepreneurs could be missing out on huge amounts of business.
So what about you? Even if you are opening a bricks and mortar shop or restaurant, or another business where your activity generally takes place in the physical world, you shouldn’t ignore digital. After all, if people need an accountant, they don’t wander the streets until they find one – their search is likely to take place online at some stage. If you’re just starting out, now is a great time for you to start thinking about how much of a part digital will play in your business – and your business plan can help you to figure that out.
Finding your customers
As we have established, your customers are already online – it’s time for you to track them down. Once you have used your business plan to establish who your target market is, you can do some further research to find out what they are doing online. What social media sites do they use, and what are their buying and browsing habits? Some of this might come after you’ve written your plan and as you begin your marketing activities, and you may be able to figure out some of it through your competitor analysis.
Adding digital into your SWOT analysis
The internet provides you with a wider audience, and therefore more opportunities – but it also means your competition is wider, so there are more threats. You will also need to consider security. Cybercrime is a growing threat to businesses and individuals alike, so it’s important that your website is secure and your customers’ data is safe if they share it with you. You’ll need to consider this when it comes to counting the cost of your online presence.
Considering the costs of operating online
Speaking of costs, there are a few things you’ll need to think about when it comes to your finances. Website hosting, domain names, and support or maintenance are just some of the costs involved in operating online. Think about what you really need – it may be that a basic hosting package is plenty to get you started, rather than paying for things that aren’t necessary for your business to operate. If you run a restaurant for example, you may need a website with just a few pages explaining who you are, where you are and so on so that people can find you. If you’re not well-versed in online marketing, you may also want to pay someone to help you gain more online visibility.
If you’re selling online, you’ll also have your online price points to think about – will customers buying online pay the same for your products as people who come to your shop? You can find out more about writing a business plan for your ecommerce business in our earlier blog post: “Does Your Online Store Really Need A Business Plan?”
If you would like help with any aspect of your business plan, that’s what we’re here for. Contact one of our expert business plan writers online using the form on the right or call 01604 420 420.