Starting Magento 2 Store. Business Plan

August 11, 2016 Vladislav Yunusov Magento
Starting Magento 2 Store. Business Plan

In our modern world everything is changing so fast. Development technologies offers more and more resources for easy, comfortable and trouble-free creating of the online business.

Last autumn Magento 2 release stirred up e-commerce society, and gave the impulse to entrepreneurs to start migration or create a new business on the current platform. But however good the platform is, to create a stable and profitable business you need to compose well-weighed plan. At this article we are going to consider most significant things you have to think about, and help you to create the best plan, which will comprise all of your ideas and strategy for entering into the great e-commerce world.

So what exactly should business plan describe?

You have to clearly understand that business plan is very necessary for you, and for creating successful and profitable web store. This plan will guide you to ask yourself with a proper questions and minimize losses; will let you stay concentrated on your goals and strivings. So let’s take a look at the most important moments of business plan creation:

General overview: I think thats one of the most difficult part, because here you need to describe general questions, and perhaps you’ll want to finish it after all. But in this part you should describe summary targets and aspirations of your company, mission and crucial features, that will move you forward to success.

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General company definition: you need to make description of your company in vivid details. And make certain that it includes a full pack of requirements to launch your business, and of course your goals and competitive advantages. Thats will conduce you to realize your strengths and use it.

Starting Magento 2 Store. Business Plan

Product overview: make a point of this item. Classify your products, your stock, and packaging. Cover all of the specific features of your stuff: What kind of product will be added in my store in future? Who will manufacture the products? Will you buy them wholesale? What kind of brand will I sell? And other more questions that give a full understanding of the product.

Starting Magento 2 Store. Business Plan

Market Analysis: before you start your online store, you should become an expert in this industry. Dig deeper in details to have a good grasp of the market and competitors. Good advice is to use Google Trends service to know how the interest in your product has been changing for years. As an example you can see at the demand of “battery packs for iphone” for the last 12 months (august 2015-august 2016).

Starting Magento 2 Store. Business Plan

Marketing: you should have a clear vision for your branding and the way how you’re going to communicate with your customers. It’s important to keep the mission in mind when developing your brand and how it’s going to attract your target audience. And of course other issues you should take care of: blog, social media, SEO and advertising.

Starting Magento 2 Store. Business Plan

Strategy: pay attention to this point very carefully, because a lot of things will depend on it. You need detailed strategies of sales anticipation, attending to customers and methods of their involvement. Specify milestones to make sure you are on the right way.

Starting Magento 2 Store. Business Plan

Web store structure: here’s you might need to do some research. Consider all the development requirements for your site by making a mockup, to visualize what you want and how your ideal e-commerce site should look like. With Magento 2.0 you’ll be able to create and manage your store without any limits, and successfully extend the functionality and flexibility for your customers.

Starting Magento 2 Store. Business Plan

Staff: outline the plan about employees you’ll need, as well as their responsibilities. Make cost estimates of every person that will be hired, and what benefit each of them could bring to your business. Think about where you’ll find professional personnel and the ways how they can move forward and evolve your business with you.

Starting Magento 2 Store. Business Plan

Financial issues : that’s the basic part of the plan. At least you should have budget planning, projected profit and loss,projected cash flow, break-even analysis and funding requirements. This part will require from you a lot of calculations, but be sure the properly made estimations will compensate itself.

Starting Magento 2 Store. Business Plan

Exit Plan: this question as well important as about how to start. Think long-term plans: whether you are going to sell your company to investor? Do you have 4 year timeline for the project? This will get your business off the ground and help you prevent your failures, before you even launch it.

Starting Magento 2 Store. Business Plan

Through the process of brainstorming and bringing all of this into focus, you will likely see your business in a different light. As a result, you will come up with new ideas for marketing your product and running your business.



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