The advent of websites has for sure lowered the entry level barrier for small and large enterprises alike. Having a website not only makes the firm look credible but improves their brand quotient too. Having a website is like having authority with you, which is another reason why you should have a website. However, with great power comes great responsibility and much greater planning.
A website for sure guarantees you the desired limelight, but you should have a business plan to establish that commendable website. This article will be about how an entrepreneur can create a website business model successfully and things that he should consider giving a thought.
The commercial landscape till date changes continuously and even the moment when we talk amongst each other, the business scenario is going through series of changes. These series of changes for sure have offered a world of possibilities to the entrepreneurs, who now find deploying a business plan faster and easier than ever. However, surviving in an era that is driven by technology and surrounded by cut throat competition, requires you as an entrepreneur to go places where nobody has invaded and try strategies that nobody has ever thought off till now. Above all, you have to be fast at whatever you implement because it might not take much time for your competitor to figure out what you’re up to these days.
Why you have to be fast? If you don’t, some other will and ultimately you will lose your limelight to someone else. The thing that I have noticed with the shift in technology trend is that technology today is conceived by people as a way of living and no longer is limited to mere gadgets. Moreover, to this point I will not be wrong in my opinion of today’s market as technology driven instead of gadget driven.
More or less, you will be glad to know that today we have brand advocates too, who are actually the customers who are ready to be loyal to your brand. An entrepreneur has to work in accordance to his people’s expectations so that he is able to establish a positive brand image and is able to promote his brand to a wider level of audience.
Often I have clients asking me about the perfect time to start creating a website business plan. My answer to them depends a lot on their strategy as some would advise them to go for it if they are ready with everything. However, my advice to them is to contact an expert if they have some idea (If not the complete thing), which needs to be nurtured fruitfully.
Let’s discuss about creating a proper website business model, things that an entrepreneur should keep in mind and how far the method of web business plan creation has changed with time.
To start with,
How Normally a Business Plan is Made?
Let’s go through the outline of a normal business plan preparation:
1. Research and analysis
This stage is concerned with establishment of a strong business plan, which is backed with enough research and analysis of the market you wish to target. I would suggest an entrepreneur to spend enough time in the first stage itself so that he/she can gather enough information necessary to proceed to the next stage.
2. Document your research and findings
Now, whatever research you have compiled till now, it’s time to give meaning to them. You might have several people other than you associated with your web business vision, which is why a well documented information is the best way of making them understand ‘where you are?’ and ‘where you wish to be?’. Divide info under sections, present verifiable data, use stats but not excessive numbers and you are ready to overwhelm the board members.
3. Here comes the SWOT and Team
Present what you consider as strength, weakness, opportunity and threat to the members. The documentation should also include the authority-responsibility model, which mentions the team you wish to have on-board. In short, you’ll have to address and define all the necessary management functions through documentation.
4. Here comes the money $
This stage will include predictions about money and also the information on money/capital at stake. The information can be divided annually or semi-annually depending on the specification of your partners.
If you’d ask me, here are my tips:
- Don’t save paper by short presentations!
- Nobody cares how creative you are in your presentations
- Nobody wants an optimistic, be a Realistic!
- Go slow on facts…why? Nobody has the time to read your mathematical bible
Being a Web Consultant by profession, I have had the honor of going through many prestigious business conversations and profit planning. I hereby use by experience and knowledge to pen down the secret to a perfect website plan.
Here’s How a Website Business Plan Should Be Crafted
Before you hit the road, know where you’re headed!
I believe your business or website plan is not ready till the moment you are not able to define your goal or objectives clearly. If you yourself are confused about your business goals, then how do you expect a service provider to help you out? You should be able to define your website motive to a consultant in few words, which will make things easier for him. If you are not able to do so, then it means you are confused, clueless or clueless and confused both at the same time. Your objectives should be definable in clear words and should cover the following:
- Whom do you sell or target?
- How do you plan to reach them?
- What makes you different?
- How will the difference be conveyed?
- Why one should trust you?
The answer to these questions will act as the pedestal to your website business model.
No commitment….No success!
After defining the outlines of your website business plan, it’s time to make commitments! Commitments never allow you to slow down in middle of your journey, much like a ‘Timeout’. I believe the wolf climbing the hill has a better chance of winning than a wolf which is already uphill…why? Simple, it’s the hunger that gets you going in tough times.
Fake commitments or half-hearted efforts towards your website dreams will impact the productivity somewhere down the time lane.
When it comes to websites…Go Professional!
That’s right! Web technologies and internet concepts are something that not everyone can master. There are times when you have to call the shots immediately and this is when a Web Consultant comes into the scene. Business website ideas need diversity and deepness, which needs experience and natural expertise of a web specialist. A professional pushes your rough ideas to perfection with ease and sometimes we need a professional to motivate and guide us with his experience and knowledge.
For instance, you might be a marketing genius but web technicality is something which is beyond marketing and seeking professional guidance for that will be a safer bet.
Business success depends on employees
Irrespective of the business stage you are in, whether a start-up or an established firm, your success is dependent upon your workforce. In other words, the life of your web business model depends on names like designers, programmers, developers. etc. This is where money matters because if you are hiring resources at cheap prices with no growth opportunities bestowed upon them may doom your plans in the long run.
Let’s face it! We’re in a complex world wherein survival is a question and amidst such market fluctuations how can one expect loyalty at a cheap price? Sadly, in the end you’ll be the only one remaining on deck to drown!
Run after passion…not money!
With passion comes perfection…this has always been my philosophy! Those who have money expectations riding high behind their business idea are very less likely to succeed. On the otherhand, if you have a dream to excel above others then you will automatically start investing time and effort to make it come alive. The secret behind such hard work and endless dedication is pure passion and of course money will follow automatically.
Chasing money is like chasing a lifeless dream, which will somehow perish in the end. Not only money minded ideas lack enthusiasm, but they lack hard working hands too as you are left with desperations and no zeal to put brilliant effort.
Hold your opinion but acknowledge other’s too
If you are passionate about your web business model, you are likely to have opinions that are backed by enough research and stats. Hold your opinion high because prior to others it is you who should have faith in your findings. However, you’ll find it hard to believe that there are smart individuals around you too and they might have better and reasonable opinions. Having an opinion is like doing probability of a given situation from n’ number of angles, but being human we are prone to errors and misses. There might be an angle that you might have missed and apparently clicked to the other person at the same time.
If your PHP expert is warning about a particular technology being obsolete, take your time to swallow the hard fact and then take an intelligent decision. In this way you not only value others around you but avoid slipshod decisions too. Contrary to what I said, if you feel the input received from the other end is off beam then instead of pointing that out, simply say, “Thanks a ton for the contribution and I will for sure consider the same in future”
The statement not only values the contribution but at the same time but avoids ego clashes too!
Finally… the Exit Strategy
We have discussed a lot about getting things started and how to finish off with things should also be covered, as web my friend is a spontaneous space. Every businessperson looks forward to maximize the value of his business before attracting investors in the market. The exit strategy may vary depending on the long term goals as many consider sticking to what they believe the only business in their knowledge, while some prefer improving the brand market value and then passing the same to their investors at a better price. Defining these long term objectives in advance will assist you in defining a ‘Market Exit Strategy’, smoothen the future business operations and clearing up your business goals too.
I believe these are the major things that as an entrepreneur you should be keeping in your mind while you are working on your next big thing! A good website business model is more of a well planned foundation that leads to a better business, which is why in order to develop a good foundation you need to have self belief and passion. If you have even a slight doubt in your capabilities then sadly, you’ve already killed your web business dream!
“Don’t be inspired…Be Motivated!”