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That would be: While it’s valuable to get your ideas clarified and to test your thinking before you launch your business, it’s even better if it’s embedded into your day-to-day business too.
So you’ve decided that you want to quit your day job and start your very own ecommerce empire. But before you become the next Jeff Bezos (and definitely before you quit your job!
), it’s worth spending some time to think about a business plan.
Here are some of the most efficient ways to research a particular market: Industry reports Google is your best friend.
Look for any recent industry reports on your market of choice.
Let’s say that through our research of the outdoor apparel industry, we discovered that there was a huge boom in youth hiking apparel.
Perhaps parents were increasingly concerned of their kids’ exposure to UV rays while hiking so began to spend more money on their kids.
When you’re starting a business or planning to expand, having a business plan can help to get you on track and get some detail behind your ideas.
However, research from Barclays shows that 1 in 4 businesses don’t have a business plan.
Depending on what you intend to sell, it’s important to think through which business model makes the most sense for your product. Here’s a fact you can bank on: there has never been a successful e-commerce entrepreneur that didn’t understand his/her target market, cold.
That’s why this section is one of the most important in the entire business plan.