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Pitfalls of Online Business Planning

You can avoid some of the pitfalls of online business planning because they've already been identified by some early online-business adventurers. As they forged the path into the world of e-business, they hit some pitfalls and weathered some scrapes that all who follow can gratefully avoid, starting with these:

  • Web presence isn’t an all-or-nothing proposition: Web presence is a strategy for doing business. The closer your e-business strategy aligns with the rest of your business plan, the more it will strengthen your ability to build relationships with suppliers, distributors, customers, and employees. The most successful online retailers today integrate the Internet as a vital selling and communication channel in their overall business models. However, they view the Net as a channel, not the channel.

  • Successful strategy depends on a business model: Having a hand on the source of money flow comes right back to the revitalized term business model, which, in the simplest terms, is how your business will generate revenue and profit. To develop your business model, you need to know

    • What you plan to sell and the value your product delivers to customers

    • The profile of your prospective customer

    • How you plan to reach, acquire, and keep customers

    • How you define and differentiate your offerings

    • That your product pricing covers all costs plus some profit

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