small business |

How to Sell Physical Products Online (3 Easy Methods)

Selling products online can be intimidating, but it’s clear that ecommerce is the place to be. While the concept of online sales is simple, deciding where to begin can be challenging.

There are many different ways to start selling a physical product online. For example, selling through a marketplace such as Amazon is a quick way to reach a vast pool of customers. Alternatively, you could create your own website or utilize social media to avoid restrictive rules and commission fees.

This article will explore the primary methods for selling a physical product online, including marketplaces, social media, and creating your own website. Let’s dive in!

Why You Should Consider Selling Physical Products Online

Selling online has many advantages. Less overhead and lower startup costs mean you can start selling sooner with minimal upfront investment.

The internet may seem saturated with every type of storefront, but the market is still growing fast. As a matter of fact, eCommerce is expected to grow more than 16% in 2023, with more than a trillion dollars being exchanged online.

With a good product and the right strategy, you can earn your piece of the pie. Furthermore, selling online business has never been easier.

With tools like WordPress, email marketing software, and social media, you can start your own online business and increase sales in no time!

Compared to renting or buying a physical store, selling online also has lower risks. You don't need to worry about hiring employees or limiting sales to local customers.

With an internet connection and a few days of work, you can start selling to anyone in the world!

How to Sell a Physical Product Online (3 Methods)

When it comes to selling products online, there are a few different ways to get started. We'll start by looking at using a marketplace.

1. Sell Through a Marketplace

Selling through a marketplace, like Amazon, can be easy. You simply need to sign up, list your products and prices, and you'll gain exposure to multiple consumers:

You can sell a physical product online through Amazon.

Many companies sell through marketplaces like Amazon, Etsy, and even eBay, making them viable options with the right business model.

Using a marketplace can also be a great way to generate revenue and gain customers while building your own website or online presence elsewhere.

Using an established marketplace means you won't need to build a website or attract your own customers. Plus, you can usually choose from supported shipping options, and you won't need to accept payments directly.

However, these platforms also take a cut of your profits. On Amazon, you can expect to pay up to 15% commission.

While this amount may not sound like a lot, average gross profits are generally less than 50%. Therefore, a 15% loss can be considerable.

2. Make Your Own Website

Making your own website is an excellent way to sell physical products online. Your site can be a base to market your products, establish your brand, and build a pool of recurring customers.

When you build your website with WordPress, you'll have complete control over your website's layout and design. Not to mention, you'll be using the most popular content management system (CMS) to showcase your products:

Nalgene WordPress physical product store example — nalgene uses WordPress to sell physical products

Furthermore, having a website enables you to attract customers organically. You can use content marketing and search engine optimization (SEO) techniques to enhance your online visibility and increase sales.

Keep in mind that you'll have associated costs with running a website, such as hosting, premium plugins, and development. Furthermore, you'll be responsible for keeping your site secure and running smoothly.

You'll also need a few things to get started with a website. You'll need to list your products through an online store and set up shipping. Additionally, you'll need a way to securely collect payments.

Fortunately, with our Buy Now Plus plugin, you can create buy now buttons and collect payments through Stripe:

Our plugin is completely free and easy to use. You can collect one-time and recurring card payments, protected by Stripe's security measures. Overall, you can design the website you want and sell your products hassle-free.

3. Social Media and Email Marketing

Alternatively, you can sell your physical products online through social media and email marketing. These strategies can expose you to wider audiences and help you engage with your customers.

There are various ways to approach this strategy:

Creating a social media “store” can fall into a gray area on some platforms. Yet other sites have embraced it, such as Instagram and Facebook Shops:

Using a website, email marketing, and social media together can be a highly successful approach to selling online. However, you can also use buy now buttons to sell directly through social media platforms.

Buy Now Plus lets you create and embed buy now buttons just about anywhere. Our free alternative to Shopify links gives you the power to turn any social media post or email into a sales opportunity!

Conclusion

There is a lot to consider when getting started with ecommerce. Focusing on the right online platform to sell your physical products can significantly affect your overall success.

To recap, here are 3 easy ways to start selling online:

Use an online marketplace such as Amazon.
Create your own website.
Use social media and email marketing.

Do you have any questions about selling physical products online? Let us know in the comments section below!

If you liked this post, be sure to follow us on Twitter, Facebook, Pinterest, and LinkedIn.

How to Grow and Scale Your Brand (5 Tips)

Starting a business is difficult, and scaling a brand into something bigger is another challenge in itself. Many entrepreneurs don't realize that a company must be both flexible and sustainable in order to grow securely.

Fortunately, setting up your brand's processes and operations can be a relatively straightforward process. When you establish a solid foundation and streamline your workflows, you can increase your chances of navigating growth more easily.

In this post, we'll discuss why smart scaling is critical for any business that wants to last in the long run. Then, we'll look at 5 key tips you can implement to start growing your brand safely. Let's get started!

Why Scaling Your Brand Is So Important

In business, scaling is the idea of setting up your processes to foster and support steady (or rapid) expansion. If it's not done well, growing companies can get stuck with more customers than they can handle.

Alternatively, they may not be able to maintain a certain level of quality throughout the sales funnel due to the strain of growth. This can ruin a reputation and sink a business as well. Typically, this happens because inexperienced entrepreneurs focus on growth tactics before they've established their foundation.

To put it simply, many would-be-successful businesses have failed due to issues with scaling. In fact, about 19% of businesses fail within their first year and a whopping 50% fail within 5 years. Moreover, expanding too fast is often cited as one of the top reasons that companies go bust.

Therefore, if you want to protect your business from a similar fate, you'd be wise to think about scaling. That way, you can avoid this issue and grow seamlessly.

5 Key Tips for Growing and Scaling Your Brand

Now let's talk about how you can set up your business for growth and scalability.

1. Have a Clear Vision and Mission

Having a clear vision and mission is essential for your brand's image and identity. Your mission is your brand's purpose. It's what you are doing for customers and the world right now. A vision is the ultimate, long-term dream for your business, and it's linked to your brand values.

Nike has a meaningful vision and mission statement. It's short and simple, but it effectively describes what the company is doing for the world:

A memorable vision and mission statement give your business direction. Customers and employees alike can refer to it for guidance around the purpose of your organization.

Coming up with your own vision and mission can take a long time, but that's okay. You'll want it to be something that means a lot to you. It should resonate with all the founding members of your organization.

To land on a mission, you might want to start by identifying your biggest selling point. Consider what sets you apart from your competitors. Then, expand on that with your values and goals.

Once you've come up with the winning statement, share it everywhere for customers, the public, and employees to see.

2. Optimize Your Workflows with Templates and Style Guides

Templates are pre-designed documents that can speed up the content creation process. They can eliminate the need for most formatting and designing, allowing you to simply fill in the blanks.

Essentially, templates can save you a ton of time. If you're looking for a beginner-friendly tool to help you create templates for your brand, Canva is a popular option:

This platform has thousands of templates for a range of different tasks and channels, including presentations, graphics, and even social media posts.

Creating company style guides can also increase your productivity and efficiency. This type of document can also help maintain consistency across your brand.

Ideally, a style guide should be as detailed as possible, but it should also allow for some flexibility and innovation. When creating a style guide, you might want to begin with logo designs, a color palette, typography, and image requirements. You can gradually build in more details as time goes on.

3. Streamline Your Social Media Content

Social media content is one of the best ways to reach a wide range of potential customers efficiently and affordably. When you use social media, you can increase brand awareness and educate potential customers about your products and services.

Additionally, including powerful calls to action in your social media posts can boost your conversion rates. In a nutshell, if you want to scale your brand, you'll likely need to be on a range of social media channels.

If you use WordPress, you can use Nelio to get a head start on social media. Nelio Content specifically enables you to automate and schedule your social media posts on a variety of channels.

4. Build an Online Community

If you look at any large company, there's almost always a thriving online community associated with it. Spotify, for example, has been very successful in building an impressive group of followers.

Spotify has achieved this through its online forums, shareable playlists, and its Stars Program:

One benefit of an online community is that it can minimize work for you. For instance, minor customer support issues can be discussed among community members in an online support forum. Furthermore, healthy communities tend to help spread the news about your brand for free.

To begin building a community, the first step is to create the platform itself. You'll need to decide between a more exclusive membership community and an open group. Then, you'll want to promote your new community to customers and any other potential members.

5. Design a Flexible Checkout Process

Creating a flexible checkout process is another excellent way to ensure that your business survives any rapid growth spurts. That's because a lengthy or confusing checkout process can clog up your sales pipeline.

Simplifying your checkout can prevent this. Furthermore, allowing customers to pay how they want and when they want will likely lead to more conversions.

With our tool, Buy Now Plus, you can make buy now buttons for an easy checkout experience:

Buy Now Plus allows you to securely accept credit card payments virtually anywhere. You don't even need a website to set it up.

Also, you can fully customize your buy now buttons and checkout. This means you can tailor it to your market and create a positive user experience for your customers.

Conclusion

Growing and scaling a brand can be a complicated task if you haven't set up clear workflows and strong documentation. Establishing a foundation is crucial if you want to enable your business to grow smoothly with your customer base.

To recap, here are 5 key tips for growing and scaling your brand:

Have a clear vision and mission.
Optimize your workflows with templates and style guides.
Streamline your social media content.
Build an online community.
Design a flexible checkout process with Buy Now Plus.

Do you have any questions about growing and scaling your brand? Let us know in the comments section below!

If you liked this post, be sure to follow us on Twitter, Facebook, Pinterest, and LinkedIn.

4 Best Ecommerce Podcasts to Listen to in 2022

When you're starting an ecommerce business, it can be difficult to develop effective online marketing tactics. You may want to seek out expert advice, but that often comes with an expensive price tag.

Fortunately, there are plenty of ecommerce podcasts out there that are free and can serve as a valuable resource. These programs are hosted by industry experts who offer actionable advice on how to start your small business.

In this post, we'll discuss why ecommerce business podcasts are worth listening to. Then we'll suggest 4 shows that may help you improve your online store. Let's get started!

Why You Might Want to Listen to Ecommerce Podcasts

Over the past ten years, the popularity of podcasts has been steadily rising. These audio shows tend to be personal, portable, and engaging. Therefore, listening to them is now one of the easiest ways to learn about new topics.

Programs in the online business niche usually cover a wide variety of subjects, from online marketing to networking. Additionally, ecommerce podcasts tend to come in one of the following formats:

Interview: A recurring podcast host brings in different industry experts to ask them questions about their niche.
Conversational: Two or more hosts have an organic discussion about a specific topic that is related to business.
Educational: This may include one or more hosts who provide offer structured content that can be useful to the listener.

No matter the style, you'll likely benefit from tuning in to these programs. From discovering new industry trends to getting practical advice on how to grow your business, they are often gold mines of useful information.

What's more, there are currently lots of ecommerce podcasts available for you to stream. Regardless of your business' niche or your experience level, you're likely to find one that meets your needs.

4 Ecommerce Podcasts Every Business Owner Should Listen To

Now, let's cover 4 quality podcasts that cater specifically to online business owners such as yourself.

1. Honest Ecommerce

If you've received bad business advice, the Honest Ecommerce podcast might be for you. It aims to reveal truths about the ecommerce industry through its honest interviews between Chase Clymer and successful business leaders:

Honest Ecommerce covers just about every topic, from creating long-term business plans to writing better emails. By listening to this podcast, you can gain actionable advice for running an online store, avoiding common mistakes, and reaching your sales goals.

Where to start: Are You a Store Owner or a Brand Owner?:

In this episode, Clymer interviews Josh Firestone, who founded the clothing brand Bearbottom. They discuss Firestone's progression from being a party DJ to launching his own startup.

For beginner store owners who might be discouraged with their progress, they offer advice on staying passionate and patient.

Where to listen: You can find Honest Ecommerce on Spotify, Apple Podcasts, and Stitcher.

2. Built to Scale

On the Built to Scale podcast, hosts Darius Kunca and Justin Gecevicius explain how they went from broke university students to founders of AdKings Agency:

Together, Kunca and Gecevicius have helped to scale many eight and nine-figure companies. Any business owner or ad specialist can benefit from their experience in developing successful marketing strategies.

By listening to Built to Scale, you can gain valuable insights on how to grow and scale a business. This program specializes in providing straightforward marketing methods and growth hacks that you can implement in your online store.

Where to start: Learn From Our Failures: Plan But Don't Overplan & How Simplification Is the Key:

In this episode, the hosts give an example of a time when they overplanned a certain area of their business. They own up to this mistake and explain how you can plan more effectively.

Where to listen: Built to Scale is available on Spotify and Apple Podcasts.

3. My Wife Quit Her Job

In My Wife Quit Her Job, host Steve Chou shares how he grew his online store to replace his wife's salary:

This podcast offers a series of interviews with successful entrepreneurs. My Wife Quit Her Job offers tips on how to achieve your financial goals, improve your sales, and leverage strategic marketing.

If you're a beginner business owner, this podcast may be for you. In many episodes, ecommerce experts talk about their failures and how they overcame them to reach their goals.

Where to start: Social Media Strategy For New Ecommerce Store Owners With Alex Rossman:

In this episode, Chou brings Alex Rossman onto the podcast to share his social media marketing tips. Rossman is the founder of Rossman Media, so he gives credible advice on how to improve your website's sales and organic traffic.

Where to listen: You can find My Wife Quit Her Job on Spotify, Apple Podcasts, and Stitcher.

4. eCommerceFuel

eCommerceFuel is one of the most popular business podcasts. The host, Andrew Youderian, created this program to build a community for ecommerce store owners:

By listening to eCommerceFuel, you can discover predictions about the ecommerce industry and learn from reports on major brands. You can also broaden your knowledge about business development and management from deep dives.

eCommerceFuel can be ideal for more experienced business owners. Although it has certain episodes dedicated to starting a store, most of its content focuses on more advanced techniques, such as outsourcing or sophisticated marketing.

Additionally, Youderiandesigned an ecommerce forum for vetted store owners who need helpful advice from their peers. There, you can build relationships, get quick replies to your business questions, or search the archives to access past discussions.

Where to start: How Beardbrand Left Amazon and Grew 58%:

In this episode, Youderian talks with Eric Bandholz about the big changes he made to Beardbrand in 2018. Although they discuss specific content strategies and practical business moves, the entire episode feels like a casual conversation.

Where to listen: eCommerceFuel is available on Spotify, Apple Podcasts, Stitcher, and Google Podcasts.

Conclusion

There's a steep learning curve for anyone trying to grow an online business, but tuning in to the top ecommerce podcasts can help. By listening to these free programs, you can gain valuable knowledge that may help you boost your bottom line.

To review, here are 4 of our favorite ecommerce podcasts you should consider listening to:

Honest Ecommerce. This show advertises itself as a platform for sincere business advice. You can tune in to its interviews with business owners to gain realistic insights into your field.
Built to Scale. On this podcast, the hosts chronicle their journey from being broke to founding an ecommerce growth agency. You can learn marketing tips and hacks for scaling your online business.
My Wife Quit Her Job. This program is for those who are looking to grow their businesses as a substitute for salaried pay. The host offers advice on how to set and achieve your financial goals.
eCommerceFuel. This podcast offers a community for more experienced entrepreneurs. By listening to its weekly episodes, you can learn how to form better business relationships.

What's your favorite ecommerce podcast? Let us know in the comments section below!

If you liked this post, be sure to follow us on Twitter, Facebook, Pinterest, and LinkedIn.

5 Cheap Marketing Strategies that Work (And How to Use Them)

To stand out in today's crowded online environment, it's important to take strategic measures to distinguish yourself from the competition. However, when you're an entrepreneur or own a small business just starting out, you likely won't have a huge budget and will look for cheap marketing strategies.

Fortunately, you don't necessarily need one. There are plenty of cheap marketing strategies that you can utilize to help spread brand awareness, increase engagement, and, ultimately, drive conversions.

In this post, we'll provide you with a list of five cheap marketing strategies that actually work. For each, we'll discuss what makes them beneficial and some tips for getting started. Let's jump in!

1. Encourage Customers to Leave You Reviews

One of the best ways to market your business is finding ways to help increase customer trust and loyalty. To do that, you need social proof. This is evidence you show consumers that your company is valuable and trustworthy.

Encouraging customers to leave you reviews can help other consumers form favorable impressions of your brand. Seeing real people leave positive feedback can make your business seem more credible and trustworthy.

Customer reviews are also forms of User-Generated Content (UGC). This type of content is organic and can be excellent for Search Engine Optimization (SEO) purposes.

There are a handful of tools that make it easy for your customers to leave you reviews, too. For example, if you want them directly on your website, you can use a plugin such as WP Customer Reviews:

If you have a physical company location, we also recommend signing up for Google My Business:

This platform lets your customers leave you reviews directly on Google, translating to ratings on Google Maps. It can also be great for local SEO purposes and attracting consumers in your area.

2. Run Social Media Contests and/or Giveaways

Another cheap marketing strategy you can use is running a contest or giveaway on social media. This method is also another way to encourage UGC.

Giveaways are effective because you can run them for relatively cheap. For example, you can offer your own product, a coupon or discount, or a gift card. You could even partner with another brand to help cross-promote businesses.

The contest could be something as simple as a photo caption contest. In this scenario, you could ask users to create the funniest caption for one of your Instagram posts.

Alternatively, you could use the contest as an opportunity to generate leads by asking participants for their email addresses to enter the giveaway:

To get started, you could try using a plugin such as RafflePress:

This tool makes creating and managing contests and giveaways incredibly straightforward. It comes with a drag-and-drop builder as well as pre-made templates to help you get started.

3. Create, Publish, and Share Valuable Content

Content marketing is one of the most cost-effective forms of advertising available. It lets you share your knowledge and expertise, which can help build credibility and authority. At the same time, marketing can boost engagement among your target audience.

Getting started with it is easy, too. You can begin by publishing blog posts on your website. This can also be a powerful way to boost your SEO rankings. Google tends to favor sites that regularly publish high-quality content.

To get started with a list of keywords and topics to target, you can use the Google Keyword Planner:

With this free tool, you can start with a basic topic such as “web design”. Then you can find relevant keywords and phrases to include in your content.

Remember that, to be considered valuable, your content needs to be relevant to your audience. Therefore, it's wise to base your material around answering questions your customers already have.

In addition to your blog, you can also publish content across your social media channels. You can help reach a wider audience by using hashtags, tagging other businesses and partners, and consistently engaging with users in the comments.

4. Start an Email Marketing Newsletter

Email marketing is another cheap marketing strategy that you should consider incorporating into your arsenal. It is incredibly flexible and allows you to target new audiences and engage your existing customer base as well.

To make it as effective as possible, we recommend building your campaigns for specific customer personas. Doing this will make it easier to create highly targeted messaging that appeals to certain kinds of shoppers.

To help build your subscriber list, we also suggest including a signup form on your website:

To make a form, we recommend using an all-in-one email marketing solution such as Mailchimp:

This tool lets you create and manage all aspects of your email newsletters and campaigns in one place. It also comes with a WordPress plugin so you can seamlessly integrate your account with your website.

5. Conduct Surveys

Rounding off our list of cheap marketing strategies is conducting surveys. Asking your customers and audience for their feedback directly is one of the most inexpensive yet valuable tactics to improve your offerings.

Using surveys can provide you with relevant, essential data to use in future marketing campaigns. Furthermore, it can also make your customers feel heard and appreciated. It's an excellent way of letting them know that you care about their opinions.

Plus, creating and distributing surveys is incredibly cheap. For example, you can get started using a tool such as WPForms:

This is a freemium plugin that you can use to create contact forms and surveys. Then you can publish your content across the channels of your choosing, including your website, social media, and email platforms.

Conclusion

As a business owner, promoting your brand is a pivotal aspect of your success. However, you may be working with a tight budget. If that's the case, you might need to get a little creative with your marketing.

As we discussed in this article, there are five cheap marketing strategies you can use:

Encourage users to leave you reviews.
Run social media contests or giveaways.
Create, publish, and share valuable content.
Start an email marketing newsletter.
Conduct surveys.

Do you have any questions about using these cheap marketing strategies? Let us know in the comments section below!

If you liked this post, be sure to follow us on Twitter, Facebook, Pinterest, and LinkedIn.

What You Need to Know Before Starting an Online Business

In a world currently driven by eCommerce, now is an excellent time for starting an online business. Learn what you need to know before getting started!

With the world increasingly becoming a digital-first environment, now is an excellent time to consider starting an online business. However, doing so is no easy task, and it's essential to make sure that you're adequately prepared.

Fortunately, doing a solid amount of research and planning can help ensure that your company succeeds. While errors and mistakes are inevitable, you can reduce your missteps and challenges by taking a strategic and careful approach.

In this post, we'll start by discussing the benefits of starting an online business. Then we'll cover five key tips to consider before you get started. Let's jump in!

The Benefits of Starting an Online Business

There are many benefits to starting an online business that can make it a rewarding and lucrative professional path.

Firstly, customers increasingly turn to the internet to find the products and services they need. You can purchase virtually anything you need online, from groceries and clothing to consulting and professional services:

Another benefit of an online business is reaching a global audience. You aren't limited to the geographical location of your establishment, nor do you have to deal with costs such as office space rental.

Furthermore, starting an online business can be pretty inexpensive once you have your product or service. You only need to account for a domain name, hosting, and web design and development costs. With the right small business tools, these aspects become easier to manage.

This isn't to say that starting an online business is easy. Certain disadvantages can come with it, such as a crowded online space that makes standing out from competitors difficult. Moreover, you'll need to understand digital marketing trends and techniques.

Fortunately, there are ways to prepare yourself to overcome such obstacles with relative ease. Proper research before launching your business can help increase the likelihood of success.

What You Need to Know Before Starting an Online Business (5 Key Tips)

Now that we've covered the benefits of starting an online business, it's time to dig into what you should know before you do. Here are five tips you can use to make it a productive and profitable endeavor!

1. Take the Time to Create a Detailed Business Plan

With any business, it's crucial to dedicate time to market research and developing a sound business plan. Doing so will help you identify concrete goals and determine how to measure your performance and progress as you grow.

There are a variety of elements that your business plan should cover, including:

Your target audience and customer personas
An executive summary and mission statement
A market analysis
Financial planning and a budget

You can make the process easier by using a business plan template:

The more comprehensive and detailed your business plan, the easier it will be to get your company off the ground. Ideally, we recommend starting with a two to five-year plan.

2. Start With a Service Before Moving Onto Products

It usually makes sense for most online businesses to start by selling services, then eventually moving to products. Services tend to require less investment and development.

Once you get your footing, you'll be in a more stable position to expand and scale your business to incorporate products. This approach can also make it easier for you to find and nurture customer relationships to learn about your target buyers and their most important needs.

3. Invest in Website Design and Search Engine Optimization (SEO)

When running an online business, your website is of utmost importance. It influences how customers perceive your brand. Your site also affects your engagement and conversion rates.

Therefore, a large portion of your focus should be on developing a high-quality website optimized for users and search engines. It's also a good idea to select a premium WordPress theme to showcase your products and services in a professional, reliable light.

There are plenty of free options available in the WordPress theme directory. You can also use marketplace sites such as Envato:

However, even the most beautifully designed website won't help drive sales if customers cannot find it. This is why it's also essential to invest in Search Engine Optimization (SEO).

It's important to make sure your content is correctly optimized for Google best practices and ranking signals. You can do this is by installing a plugin such All In One SEO (AIOSEO):

You can also use PageSpeed Insights to analyze your site and identify opportunities for improvement. Knowing which tools to use can go a long way in optimizing your website.

4. Focus on Optimizing the Customer Experience

You can't have a successful business without satisfied customers. Therefore, it's crucial to provide a positive User Experience (UX).

This process can include creating a seamless checkout process with plenty of payment gateway options. We also recommend minimizing the number of steps needed for customers to complete their purchases.

One of the best ways to do this is with buy now buttons:

You can easily add one of these elements to your site using our Buy Now Plus plugin:

You can quickly design and create your own buy now buttons to use across various channels. Then your visitors can check out immediately, helping to increase revenue.

5. Social and Email Marketing Are Key

Social media and email marketing are powerful, cost-effective solutions for generating brand awareness, driving traffic to your website, and reaching your target audience. It's wise to develop a marketing strategy that incorporates both platforms.

We recommend figuring out which platforms your target audience uses most and focusing your campaigns there.

For example, Facebook Advertisements can be highly effective and affordable:

You can even sell directly from social media, whether you have a website or not. Regardless of your strategy, it's crucial to create a strong social media presence that is consistent with your branding.

Social media and email can also be incredibly effective for engaging your customers through targeted messaging. You might consider starting an email newsletter to help promote your brand, expand your reach, and drive traffic to your site.

An easy way to do this is to use a tool such as ActiveCampaign:

This email and digital marketing platform can help you create and grow your subscriber list. You can also use it to collect leads, track email marketing analytics, and design custom customer experiences across every channel.

Conclusion

In this digital era, now is the perfect time to consider starting an online business. However, knowing where and how to begin can be difficult. Fortunately, all it takes is a little research and planning.

As we discussed in this post, here are five tips to consider before starting an online business:

Spend time creating a detailed business plan.
Start by offering services before moving onto products.
Invest in your website design and SEO.
Focus on optimizing the customer experience and checkout process.
Social media and email marketing are key.

Do you have any questions about starting an online business? Let us know in the comments section below!

5 Things to Stop Doing Now if You Want to Succeed

Running a business is rarely easy. With so much to handle, it can be hard to build a comprehensive strategy. The pressure to make all the correct moves can be overwhelming.

Fortunately, it's not always about getting it right. Sometimes, knowing what you're doing wrong can be the key to success. By understanding where you can boost your performance, you can take your business to the next level.

In this article, we'll walk you through five things that hinder success. We'll also give you a few tips on how you can improve. Let's go!

1. Ignoring the Competition

Let's be honest: no matter how small your niche is, there will always be someone else you need to measure up to. You can't ignore how your competition is doing – no matter how confident you are in your product.

If you discount other companies, you could be losing out on a lot of valuable information. For example, let's say they run a wildly successful campaign. By taking note of what they did right, you can improve your business's performance too.

You can consider Williams Sonoma as an example of this. Since Thanksgiving is a food-centric holiday, many cooking sites are competing for shoppers' attention. However, while most of them just advertise sales, Williams Sonoma improves on that model with cooking tips as well:

An example of a Williams Sonoma ad that improves on the competition.

However, try to remember that this goes both ways. Other companies are probably watching your performance to improve on their own. By paying close attention to what others are doing, you can tune in to the most successful strategies for your niche.

2. Straying Away From Your Brand Identity

Your brand identity is a mix of many things: the tone of your ads, your logo, and even your font choice. Consistent presentation of these elements is crucial to a buyer's ability to recognize your company. Thus, while going in a new direction may be tempting, it can also harm your business.

This is largely because it may confuse your customers. For example, let's say your social media's tone of voice is playful while your blog is serious. This could be off-putting to new visitors, especially if they're already invested in the buyer's journey.

We're not saying that rebranding is a bad move. However, if you're shifting gears without a clear and intentional plan, you could risk losing potential buyers.

We recommend that you put together a style guide for your content. This may include guidance on what type of language you should use or topics you typically cover. That way, you can reference it before publishing anything and ensure that you're staying on track.

3. Focusing All Your Energy on One Channel

With so many ways to communicate in our modern world, it can be hard to keep up with all of them. Your own website, different social media pages, and traditional advertising can be a lot to handle. As such, it's not unusual to feel like you need to focus on a single channel.

Unfortunately, this isn't usually the best plan. Different platforms have different audiences. Thus, putting all of your efforts into one channel could mean you're missing out on opportunities to make more sales.

One way to combat this is with a content calendar. You don't necessarily need to update every account every day – as long as you're spreading your marketing across many channels, you're opening up new ways to reach new customers.

By the same token, you may also want to consider giving your users an easy way to purchase your products across different channels. If you're looking for a tool to help you do so, we recommend our own Buy Now Plus service:

With Buy Now Plus, you can add buy now buttons almost anywhere – and you don't even need a website to do it. By providing visitors with a secure checkout regardless of how they find you, you can capture more conversions than ever before.

4. Resisting Investments Into Your Business

If you're like most business owners, chances are, you have a budget. This can be especially tight if you're still a relatively small company. However, as the old saying goes, sometimes you have to spend money to make money.

We're not saying that being mindful of your money is a bad thing. Nevertheless, doing so isn't just about saving cash – it's also about knowing where to spend it.

That's why we recommend you invest in resources that can support your business. If your shipping times are struggling, for example, you might want to think about hiring someone to help you out. By the same token, upgrading to a faster web host could dramatically improve the user experience.

If you're not sure which tools are right for you, we recommend that you take full advantage of free trials. That way, you can see how well a certain resource can support your business before you commit to it.

Finally, like most things in business, there's always a chance of failure. You may invest in a tool that doesn't work out for you – and that's okay! Just try to understand why it wasn't a good fit and keep that information in mind for your next investment.

5. Ignoring Your Analytics

Your company's success doesn't have to be a guessing game. Nowadays, analytics are available nearly everywhere, ranging from your social media profiles to your website. If you're ignoring this information, you could also be ignoring a clear path to improvement.

Even if you feel like you understand your performance, getting confirmation never hurts. Additionally, if you find out you're not doing as well as you thought, you can catch the issue early before it really starts affecting your sales.

An easy way to get started with this essential data is through Google Analytics:

Google Analytics can provide you with a broad overview of your audience. You can also zone in on more specific metrics such as demographics, meaning you'll be able to get very specific with your targeted marketing.

If you're not interested in analytics, we highly recommend that you stay in touch with your customers. Ask for feedback and reviews whenever you can. That way, you can stay informed about how your brand is performing.

Conclusion

Success is rarely a straight path. However, that doesn't mean that you can't avoid a few wrong turns along the way. By understanding which actions can harm your performance, you can help your business succeed.

In this article, we covered five things that hinder success:

Ignoring how your competition is performing.
Having an inconsistent or muddled brand identity.
Focusing your efforts on a single channel and ignoring the others.
Being too wary of potentially rewarding investments.
Ignoring the crucial data that analytics can provide.

Do you have any questions about the issues covered in this post? Let us know in the comments section below!

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How to Create a Perfect Sales Page (5 Key Tips)

A sales page operates as a one-page ad for your product or service. When someone visits this part of your website, they’re already thinking about buying from you – they just need a little push.

Your sales page must emphasize the benefits of your product, answer any misgivings the potential customer might have, and (above all) make it easier for them to commit. Fortunately, this isn’t hard to achieve with a few proven techniques.

In this post, we’ll go through five critical tips for building the perfect sales page. You’ll learn how to create a sales page, how to improve it, and how to get people to take the next step. Let’s get started!

Why It’s Vital to Fine-Tune Your Sales Page

Think about the last time you visited a sales page. It may have been for a piece of software, new technology, clothing, or even furniture. Did you decide to buy the product? Why or why not?

A sales page is important because it is the very end of a sales funnel. All of your marketing efforts are often focused on bringing leads to this key page. Once there, you’ll need to encourage them to take that final step and make a purchase.

While a sales page may often look simple, there’s an art to building one that’s effective. The sales page for the HTC Vive (pictured above) doesn’t just describe the product. It also creates a value proposition (“gifts worth over $100”), makes it easier to buy (“Pre-order”), and addresses potential misgivings (“Get details”).

How to Create a Perfect Sales Page (5 Key Tips)

When optimizing your sales page, it might help to think about it like an ad you’d see in a magazine. It has to be compelling enough to encourage people to read it, and it needs to give them all the information they require to make an educated decision.

Let’s take a look at some tips for doing just that!

1. Punch Up Your Headlines

On the web, most people scan each page in an “F” shape. They read headlines, loosely scan the body, and then look at the conclusion. This behavior has many ramifications, including that it’s a mistake to write your headlines solely for search engine optimization purposes.

Instead, headlines should be written first and foremost for human visitors. They need to be simple, interesting, provocative, and useful. Your goal is to deliver immediate value to the customer, describing what they stand to gain from purchasing the product or service on offer.

For example, this sales page has an obvious value proposition – you can make dinner faster:

An example of a strong headline on a sales page.

You can use tools such as CoSchedule’s Headline Analyzer to improve your headlines, making them more evocative, emotional, and transparent.

2. Deliver a Clear Call To Action

A call to action (CTA) tells a customer what to do next. On a given landing page, your primary CTA could be:

“Call us for more information!”
“Start a live chat!”
“Sign up for our email newsletter!”
“Buy Now!”

A CTA increases conversion rates because it lets the customer know what the “next step” is. Any time a customer is uncertain, you risk losing the sale. They may get distracted, or they might just not know where to go or what to do.

If you look at the following landing page, you’ll see that the CTA (“Watch Demo”) is as straightforward and visible as possible:

On a sales page, your CTA is generally a “buy now” button. This element provides a simple, clear, and effective way to increase conversions.

3. When Possible, Personalize

80% of customers prefer websites that deliver personalized experiences – those that are tailored to each customer. By creating an experience that is more likely to be relevant, you can increase sales.

Some companies personalize their sales pages by tailoring them to each customer’s location. Other websites use tracking cookies to detect the user’s prior behavior (such as products they liked) so they can promote relevant items. The more information you have about a user, the more customized your page can be.

A personalized experience can be as simple as geographically targeting the user’s location, or as complex as tracking their prior purchases. If a user is already logged in to an account, they can also be addressed directly (“Welcome back Kim!”) to make your website feel less impersonal.

4. Add Reviews and Testimonials

Why should a customer trust you? They may have never heard of you or your product before. Fortunately, reviews and testimonials can build trust with a company in a way that other marketing techniques often cannot. When readers relate to a reviewer and their problems, it primes them to see your business as a solution.

For example, this slideshow of testimonials highlights how the product can improve a company’s operations:

An example of testimonials on a sales page.

Rather than just describing how their product can help, this business lets you see the perspective of their existing (happy) customers.

Therefore, it’s smart to consider adding some of your company’s best testimonials to your sales page. As potential customers dig further into information about your product, they’ll see that it has helped customers just like them.

5. Make Sure Your Page Works on Mobile Devices

Mobile sales make up about 73% of all sales today. Still, many companies build their websites on desktop computers or laptops. It’s easy to forget that a sales page doesn’t just need to function on a mobile device – it has to look just as good on small screens as on large ones.

One way to do this is to be deliberate about your “above the fold” content. This is the text, images, and other elements that appear immediately on a user’s screen before they scroll down the page. This content should make your primary value proposition clear, and should be short and simple so it’s immediately viewable to visitors on mobile devices.

It’s also important to test your landing page on all the platforms you can, including on mobile devices. A “responsive” or “mobile-friendly” design will tailor itself automatically to whatever platform is being used, rather than requiring multiple versions of the website for each platform.

Conclusion

Your sales page is an incredibly important stop on the buyer’s journey. It’s the best place to increase conversions, so you need to make sure it’s well designed, clear, and compelling.

You can improve your sales page by following these tips:

Make your value proposition clear through better headlines.
Deliver a clear CTA to encourage the customer to buy.
Personalize your page to increase relevance and engagement.
Add testimonials to build trust and legitimacy.
Ensure that your page works properly across all platforms.

As a customer, what makes you stop at a sales page? What does it take to get you to convert? Comment below and tell us about your favorite tricks of the trade!

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How to Reduce Customer Refunds (3 Tips)

As a business owner, every sale is a success. However, not every sale is final, and sometimes customers may request a refund.

Processing these product returns can be time-consuming and frustrating, but they don’t have to be a constant part of running an online business. There are ways to reduce the number of customer refunds you receive.

In this post, we’ll discuss why product returns are bad for business. We’ll then share three ways to keep your customers happy – and keep those hard-won dollars in your pocket. Let’s get started!

Why It’s Important to Reduce Customer Refunds

Whenever a customer requests a refund, you have a lot of work ahead of you – for zero profit. Processing a refund requires time and effort, and it’s an unexpected drain on your resources. In fact, customers returning electronic products alone cost U.S businesses nearly $17 billion a year.

Every refund is bad news for your bottom line. If you’re going to turn a profit, then it’s crucial that your product returns are few and far between.

A customer who wants to return a product may not be in the best frame of mind. For this reason, it’s important that you maintain a high standard of professionalism and positivity throughout the entire refunding process.

If the refund experience is slow, or your staff seem unhelpful, then the customer is likely to take their refunded money and run straight to your competitors.

A returned product may represent a short-term loss of earnings. However, losing a customer will have a long-term financial impact on your business. To minimize the short and long-term revenue losses, it’s important to take steps to reduce the number of customers who request a refund.

How to Reduce Customer Refunds (3 Tips)

Refunds represent a major headache for all businesses. Let’s make sure your hard-won profits remain in your pocket. Here are three ways to reduce customer refunds.

1. Write Informative and Accurate Product Descriptions

With online shopping, customers cannot physically inspect a product before hitting that buy now button. Instead, they rely on product descriptions. This is all the information shoppers have to help them make the correct purchasing decision:

Detailed product descriptions can help you reduce customer refunds.

If your product page is incomplete, unhelpful, or outdated, there's a greater your customer will make the wrong decision. For example, they might order a piece of hardware that’s incompatible with their setup, or a jacket that’s too big.

If the customer is unhappy with the product, they’re way more likely to request a refund.

That's why all the information on your product pages should be accurate, detailed, and written in a simple and understandable way. However, there’s also the danger of overwhelming shoppers with too much text. To keep the word count to a manageable level, you might want to link to other resources where appropriate:

Reduce customer refunds with in-depth product descriptions.

For example, many clothing websites state the item’s size and then link to supporting documentation. Here, customers will find the exact body measurements for small, medium, and large sizing:

You can also hide some content by default. Shoppers can then click to expand a section in order to access more detailed information:

Every product description is different. However, you’ll typically want to highlight the product’s weight and its dimensions.

When writing your product information, it may help to refer to the descriptions used by ecommerce giants such as Amazon. This can provide valuable inspiration, and help you spot any details that are missing from your own product pages.

2. Provide Lots of Visuals

As the saying goes, a picture is worth a thousand words. While shoppers cannot physically see the product in real-life, you can provide lots of high-resolution images:

How to reduce customer refunds with high-resolution images.

Ideally, we recommend uploading at least four photos of each product. These images should show the item’s front, back, and both sides.

Product images are crucial, but they can also add a significant amount of weight to your website. To help preserve your site’s performance, we recommend using an image compression plugin.

Compression reduces the size of an image by removing or grouping together certain parts of the file. There are many compression solutions available, but TinyPNG is available as both an online service and a WordPress plugin:

Product images are a mainstay of ecommerce stores. However, you may also want to consider creating a short video.

This can be a simple 360-degree view of the product, or something more complex, such as a demonstration of the item’s core features. If there’s a video advertisement for the product, this can help give the customer a clearer picture of what the item looks like.

3. Encourage Your Customers to Leave Reviews

According to research, shoppers are 270% more likely to purchase an item that has reviews. This makes product reviews a powerful way to boost your sales.

These reviews can also help customers make more informed purchasing decisions. By reading a customer’s honest thoughts and experiences with a product, shoppers can decide whether this is the right item for them.

It may seem crazy to give shoppers a convenient way to complain about your products. However, most consumers understand that you cannot please 100% of the people, 100% of the time.

Reading negative opinions about your products can help customers decide whether these drawbacks are deal breakers for them. This may reduce your conversion rates, but it should also reduce the number of refunds you'll need to process.

According to Bright Local, 76% of consumers are happy to leave feedback, if asked. This suggests that generating lots of customer reviews may be as easy as sending follow-up emails asking customers to review a recent purchase:

Reviews can help you reduce customer refunds,

Some of the major mailing platforms can even automate this process. For example, ActiveCampaign makes it easy to send follow-up emails to your audience:

Convincing customers to provide a review is only half the battle. They also need a way to upload their thoughts to your website.

If you’re selling products via WooCommerce, you're in luck. This popular ecommerce platform supports product reviews out-of-the-box. Alternatively, your customers can submit reviews via a plugin such as Site Reviews.

Conclusion

As the old saying goes, the customer is always right. If someone wants to return a product, then it’s often best to provide their refund with no questions asked, rather than risking losing the customer completely.

With this in mind, let’s quickly recap how to ensure that your customers are happy with their purchase:

Write informative and accurate product descriptions.
Provide lots of visuals.
Encourage your customers to leave reviews.

Do you have any questions about reducing the number of product returns? Let us know in the comments section below!

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4 Places You Can Find and Buy Online Businesses for Sale

Building your own business can be a rewarding experience. However, it can also mean long hours, many rounds of trial and error, and lots of hard work.

Fortunately, there is a way to fast-track through those turbulent early years. By purchasing a ready-made business, you can take over an operation that's already generating healthy profits and has a loyal customer base.

In this post, we’ll discuss why becoming a successful business owner doesn't always mean starting your empire from scratch. We’ll then share four places where you can purchase a profitable online business today. Let’s jump right in!

Why You Might Want to Buy an Online Business

Starting your own business can be rewarding and lucrative. However, building a business from the ground up isn't always the best option.

Whenever you start a new venture, there’s always an element of the unknown. Even if you’ve created a thorough business plan, there’s no guarantee that your company will be profitable.

In fact, according to data from the Bureau of Labor Statistics, 50% of small businesses fail within the first five years.

Instead of taking a gamble, you might decide to buy into a businesses that has a proven track record.

By purchasing a company that's already established, you can fast-forward through those turbulent early years and get straight to the fun part: running a successful online business and enjoying the profits.

You may also want to buy a ready-made business if you have limited experience building a company from scratch. Purchasing a pre-made empire is particularly attractive to first-time entrepreneurs who dream of running their own businesses, but are unsure where to start.

Some entrepreneurs also purchase online businesses as a means of generating passive income, sometimes in addition to working a full-time job.

Since the business is already established, it can often start providing revenue immediately, with very little manual input from you.

Alternatively, we’ve seen business owners buy into an existing company in order to gain more market share within their industry. By absorbing some of the competition, you can position yourself as a true market leader.

For all these reasons and more, buying an already established company can often be a smart option. Below, we'll take a look at where to find online businesses for sale.

4 Places You Can Find and Buy Online Businesses for Sale

If you’re keen to invest in a thriving and profitable online business, there's no time like the present to start shopping.

Here are four of our favorite marketplaces that specialize in helping eager buyers find the perfect five-star online ventures for their needs.

1. Shopify Exchange

Shopify Exchange is a marketplace dedicated entirely to businesses built on the Shopify platform. Any company you purchase via this marketplace is guaranteed to be built using this popular ecommerce software.

This makes Exchange perfect for anyone who has previous experience with the platform, or if you're specifically looking for a Shopify-based business:

Shopify Exchange plays host to a wide variety of stores. There is a useful search function that can help you to pinpoint your dream business.

You can use search filters to quickly narrow down your search based on crucial characteristics, including business type and size:

Searching for online businesses to buy on Shopify Exchange.

When purchasing an existing company, it's important to keep your eyes out for incorrect information. Some unscrupulous sellers may attempt to withhold details or even tweak their statistics to try and secure a sale.

However, Shopify business owners integrate their stores directly with Shopify Exchange. This prevents them from tampering with any of the data that’s pulled from their sales listings.

While we always recommend conducting thorough due diligence, this integration provides great peace of mind and helps buyers to make confident purchases.

2. AcquireBase

AcquireBase has a huge database of online businesses for sale, and a powerful search function with all the filters you need to find the company that’s right for you.

You can use these filters to narrow down listings based on keywords, or to view only businesses that adhere to a specific model.

With its focus on startups, AcquireBase is a good choice for anyone looking to purchase a smaller business:

The AcquireBase marketplace for online businesses.

One feature that really makes AcquireBase unique is its Premium membership ($299 when purchased annually). With this, you’ll be able to view listings and contact sellers 14 days earlier than regular buyers:

Searching for online businesses to buy on AcquireBase.

AcquireBase doesn’t charge a commission for successful sales. To ensure that transactions are secure, online business sales are facilitated through a partnership with the leading online escrow service, Escrow.com.

3. Flippa

With almost 6,500 live listings at the time of writing, Flippa offers plenty of choice, and claims to have generated over $400 million in sales. Flippa isn’t solely dedicated to selling online businesses, as it also sells applications and domains.

However, the service divides its offerings into categories, so you’ll have no problem narrowing your search to online businesses only:

The Flippa marketplace for online businesses.

Flippa even offers subcategories for all of its listings. This means that you can easily filter your results to view ecommerce businesses created using Shopify, Amazon FBA, and more.

These fine-grained filters mean that Flippa is ideal if you’re searching for an online business that uses a specific platform or technology:

Searching for online businesses to buy on Flippa.

Unlike some other online marketplaces, Flippa offers its own escrow service rather than partnering with an external provider. This integrated approach promises to make the transaction process smooth and secure.

Uniquely, Flippa also offers two legal service packages, which are geared toward sales under $100,000 and over $100,000.

4. Empire Flippers

Empire Flippers is an Inc. 5000 company and marketplace that boasts an 83% sales success rate. Unlike some other marketplaces, Empire Flippers takes a hands-on, personalized approach to help people purchase online businesses:

Empire Flippers' has a range of hand-picked online businesses for sale.

Every company listed for sale on the Empire Flippers marketplace has been carefully vetted. While this may result in fewer listings when compared to competing marketplaces, Empire Flippers promise to deliver quality over quantity:

Searching for online businesses to buy on Empire Flippers.

Empire Flippers may be a good fit if you have the funds to invest in a more established business that’s already generating lots of revenue.

Due to its selective approach, Empire Flippers is also best suited to entrepreneurs who are willing to wait for the perfect business to get listed.

If you find a company you’re interested in learning more about, you can access 12 months of store data by paying a 5% refundable deposit.

All of this information has been examined by the Empire Flippers team, which gives it a higher degree of legitimacy. The info includes Google Analytics data, plus a profit and loss statement.

Conclusion

Many people dream of owning their own businesses, but hesitate due to the risks involved. The good news is that buying an existing company is often less risky (and faster) than starting your empire from scratch.

If you want to fast-forward through the startup phase, here are four places where you can buy an online business:

Shopify Exchange: A marketplace that focuses exclusively on buying and selling Shopify websites.
AcquireBase: A platform offering a unique premium membership that’s ideal for serious buyers.
Flippa: A website that boats its own escrow service and legal service packages.
Empire Flippers: A marketplace that offers fewer listings than some of its competitors, but focuses on quality over quantity.

Do you have any questions about how to purchase a successful online business? Let us know in the comments section below!

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How to Write a Small Business Plan (4 Key Elements to Include)

When you have a brilliant business idea, it’s tempting to dive straight into making your dream a reality. However, without a plan, you may struggle to motivate your new employees, attract the best partners, or secure investor capital.

This is where a business plan comes in.

By taking the time to create this formal document, you can transform your idea into something tangible, and convince everyone to get behind your organization.

In this post, we’ll explore what a business plan is and why every company should have one. We’ll then discuss the four essential elements of any effective small business strategy. Let’s get started!

An Introduction to Small Business Plans (And Why They’re Important)

At a high level, a business plan is a written document that defines what your company is, the activities it performs, its core objectives, and how you’re going to achieve those objectives.

Many startups create this document before beginning operations, to help them explore whether their brilliant idea might actually become a viable business.

This plan can be used internally, but also externally. If you’re seeking investment from third parties, an effective business plan can help you secure funding even if you don't have a proven track record:

Although they’re useful tools for startups, many established companies treat their business plans as internal road maps.

By constantly referring to this document, you can evaluate whether you’re on track to achieving your goals, or whether you might need to adjust your operations. For this reason, we recommend that all companies maintain an up-to-date business plan.

This document may also help you realize that your goals have evolved, and that you need to adjust your approach as a result. It’s not uncommon for an established company to create an entirely new business plan to reflect a change of direction.

How to Write a Small Business Plan (4 Key Elements to Include)

Before we get to the list, we thought we'd throw you an idea. While you can save money creating your business plan on your own, it might be worth it in the long run to consult with an expert.

Platforms like Fiverr are a great place to find someone who can help you make sure you're starting out on the right foot.

That said, no two business plans are identical. However, there are some common elements that you’ll typically include in your plan. To help you structure this important document, here are four key elements you may want to incorporate.

1. Executive Summary

This section outlines your company and its mission statement. It’s also a good idea to provide information about your products and services, plus an overview of your leadership, employees, operations, and location.

If you plan to ask for financial backing, you may also want to include a high-level overview of your growth plans and some basic financial information:

Although all parts of your business plan are important, we recommend prioritizing the executive summary.

This is because busy investors, banks, and potential business partners may decide whether to study your business plan in more detail based on the executive summary alone.

As the saying goes: “You never get a second chance to make a first impression”. Therefore, if your summary doesn’t contain exactly the information a person is looking for, they may dismiss your plan from the first page.

2. Products, Services, and Market Analysis

Next, you can go into detail about your products and services. You’ll typically want to include pricing, benefits to the customer, and your unique selling point (USP).

And if you’re performing any research and development, now is the time to mention it:

It’s also smart to disclose your plans for intellectual property, such as copyright or patent filings. For some industries, it may also make sense to go into detail regarding the production and manufacturing process.

In addition to defining what your business has to offer, it’s important to demonstrate an understanding of where your products and services will fit within the industry.

This means exploring the competition, their strengths and weaknesses, and how challenging it will be to acquire part of their market share. Throughout this section, it’s also smart to communicate an understanding of the expected demand for your particular products and services.

3. Financial Planning and Budget

Financial planning and future projections are an essential part of any business plan. Even if the document is for internal use only, this section can help you budget and balance your cash flow:

Financial planning and budgeting information.

As part of your financial planning, we recommend including staffing, development, manufacturing, and marketing costs.

If you’re seeking outside investment, you may want to go into more detail, and provide targets and estimates spanning the first few years of your business:

While you may feel passionate about your new venture, it’s important to be realistic. An overly optimistic business plan that ignores weaknesses, potential pitfalls, and threats is unlikely to be well-received by potential investors and business partners.

Even worse, if you overestimate your revenue, this can lead to increased overheads and perhaps even a cash flow crisis.

To help keep your plan grounded in reality, only make claims that you can support with hard evidence. You might weave this proof into your business plan or include it as part of an appendix.

As an alternative, you might simply have this data on hand in case a potential investor requests more information. The only rule is that this evidence must exist.

4. An Appendix

An effective business plan will strike a balance between providing enough detail and remaining focused on what the reader needs to know.

Creating a comprehensive, detailed, and extensive plan may feel like you’re setting your business up for success.

However, lengthy documents are notoriously difficult to maintain. By creating an exhaustive business plan now, you may find that this plan is rarely used in practice.

While creating the document, it’s wise to constantly ask yourself whether each piece of information might be better suited to an appendix. In particular, detailed financial forecasts, market research data, product literature, and technical specifications are usually better included in an index.

This ensures that detailed information is on hand for readers who want to delve into the finer points, without distracting from the flow of the document.

Conclusion

We’re not going to pretend that starting a business is easy. However, with some careful planning, you can maximize your chances of turning your brilliant idea into a world-class business.

To set you on the road to success, let’s recap four things to include in your small business plan:

Executive summary
Products, services, and market analysis
Financial planning and budget
An appendix

Do you have any questions about how to write an effective small business plan? Let us know in the comments section below!

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