"If you grow as a company, you'll need it then in what is called the business plan event.
But it's much less formal then it was in years past, and more pragmatic.
If you can find a way to show that you have innovative ideas and marketing strategies, you're a step ahead.
And in today's business landscape, those innovative ideas must include a social media strategy (yes, Facebook, Twitter and more)."I love the word personality when it comes to finding your personality in the social space," says Brendan Gallagher, the VP/Group Creative Director for Emerging Technologies at Digitas.
Regardless the type of online business you are running, here are the recommended steps in putting together your business plan (read more about writing a great business plan).
Dig Deeper: Business Plan Power Point Template Business Plan for an Online Business: Set Up a Review Schedule (Be Open to Change) You should never complete any business planning without a review schedule, but it has become increasingly important to do it earlier and more often.Previously he worked for Social Media Today, Sports Illustrated, the Associated Press and SOBe Fit Magazine, along with various newspapers.The business landscape continues to change very quickly, and that constant change brings about plenty of opportunities for entrepreneurs.He compares online business planning in 2010 to steering a boat or a car: "if you're driving your car with GPS turned on, you have a final destination, but depending on traffic and weather, there needs to be an ability to change direction and take a detour."Dig Deeper: The Best Industries for Starting a Business Business Plan for an Online Business: Steps for Creating Your Business Plan The web is a powerful tool for companies of all types, and as it has changed, so have the types of companies who prosper.The four main purposes of Internet sites, as described by noted columnist Rhonda Abrams in , are transactional, content, promotional and relational.Consider your management summary to be a resume of the qualifications and work history for the people involved in your startup.If it's a smaller venture, which many online businesses tend to be, you'll want to play up your understanding and expertise in the digital space.There are immediate ways to measure your business success that are very practical and very inexpensive, which makes them considerably easier to obtain."Online sentiment and what customers are saying is certainly important," says Burg, "but it doesn't tell you whether people are purchasing your goods.How do you envision your site being successful, because the definition of success will differ for each entrepreneur and business type?Dig Deeper: The One Day Business Plan Worksheet Business Plan for an Online Business: Complete Your Financial And Management Summary You need to outline what kind of experience your management team has and also any financing that you already have lined up.