How to Establish a Successful Online Business Plan - Part 1
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Losing business you don't even know exists is common in any business start-up. I see Internet marketers who throw up their one page website and sell only one product....
Losing business you don't even know exists is common in any business start-up. I see Internet marketers who throw up their one page website and sell only one product. They have no backend product, no up sell, no recurring billing - nothing. If they only knew how much money they were missing out on. This isn't something you just rush into without a strategic, well pondered plan. Unfortunately, most people do.
With your product idea in mind "step back" from your proposed business for a moment and get that all-important aerial perspective. Consider these elements of your product strategy:
The Front-end Product- The front-end product is only the foundation of a much larger strategy. Think of your front-end product as merely a tool to collect a large list of willing to buy consumers.
Bonuses- Your bonuses should be relevant to your product. Ideally, they should compliment the product in such a way that they are related to, but can be distinctly separated from, your front-end product to add value. Expand on your product. Offer more information as special reports, a related 'workbook', audio, video, etc. If you build a package deal you may be able to charge up to twice as much because the perceived value is so much greater.
The Up sell- Your up sell should be an upgrade of your product. For instance, if you sell CGI scripts it might be custom installation at an additional charge. Package deals also make good up sells.
The Backend Products- Your backend products are your profit makers. They are high-ticket items directly related to your front-end product. Be careful that your front-end and all your backbends are in the exact same niche so that your backend offers will be compatible with the customer list your front-end product builds.
Having multiple backend product is essential for any business, do not think that yours is the exception. The reason I mention planning these 4 components of your product line at this point, before you create your front-end product, is that creating a profitable product line is strategic and has many considerations that need to be given adequate thought.
>From a high vantage point look at your business plan at launch, in the future, and every moment in between. Plan all of the 4 above components by answering these questions:
¡è What, exactly, will be included in your front-end? ¡è What will your bonuses be? ¡è What will be included in them? ¡è What will your up sell be? ¡è What makes it worth more money? ¡è How much more will you charge? ¡è What will your backend products be? ¡è How can you make them extremely valuable? ¡è How can you tie your backend products into my front-end? ¡è How will you market my backend products? ¡è Are there any ways to bring more value to your customers
that you are missing?
Just pausing and answering these simple questions before you begin working on your product will put you far, far ahead of most other online marketers. Successful businesses rarely become successful by chance. In fact, most invest hundreds of thousands of dollars formulating detailed, well researched business plans.
Your business plan has no less importance. It may not need to be so detailed but don't expect success to come to you if you haven't carefully planned the high leverage aspects of your business, obviously your product is an extremely high leverage aspect of your business.
Whenever possible you should have all four of these components in place for launch to maximize profits. The reason being that once your business starts receiving heavy traffic and getting orders it is easy to get caught up in the day to day aspects of running a business and neglect ever developing these lucrative components of your business.
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