3 Essential Parts To Your Shopify Business Plan
Shopify Business Plans Take More Than 10 Minutes
Getting an idea one night and then setting up a shopify shop the next is not always the best way to get a successful e-commerce shop up and running. When you think about it, you really need to outline who your audience is, and how you plan on reaching them. The beauty is that you don’t need to just think about it, there are plenty of great tools out there to help you to gather the information and formulate a business plan for your new shopify site. So, take a deep breath and think about what kind of products or services you are going to sell. Once you have that, try doing some research on google trends, or reading the popular sites and forums in that space. Also, what I like to do is sometimes take a look at a competitor in the space and use a tool like spyfu.com to show you how they spend their money online!
Bottom line, do your competitive market research to make sure you are setting up your shopify site for success! If you need working capital or financing to purchase a shopify website, don’t hesitate to reach out to us we may be able to help.
Make Your Shopify Business Plan Solid
- Tip 1: Target Your Plan
You’ll want to do your research and describe the demographics behind what kind of person is going to be purchasing products from you. Back up your research by showing data for the volume of searches performed by your target market using tools like Google Adwords Planner, Compete and industry trade journals.
- Step 2: Know Your Operations
So once you kind of settle for your target audience, it’s time to take a look at the shopify business and see what you will be responsible for in day to day operations. I find the best approach to be making a list by thinking it through from the point of view that the customer will see and experience your business. Take note of each touch-point you have with the customer and make sure you are really taking advantage of every opportunity. You’ll want to describe in your business plan all the steps in operations like where you will get product, store product, move product, manage customer contact info, execute on orders, shipping providers, and those kinds of things.
- Tip 3: Do Your Financials
At the end of the day, your going to have to do the numbers and show what you will likely make in 3, 6, 9, and 12 months down the road. You can’t avoid doing this part of your business plan but you don’t have to go crazy either. Think about all the costs associated with setting up your shopify site. Group that under one category. Next think about the financials around each unit of product or service you sell, and group that into another category. Then go into general costs like accounting, workers, email and phone that go into running the business and make a group out of that.
Look at the end of the day you can spend 5 minutes or 5 years on making a business plan for a shopify site. The bottom line is that you should be prudent, and make sure you have the basics covered. As long as you have a clear idea on your audience, marketing channels, financial projections and operations you should be good to give it a shot. Remember, you can’t score a goal from the locker room so get in there and make the best shopify site you can.