Two lessons ago we talked about the importance of having a vision, which is basically the big picture of where you want to go. And in the previous lesson we talked about goals, which are the specific milestones along the way toward your vision.
So today we’re going to talk about plans, because you need to have a plan of action to hit your goals…
(Watch this video…)
Main points:
For examples of how to make a typical business plan, you can see:
– Small Business Association business plan info
– Traditional business plan sample
– Name of business
– Vision for the business
– Who is the target market?
– What will we sell? (be specific)
– What makes us different from the competition?
– Marketing strategies
– Goals for building and growing the business
– Plan of action to achieve goals
Action steps:
1) Make a business plan.
If you wish to use my template, you may download it here for free:
Click here to download the PDF file (do a right-click “save target as” to download it to your computer)
So now that you’ve got a plan, you’ll need to commit to it, and figure out how to stay motivated. I’ll be talking about those things in the next lesson.
As always, you are welcome to post your questions and comments below.
Have a great day!
Hi Eric,
Another very valuable lesson.
I am little scared to see the traditional business plan.
The Template you provided is simple,easy to follow.
Thanks once again for sharing it free.
Best Wishes,
Kannan Viswagandhi
http://www.growing-self.blogspot.com
Refining the Business Plan by taking road trips and elevators.
Hi Eric. Again a great lesson. I sat down and worked through my business plan and thought I had it figured out…until the road trip! While I was driving, my wife asked me what I was up to on the internet.
I had to concentrate on driving, and give her a condensed overview of what my hours were filled with and how I was going to translate all this into a practical reality ( thank you spouses for the “practical ” aspect of things).
The result was a great bullet point overview of my business plan, with all the resource demands, and benefits condensed. Just wish I had an audio recorder! This reminded me of the old elevator pitch technique. I hated it, but it was very effective on reaching clarity.
Thanks again,
Colin
Hello Eric,
I am astounded by the quality of information that I have accessed so far in these very valuable lessons. I have been into this internet marketing for 2 years with no success. Now, I am beginning to see why. Keep the good work.
Ibrahim
Thank you for your thoughtful response, Eric. Yes, focus is a very important part of success. But is it necessary to think in terms of one business? I always envisioned multiple internet businesses with multiple products and websites, and specific marketing strategies for each niche. In that scenario, it’s not ‘either/or.’ Every product and passion would have its day once I get to it on my list of goals. Hopefully, focus is not sacrificed if this is approached systematically. Some internet marketers are proponents of this type of business structure. Do you think it can work, or is it too unwieldy?
Thanks again for your help.
Best wishes,
Susan
It’s definitely possible if you approach it systematically. The problem for most people in such a scenario is they attempt to multi-task and develop multiple products at the same time, which usually slows the entire process down. So yes your vision can be for all of it, and then you will just have to focus on breaking it down into manageble bites when it comes to goal setting.
Hi again, Eric and others…
Thanks so much, Eric, for these videos and the teaching. I’ve had trouble watching them on a regular basis, but I always come back and catch up when I get a chance. I’m feeling a bit stuck on this one, though… Here’s why…
Maybe I’m the only one, I don’t know, but at this point I really have no idea what business to plan! I know what my skills and strengths are and I have some idea of what I would like to do, but to have a specific business plan? It’s just not there.
Any advice or information will be greatly appreciated…
Gene.
Gene, let’s back it up a little. Do you know what “type” of business you want?
See lesson #4 for ideas:
One of the hardest parts for many people is just choosing one path to start with, but you have to choose one.
Then a hard part may be finding and choosing a niche. See lesson #19 for ideas, as well as this comment:
If you want to start an information publishing business (ie. info products), then you can follow the outline I’ve provided, and fill in the blanks as you progress through the lessons.
Eric,
Been reading your stuff and Im really enjoying it! Ive attended and purchased several courses from Mike Filsaime, Matt Bacak and Marlon Sanders and you have great info here, but on top of being great its free, so it really helps those who are starting out (like me). Keep up the great work.
Joe Almeida
PS I really like your prayer ministry site as well, very cool. If you have time I’d like to discuss it with you as I’m trying to do something similar with our church site. Check it out at http://www.fbcnet.com and send me an email to let me know if you can share some ideas with me.
love the one page business plan idea – it simplifies things so I can focus on actually buiding & growing the business. The plan is vital but I don’t want to spend every waking hour ONLY on the plan. I need action too!
Great program – keep it up.
Karan Kinder
http://www.theBestAdirondackChair.com
Hey Eric,
Thanks for the template. Much easier to fill out and plan with than a full fledged plan. It’s important to have a business plan but it’s also important to review it on a regular basis.
That takes discipline.
Thanks again,
Luca Di Nicola
Great lesson Eric again you have brought to our attention a simple basic yet often overlooked ingredient. We have heard of business plans but don’t think about them when starting an online home based business. This is yet another gem that will alter the way my business efforts have been and will proceed to. Thank you.
Eric this is excellent advice and I am learning to plan. Thank you.
I can’t seem to load the PDF template; I’m told that the PDF I’m running won’t work for it!
A Generous offer anyway.
Jane
Thanx as always!
Like a friend on ours Giovanna Garcia say “imperfect action is better than no action at all.” Now is the time for taking the action.
Thank you for the business plan outline.
Dan and Deanna “Marketing Unscrambled”
Hi Eric,
Your tips are so step by step, detailed and most helpful to newbies, I have not seen it laid out so simply from the ground up like this before.
It’s a great way to start helping people that need it the most.
You never stop learning.
Best regards
Great information Eric.
This was a good idea putting this in a form. It helps clarify what we are doing and where we are going. Kind of hard to know when you have arrived if you do not know where you are going.
Thanks for the effort of supplying this.
Bo Tipton
The Ornery Marketer
Eric, Thanks again for your lessons, although I do not have a business name yet i am sure one will come to mind. I’m pretty sure I want to go into Affiliate Marketing is this one of two business models you will be instructing us on as you said in lesson 4??????????. Thanks, James
Hello Eric
one question, the name of the business has to be related to the type of info product that you will create? because i kind of have different niches in mind(still brain storming) but i am not sure if the name of the business has to match or should i just do a BP for each niche that i want to get into…?
thank’s
Irving Orta
Yes, we will be focusing primarily on marketing your own product, and secondarily affiliate marketing. I think it’s better to have your own product vs. only being an affiliate marketer. I do both.
The name of the business itself can be anything you want. But as I discuss in lesson #22 and #23, it is important to properly name your product and your domain. In those lessons we look at names from both a branding and marketing standpoint.
PRELIMINARY E-BUSINESS PLAN
BUSINESS NAME: COSMIC OPTIONS
VISION:
PERSONAL VISION: Fulfilling my personal dreams would include an expansive list of FREEDOMS for my heart and soul! I will establish these freedoms from a large open parcel of land from which I can view majestic mountain peeks. I will be surrounded by family and friends, who love me. I will have the financial resources to remove all barriers and constraints to all my dreams. I will have the freedom of time to support my spiritual needs and those of my community. I will commune with nature. I will travel. I will have the financial ability to support my extended family by paying for mortgages and college educations. I will support St. Jude Hospital. I will support those who work to save endangered species and our planet. And…
BUSINESS VISION: Create business channels necessary to facilitate $300,000 yearly gross earnings by December 24, 2011 through providing ethical products and services that are an integral part of the Health, Wealth and Relationship stability and growth for the family unit.
TRAGET MARKET(S): Family Unit consumers (including non-traditional family unit or extended family and children) interested in growing wealth, establishing or maintaining health (physical, emotional, spiritual, etc.), and dealing with transition in relationships.
PRODUCTS / SERVICES: 1. OTC health care supplements and health/beauty aids, including
non-disposable items such as canes
2. Products to support achieving emotional or spiritual or
emotional growth ??? e.g. E-book summaries of existing resources,
original E-books, Bibliographies (search work already complete),
3. Services to support achieving emotional or spiritual growth?? e.g. on-line
counseling / advice ???
4. Products to educate / support / track family growth acquiring financial wealth,
whether for additional income or as a primary source of income
5. Products to facilitate achieving financial goals more quickly, e.g. automated tools,
COMPETITION DIFFERENTIATION: As the Preliminary Business Vision states we will differ from the competition by ethical business practices, which will include no ’double talk,’ explicit discovery of product or service outcome intended, precise disclaimers and explanations, no ‘intended manipulation, products that work, products that are not overly confusing, etc.
INITIAL MARKETING STRATEGIES: (When I took marketing courses, marketing was explained to me as all steps from inception to distribution of the product.) In that light, my marketing strategies are as follows:
1) Identify or create product(s) or service(s) line(s)
2) Identify distribution vehicle(s) e.g. website, drop ship
3) Match product and distribution vehicle
4) Identify advertising medium e.g. articles, ads, mailings, give-a-way
5) Simultaneously initiate advertising, product/service and distribution vehicle or as closely as possible
6) Analyze responses and sales
7) Adjust strategies and re-implementation or change as necessary
8) Analyze responses and sales
10) Repeat as necessary until satisfied with results
11) Count the money and pay taxes!
GOALS:
FIRST 3 GOALS: (1) Work through Eric’s Tips received via e-mail through 04/12/2009.
(2) Analyze existing websites to determine reason(s) for lack of sales by
03/31/2009.
(3) Complete daily Action Plan for earning money online by 04/12/2009
(Until I am better able to recognize my mistakes, that is as far as I can go
without help.)
ACTION BY GOAL: Goal (1) a. Read e-mails daily.
b. Read Eric’s Tips (#16 is next.)
c. Follow Action Steps
Goal (2) a. Review open websites (again).
b. Use Google Webmaster Tools to analyze
c. Take notes on identified problems
d. Research problems
e. Implement solutions
f. Verify that all assignments for Daily Action Plan Day 1
through Day 12 are complete; complete any missing
assignments
g. Determine if there is a connection between Daily Action
Plans and unproductive websites, correct as necessary
Goal (3) Read and complete 2 Daily Action Plans per day
thanks for sharing!!
Be wary of April Fool virus today! Do not log on to weird & attractive sites.
Great information Eric.
THanks for the PDF
eric you blow me away with your style and format how do you maintain such a cool calm consistancey this is what i am learning from you please keep the positive thoughts flowing
god bless you and yours
Thank You I love the tip, I think the problem with people , they don’t think/belive they can have wealth.
They somehow have stopped dreaming
Great info that you have put to gather. I have been glued the the screen watching the lessons.
Thank you Eric, I will be using your pdf. For a newbie like me these lessons are great.
At 2009.06.03 03:31, PRESTON HAYES said:
HI ERIC,
I’D LIKE TO SAY THAT THE REASON THAT I AM GOING WRITE A CRITICAL RESPONSE TO YOUR TIPS IS BECAUSE I RESPECT THE EFFORT THAT YOU PUT FORTH TO TRY AND EDUCATE NEWBIES. I AM A NEWBY AND I HAVE HEARD MANY OTHER GURUS TRY TO EXPLAIN INTERNET MARKETING. YOU ALL HAVE ONE THING IN COMMON AND THAT IS YOU ALL TELL PEOPLE WHAT TO DO, BUT LEAVE THE HOW. FOR EXAMPLE: ALMOST ALL OF YOU WILL TELL US THAT WE NEED A LANDING PAGE OR A CAPTURE PAGE OF SOME SORT IN ORDER TO GET CONTACT INFORMATION. THAT PART I KNOW. WHAT I DONT KNOW IS HOW DO YOU SET THAT UP AND MAKE IT WORK WITH EMAIL ADDRESSES OR TIE IT IN WITH THE AUTO RESPONDERS. YOU HAVE TO REMEMBER THAT WE ARE NEWBIES AND HAVE VERY LITTLE KNOWLEDGE ABOUT WRITING THE CODE OR CREATING THE PAGES FOR THE FORMS TO CAPTURE THAT INFORMATION. WHAT I PLAN TO DO IS TO LEARN HOW ALL THIS IS DONE AND CREATE A WEBSITE THAT WILL EXPLAIN IN DETAIL
NOT ONLY THE WHAT BUT ALSO THE HOW AND WHY. THAT
IS THE MOST VALUABLE AND BENEFICIAL PART. I SAY THIS BECAUSE MOST PEOPLE HAVE AN IDEA OF THE “WHAT” BUT IT DOES NO GOOD IF YOU DONT KNOW HOW. SO I SAY WITH ALL DUE RESPECT, THAT WHILE YOUR TIPS ARE GOOD FOR INFORMATIONAL PURPOSES, IT WOULD BE GREAT IF I KNEW HOW TO SET UP THESE PAGES SO THAT I CAN PUT THEM TO PRACTICAL USE. I HOPE YOU DONT TAKE THIS AS AN INSULT BUT INSTEAD KEEP IN MIND THAT AS NEWBIES WE NEED THIS BASIC AND EFFECTIVE INSTRUCTION.
I don’t take it as an insult at all, but I think you’re speaking too soon…
You’re only on lesson #15 of 100. By the end you’ll understand how and why 😉
Eric:
I am committed to following all the tips and staying current with all the action strategies. Preliminary Buisness plan
Name of business: Business partner and I will decided next tuesday.
Business Vision: To generate multiple streams of income by July of 2010. Creating wealth and prosperity in both mine and my partners lives. Provide the freedom to take care of our families so that we will be able fullfill the vision that God has for out lives. Buisness will generate $100,000/year by July of 2010.
Target Market: Will change as we grow. To begin our target market will include horse owners who are afraid of their horse and want to overcome their fears.
What makes us different from the competition: Our ability to provide ethical buisness practices while providing products and services that work in the horse industry. We will strive not to over “hype” and manipulate customers to buy the products and services. And, we will provide solutions to horse and rider problems that work within reasonable amounts of time.
Marketing strategies:
Identify areas that are currently not working on website.
Traffic not driven to website by search engines.
1) Need to get website back up on top of search engines.
2) Affliate site with other programs that have like interests and goals
3) Affliate site with products that we can support, because they are proven to work.
4) Set up a blog for the site
5) Update site with current information
6)Analize responses & sales
7)Adjust strategies to increase sales
GOALS:
1) BOOK 4 offsite clinics by Dec 31st
2) BOOK 4 onsite clinics by Dec 31st
3) Fill College for Kids program (immediatly) Done offline
4) Increase search engine traffic by (waiting on Erics tips)
5) Affliate website with other websites (Waiting on Erics tips)
6) COntinue with Daily action plans
Plan of action to achieve goals.
1)Read & follow Erics tips
2) Do action steps following each tip
3) Determine if there is a connection to website failure and action plan
4) Make necessary corrections to website
5) Begin to develop own product
Patiently waiting for the information that I need to fill in the blanks. Thanks for the direction and looking forward to new information daily.
God Bless
Pam
Making my business plan is difficult right now as I have not been able to narrow my choice down to a single product. I know that my sites that sell collectibles and decorative items will have to take more of a back burner to the part of the business I will use for this course. I am a Notary Public for the state of California and a certified loan document signer. I think a web site for that service would be good for me. There are many Notary Publics in California. I have registered on a couple of Notary Directories. I have only done one signature since I was commissioned. My commision is good for a little over 3 more years and I would like make a decent living with it before I have to renew.
It also be worthwhile to create a website offering my services as an FF&E contractor, but I am almost totally clueless as to how to create the website. I have a basic idea of what an FF&E contractor does. I know the target market for this service would be architects, interior designers and interior decorators.
I need a little advice regarding my direction before I make the business plan as the plan is a bit different for each service. I can see having two web sites — one for each service.
What do you think about all this?
Louise
I spoke with my advisor in the Career Development Services department at my college yesterday and we decided that the best direction for me to go was to establish an Internet presence as an FF&E contractor. This freelance position is directly related to my B.S. degree that I am supposed to get in December. As a result of our tele-meeting, I was able to create my Business Plan:
Online Business Plan Basic Outline
Name of business: FFE Direct 4 U
Vision for the business:
To be an online supplier for interior designers, architects and interior decorators. As an offline component, to serve as an FF&E contractor having the responsibility of ordering and placing all the furniture, fixtures, and equipment for design projects in and around my geographical area.
Who is the target market?
1) Interior Designers
2) Architects
3) Interior Decorators
4) Construction Engineers (possibly)
What will we sell? (be specific)
1) Offline, service as an FF&E contractor
2) Online, supplier of FF&E for interior designers, interior decorators and architects
What makes us different from the competition?
My/Our passionate desire to serve in a capacity I enjoy to perform the duties of an FF&E contractor, especially for those in the design field who do not care for the FF&E part of design projects. My passion is backed by excellent design skills.
Marketing strategies:
1) Spread my online and offline visibility through ASID, AIA, Chambers of Commerce and their relative websites
2) Meet with local interior designers to share my portfolio and desire to be of service to them
3) Implement traffic strategies as learned from Eric’s Tips
Goals for building and growing the business (specific events/milestones, including financial goals, with deadlines):
1) Create website for business within one week of Eric’s showing us how
2) Post portfolio on Westwood College project sharing website by July 31, 2009
Plan of action to achieve goals:
1) Research FF&E duties and responsibilities for better understanding of the scope of the job
2) Research potential earnings per typical project
3) Read article my professor shared with me regarding FF&E for hotels
4) Check in with Cassy at Career Development Services on July 2, 2009
5) Show up early and ready to begin work when I have a project assigned
This is the first business plan I have ever created. I would appreciate any feedback.
Louise
So Eric, What exactly are you selling? This is a business, as you said… I like your approach and all, but it seems a bit devious that we are on lesson 15 without knowing what you are selling to us.
Pam, you don’t have to wait on Eric to increase your search results. Just hire an seo company to work on your site. http://www.camrud.com/seo_search_engine_optimization_denver.html
devious? These lessons are not about selling you something, they are about teaching you. I recommend various products and services throughout the lessons. I am an affiliate of some of those products/services, which earns me commission. I’ve made no secret of this.
Ultimately you could say I am selling myself. I am branding myself as a provider of high quality information by giving the best lessons possible.
Looks like you have put some serious thought into it, and you’re off to a good start.
I would recommend starting with one or the other. Don’t build the 2nd site until the first one is a success (or failure).
Eric,
It’s easy to understand why Jon would ask such things. I have been scammed so many times in the Internet market I would hate to repeat it. It’s good to see you’re offering free lessons, and if there is a product you mention that I have a viable need for I would not hesitate to purchase it for your benefit. Oh, and Jon Eric does sell other products, he has stock trading lessons which in my opinion are one of the best investments I’ve made. You do a good job Eric keep up the good work and I will try to keep up on the lessons. Kind of hard though, as I have a house in the United States, I lived most of my free time with my wife in Peru, and I work in the oilfield previously in Russia now am in Mexico.
This is my first post. Your lessons have been great so far. It is nice to see someone actually revealing how to suceed online in a step by step way. The lessons so far have caused me to do some serious thinking.
I have to write down my vision and business plan. I have to stop buying stuff. I need to focus on one thing so I will start my online business focusing on weight loss information.
Hi Eric,
also my first post ,and thanks a lot, i also threw away a FEW thousand dollars,but i surely have learned something from your lessons,Thanks
Hi Eric
Many thanks for Lesson 15 I have downloaded your Online Business Plan, its great. Learning a lot and look for to my next lesson.
The Best.
Eric,
That recent lesson the big picture was awesome. Now all the following lessons make perfect sense,
Kent
Hi Eric,
I need some advice. I do not know how to create a website but after 30 years in the UK government could create something on the net to teach people how to use the system. Should I create a websie or create an article in one of the many directory or article sites. I am only at lesson 14 so do not know how to create a website yet
regards,
david hughes.
hi Eric,
Thank you for lessons you have presented on this website.
I will cover all the details of how to build a website in lessons #27 through #37.
Articles are something you can use to help market your business… so you need a website first.
Thanks for the PDF. I have a business plan written but it isn’t very specific. I think as I follow the course I will be abale to say more certainly what I will sell and how I plan to achieve my goals.
Hi eric,
I have to agree with Julius on this one. great info.
Eric,
Your heart, mind, and spirit appear to be in the right place, up front, honest, and GOD fearing person that you sound like you are (also heard you say you have a Mac and like them even though the examples are in Windows format, LOL). My father is a computer newbie who contacted me one day out of the blue in April of 2009 about helping him start and run a web based business using ALL MY KNOWLEDGE about computers. While I know tons more than he does maybe about getting around on a computer and on the internet without getting lost, I know very little if any about internet marketing. I have a life, career, and family each pulling me in about forty bajillion directions. When my father, who is currently retired and is making a valiant effort to try to learn all he can about internet marketing by spending 10-12 hours a day researching the subject online, called and told me about your Tips I must admit I was skeptical about it being just another site selling things that neither he or I need. You have convinced (SOLD) me on the idea that while you would love to have me buy some of your products and or services, that it is not a requirement to receive all of the great information your putting into these lessons. You are therefore the first internet marketing Guru I’ve come across who has made it clear that THIS IS FREE and buying something is optional, so I have decided to complete the Tips from start finish even though much of it to this point is information I previously knew (I believe it won’t be long now until you reach a point where this is not the case). I also waited until I had received many of them before starting so I would have to catch up to things I did not know instead of waiting on the next lesson to arrive. I know you are not much into network marketing which I find humorous because what you are teaching is identical so far to all the things I learned as an Amway distributor (dreams, goals, plans: written, specific, timed, oft reviewed living document so to speak) while actively building a business. My father flunked college algebra, he told me this when I signed up to take freshman high school algebra. He told me it was difficult and I would have to apply myself to get a passing grade. I chose to take that as a challenge and hardly ever opening the book I passed with a +99% grade. I only mention this to say that he seems to be challenging me (again) to do this internet marketing thing not only for the purpose of helping him, but to help myself. You also seem to be saying the same thing (second opinion) that this will be hard and need much work to get off the ground. Which brings me to a few questions, My father seems to KNOW what he wants to do health & fitness which although it is a niche seems to be one that almost everyone and his brother is doing, and as for me I currently DON’T know where I want to go with this at all. I’m going to try and follow all your Tips helping him to follow the star he sees and then later do another project or two or more for myself. While I am very computer oriented and logic driven my creative juices either dried up or were stolen. Am I still going to be able to pull this off or do I need to put into my business plan to hire a right brained individual who seeps creative things into my technically efficient sites I hope to make? For example I really want to build a business which allows me the freedom to follow my long time dream of building and flying my own airplane, but I cannot for the life of me think of a way to use airplanes, flying etc in a web based business. My father on the other hand KNOWS that everyone and his brother is in the health and fitness niche but is not as worried about that as much as he is his lack of technical expertise in actually getting a site up and running which is what he has enlisted my help for with his site. I don’t mind learning in fact I LOVE to learn new things that I don’t already know. I also know that failing is a way of learning but I am sometimes so full of the fear of failure that it keeps me from doing anything to keep from failing even though not trying in and of itself is failing also. I’m not the greatest people person there is (this is why I do not actively pursue my Amway business, not because it does not work, but because I verbally beat people up about it because I CANNOT understand why everyone would not do it since it JUST MAKES SENSE to me) and this warps my ability to communicate what an extremely great business opportunity it really is for them as well as everyone they and I know. So I do nothing because the pain of trying and failing is GREATER to me than the pain of just going with the status quo. I really hope that this can be different in that I can do something where I can present the information as it should be, then let the technology keep me supplied with the information on just the people who are really interested in what I have presented while weeding out the people who just may not be ready for it right now. If there were a prize for being able to use the most words to say the least bit I would probably get the GOLD medal for my efforts huh? Keep up the good work. Keep a copy of this so when I make it bug like you, you can show the world if I helped this guy out I can help just about anyone!
P.S. To all the people who commented on the need for a word processing form of the INTERNET BUSINESS PLAN .pdf, I would recommend you have them copy the text of the .pdf onto the clipboard then open up MS Word or what ever they are using for a word processor and paste it into that program, they may need to reformat the Word processor document but it will be good practice for them.
This is a very serious question for me, am I qualified to do internet business being in the third world country? I sense I know the answer but I just want to hear your answer to confirm and remove some of my worries. Ty!