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In this article, we’ll dive into the key elements of an ecommerce business plan, which is very different than writing a traditional business plan.Taking the time to write a business plan might seem like a lot of work but it can save you a lot of time and money in the long-run by better preparing you for potential challenges and opportunities that you’ll face as a first time entrepreneur.Trade shows are also a great opportunity to talk to competitors, meet manufacturers, and better understand where things are heading in your industry.
The store rep has interacted with hundreds of interested customers which can lead to thousands of valuable insights!Let’s say that through our research of the outdoor apparel industry, we discovered that there was a huge boom in youth hiking apparel.Perhaps parents were increasingly concerned of their kids’ exposure to UV rays while hiking so began to spend more money on their kids.It’s amazing how these insights can translate into a meaningful business opportunity. After conducting the competitor analysis, Atlas Hiking Co.Here’s an example: If I was going into a Billy’s Outdoor Store to research the outdoor apparel market, I would probably ask Billy the following: What is the competition missing? might find that the competition’s hiking shirts offer very few features at a low price point, but no one offers a luxury hiking shirt with additional features at a higher price point.Additional References Creating a short, crisp value proposition is a good gauge for how clear your idea is.Write this section as if you had one minute to explain your business to a potential investor or customer.This will give you a good sense of how much growth the industry is experiencing, why this growth is happening and what are the largest customer segments.In our example of Atlas Hiking Co., we should research the outdoor apparel market.[click To Tweet tweet=”If you don’t know your customer, your business will fail.” quote=”If you don’t know your customer, your business will fail.”] In order to come up with a marketing strategy, you need to first know your customer inside out.You should be able to answer such questions as: With so many channels to reach your customer, which one is best for you?