Did you have a business plan?

[SkinnerW]

Last night when I was getting ready for bed I heard commercial on TV. Something along these lines: "... Buy domain name from us and start making money online immediately..." Just wondering how many people are falling for this bull...

We probably all know that it takes much more than a domain name to succeed online. I think most essential parts are:

- you must know the subject
- you must know potential market for your subject
- you must know your competition

So... Can you answer "Yes" to these first three questions?

Next step... Did you lay down a plan of actions before jumping in?

Let's share some insights what you should and should not do when starting online business.

[SEO Extreme]

Yes.

Honestly... I tried starting about 10 times without, didn't work.

Spent 2 weeks developing a very detailed plan, including 1, 2, 3, 5, and 10 year outlooks and it worked beautifully.

[Bagi Zoltán]

I used to have a business plan about 3-4 years ago, i wanted to plane ERP systems and make it code with third party. I designed two systems, which were really very great, not because i say it but, but the customers as well. The problem was that in Hungary people not really like to pay, so very hard contract with somebody if the sum is over the 4000 euro.
In one of my strategic management handbook i read that in genereal the most of the succesfull entrepreneurs didn't have any plan, so i am pretty calm

[Mars Guitars]

I've been to many presentations, workshops etc about Business Plans in my corporate life, but still don't have one for my own business (except an outline one in my head). My business started as a hobby and still isn't full-time job - maybe when it becomes my only source of income I'll do a business plan! Of course, if you need to borrow money you'll need one.

...in genereal the most of the succesfull entrepreneurs didn't have any plan, so i am pretty calm

That's good to hear - I feel better now!



PS: Hi Bagi, small world.