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How to Establish a Successful online Business Plan - Part 1

Copyright ? 2006

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.