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Creating a Revenue Plan for an Online Business

By Evelyn Reed

Hundreds of thousands of men and women currently support themselves with an online business. Millions of others, including teenagers, housewives, college students, and established professionals, earn enough to make a difference in their lives. It’s very common.

You too can have a successful online business if you are willing to do some research, work hard, and follow just a few basic suggestions. Online business, like all business require you to analyze and plan logically.

First you’ll need to come up with a well conceived revenue generation plan. Decide exactly what your website will offer…it can be a single product, a single service, or a group of products and/or services likely to appeal to a group you can define. Then determine your per unit cost and the price you can reasonably expect to receive from consumers.

Create a comprehensive, detailed list of your monthly expenses. Then add 10% to your total and use that figure in all of your planning. Next, determine how many units you will have to sell each month to meet expenses, and how many additional units you’ll need to sell to meet your monthly financial goals.

It is at this point that you’ll know if you have a viable revenue generation plan. If you do, you have taken a big step in the direction of starting a business.

If the numbers don’t make sense to you…if they won’t bring you the revenue you need, you have to start planning again, from the beginning. Don’t fall in love with the first product or service which occurs to you or make an emotionally-based decision. Most important of all, don’t feel the need to make a quick decision (but don’t procrastinate either).

Don’t worry if your research takes a bit of time or your first few ideas can’t pass the revenue test. Address all of your questions and concerns, eliminate the unworkable options, and keep moving forward; you will find a great opportunity if you keep at it.

Evelyn Reed is a business consultant who also teaches at online colleges and online universities in California.

Article kindly provided by UberArticles.com

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Article Citation
MLA Style Citation:
Reed, Evelyn "Creating a Revenue Plan for an Online Business." Creating a Revenue Plan for an Online Business. 19 Jan. 2011. uberarticles.com. 27 Oct 2014 <http://uberarticles.com/web-owners/marketing/creating-a-revenue-plan-for-an-online-business/>.

APA Style Citation:
Reed, E (2011, January 19). Creating a Revenue Plan for an Online Business. Retrieved October 27, 2014, from http://uberarticles.com/web-owners/marketing/creating-a-revenue-plan-for-an-online-business/

Chicago Style Citation:
Reed, Evelyn "Creating a Revenue Plan for an Online Business" uberarticles.com. http://uberarticles.com/web-owners/marketing/creating-a-revenue-plan-for-an-online-business/


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