Need for a Business Plan

I didn't think at first about a business plan. When starting an Internet retailing business, many things need to be addressed. When I first started to look into starting an online business my thoughts were to find a good wholesale dropshipper to be a supplier of goods to be sold on a website. Somewhere in the startup, I received a call from an outfit that would supply a service. The service was to set up an S corporation, and rent an office for a monthly fee in another state. "You need to be protected as you become successful," was the pitch. This got me to thinking. What should be the first steps in setting up an Internet retailing business? Should my first concern be to find a good wholesale dropshipper? Do I need some sort of  legal protection when working from home? Would it be easier to get accepted by a wholesale dropshipper if  I were some sort of corporate entity? At this point I was not even thinking about any sort of business plan.

I decided that to avoid this out of state scam, (Do I really need an S corporation? What about just an LLC?) I would talk with the family lawyer. After some discussion he laid out these steps.

1. Put together a business plan. (It started with what do you plan to sell?)
2. Talk with an accountant who could help decide what sort of corporation.
3. Come back and we will set up what you need.
4. Check with an insurance agent to complete your coverage.

I immediately realized that without a business plan, I am going nowhere. "Failure to plan is planning to fail."  I put my search for wholesale dropshipper on hold. There are many sites (such as SBA sites) that discuss creating a business plan, but I found a site that not only discussed a business plan but had available a Step by Step Business Plan Guide. In almost a workbook form, the Guide goes through what and how. As an additional plus, there is discussion about funding and sources for it. I strongly recommend at least visiting the site PlanYOURiBiz.com. Besides the eBook, there are many articles about funding and how to do a business plan available. No matter which type of Internet retailing business you wish to start, please take the time to set up a business plan that you can follow and make sure you have checked out all the available methods of funding your efforts. This workbook/guide will help you immensely.

So, as you think about your search for a wholesale dropshipper, as you begin (or even want to continue) your Internet retailing or Internet information business, remember that even more important than finding that good wholesale dropshipper is having a solid business plan.

PlanYOURiBiz.com not only offers the workbook like Planning Guide, but also has many articles on planning and funding your business. Use this resource to create and utilize your business plan.