Category: eCommerce

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How to Write the Ultimate eCommerce Business Plan

Writing an eCommerce business plan is one of the first steps you should take if you’re thinking about starting an online business. Whether you’re opening an online-only shop or adding an eCommerce component to your brick-and-mortar store for an omnichannel retail experience, there’s never been a better time to sell online.

The numbers don’t lie: since 2014, the number of digital shoppers worldwide has grown from 1.32 billion to 2.14 billion. That’s a 62% increase! Currently a $4.28 trillion market, eCommerce is forecasted to make up a fifth of all retail sales by 2024. If you want a slice of the climbing profits, now is the time to get involved.

An eCommerce business plan can help you steer your online shop in the right direction. Fortunately, you don’t need a business degree to create one. Read on to:

    • Learn what a business plan is and why your eCommerce company needs one
    • Discover how an eCommerce business plan is different from business plans for other business types
    • Learn how to write an eCommerce business plan step by step
    • Get access to our free eCommerce business plan template

What is a business plan and why does your eCommerce company need one?

A business plan is a document that outlines the goals of a business and how the business will achieve those goals. While there is no standard format for a business plan, such documents typically cover what the company will do, what problem it will solve, how the business is structured, who the target market is and how the product or service stands out from the competition.

A business plan serves as a roadmap for your company and helps you stay focused. Having one is also useful for attracting investors and business partners, as it shows you’re serious about your business, have done your research, know your industry and have considered the challenges you may face along the way.

How is an eCommerce business plan different from a business plan for other company types?

While the structure of a business plan for an eCommerce business won’t differ much from a business plan for any other type of company, the business strategy at the core of the plan may differ greatly from that of a traditional retail store.

For example, a traditional retail business plan might describe plans for leasing and designing a storefront. An eCommerce business plan, in contrast, would focus on the company’s digital storefront: its website. One of your business goals for the first year might be identifying the best eCommerce software, rather than finding the perfect space to lease.

Another notable distinction: while a traditional retail business plan might include an organizational chart with many front-of-house staff members, an eCommerce business plan would emphasize roles in online customer service, fulfillment and marketing.

Now, if you already run a brick-and-mortar business and are adding an online selling component, you’ll want to cover all of the topics listed above.

How to make an eCommerce business plan

Now that you understand what a business plan is, why you need one, and what differentiates an eCommerce business plan from a traditional retail business plan, it’s time to get into the good stuff. Read along to learn exactly how to write an eCommerce business plan.

Summary

This section concisely introduces everything that you’ll be covering in your business plan. Write it last, so that you can source inspiration from the rest of the document.

Company Introduction

Explain what your company does and what makes it stand out. Use the company introduction to answer the following questions:

    • What does your business do?
    • What problem does it solve, and how?
    • What is your business model? (i.e., Who are you selling to and how? Are you a B2B or B2C eCommerce business? Are you direct to consumer, or do you sell products from other manufacturers? Do you rely on a subscription service or traditional sales model?)
    • What is your mission statement?
    • What are your values?

Going through the exercise of considering these questions and putting your answers into writing will sharpen your focus as a business owner.  When opportunities that don’t align with your values or help you solve your customers’ problems, you can say no without doubts — or, conversely, you can enthusiastically accept opportunities that align with your vision.

Market research

Get to know your customers and competition. Do some soul searching and conduct market research to uncover:

    • Who your ideal customer is. Make this specific. When your brand is distinct enough to “repel” a certain type of customer, it’s also strong enough to make your ideal customer really excited about your products, and to turn them into lifelong customers.
    • How big your market is. While there are various ways you can research this figure, rough estimates will go a long way. Let’s say you wanted to start an online care package subscription business for U.S. college students. A quick online search indicates that there are nearly 20 million college students in the U.S. If the average student spends four years in college, that means there are roughly 5 million new students every year who could be receiving care packages. That’s a large market!
    • Who your competition is. What other companies are offering similar products and/or to a similar audience?
    • What makes your business different from the competition?
    • What advantages and opportunities do you have to be more successful than the competition?

Company structure

Now it’s time for the less sexy stuff. In this section of your eCommerce business plan you should explain:

    • What the legal structure of your business is. Is it an LLC, an S-Corporation, a partnership or something else? If you haven’t incorporated your business, do you have plans to do so?
    • Who is in charge of the business? List founders and officers and their contributions (in terms of both capital and expertise) to the company.
    • Who works for the company? Include an organizational chart that illustrates who currently works for the business, and the roles you plan to hire for.

Products and services

Explain what makes your eCommerce shop shine: its products and services. Describe, in detail:

    • What products and services you sell.
    • How much you charge for these products and services, and your profit margins on them.
    • Where and how you manufacture and source your products.
    • How you plan on fulfilling orders.
    • Intellectual property you have ownership of (if any), including trademarks, patents and copyrights.

Marketing strategy

Having great products is fantastic, but that in itself is useless if people don’t know about your products. Include your marketing strategy in your eCommerce business plan to show your team and investors how you’ll get your products in front of customers.

Your marketing strategy should include:

    • A SWOT analysis that explores your business’s strengths, weaknesses, opportunities and threats.
    • The marketing channels and tactics you plan to use. Some useful strategies for eCommerce businesses are search engine optimization (SEO), social media commerce, email marketing, partnerships and influencer campaigns.
    • Marketing goals and key performance indicators (KPIs) to measure them. How will you measure growth?

Finances

This is the juiciest section of your business plan. It helps you set sales and fundraising goals that will let you explain to investors where you stand financially and why you need their investment.

If your business is pre-revenue, include:

    • Revenue projections
    • Funding information
    • Expected costs

If your business already exists, include information like:

    • Historical and forecasted revenue
    • Investments
    • Debts
    • A profit and loss statement
    • Expenses (supply chain, labor, website hosting, etc.)
    • Budget vs. actuals

The ultimate eCommerce business plan template

Now that you know everything there is to know about how to start an eCommerce business, it’s time to craft your business plan. Follow the template below to set yourself up for success.

Executive summary

Company name:

Founders/leadership team:

Products/services:

Target market:

Marketing strategies:

Goals:

Company Introduction

What does your business do?

What problem does it solve, and how?

Business model:

Mission statement:

Company values:

Market research

Ideal customer:

Market size:

Competitive analysis:

What makes your business different from the competition? What are your advantages and opportunities?

Company structure

Legal structure:

Leadership team:

Organizational chart:

Products and services

Product/Service 1:

Product/Service 2:

Product/Service 3:

Pricing, positioning, and profit margins:

Manufacturing/supply chain:

Intellectual property claims:

Marketing strategy

SWOT analysis:

      • Strengths:
      • Weaknesses:
      • Opportunities:
      • Threats:

Marketing channels:

Marketing strategies:

Marketing goals and KPIs:

Finances

Revenue (projected or actual):

Profit or loss:

Expenses:

Debt:

Investments:

Budget vs. actuals: 

eCommerce business plans turn dreams into action

When you record what you want to achieve and how you’re going to achieve it, you’re more likely to turn your vision into a reality. Take the time to think about your business, find out what makes your products different, and be thoughtful about how you’re going to find customers.

Source: lightspeedhq.com ~ Image: Canva Pro

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Selfish vs Selfless

Selfish vs Selfless

In order to understand selflessness, we must understand its opposite, selfishness.

    • Selfishness is defined as too much concerned with one’s own welfare or interests, with little or no thought for others
    • Selflessness is defined as being devoted to others’ welfare or interests and not one’s own.

So where do you stand with these two principles? Somewhere in the middle perhaps? Or is there a real distinct character trait that you can clearly identify with?

Selfishness

A selfish person frequently uses the terms, “I”, “me”, and “mine” as opposed to “we”, “ours”, “yours” or “theirs”. Generally, you’ll find that a selfish person is keen to be in the limelight, and that ultimately they’ll find no happiness in constantly pursuing a personal or business agenda filled with selfishness. Viewed in its true sense, selfishness is the absence of empathy and compassion. The products of selfishness tend to be, loneliness, arrogance, pride, lying, hypocrisy, greed, and idleness.  The selfish idleness, with its “I’ll do it later” attitude is procrastination at its extreme. I love this quote from a wise leader Gordon B. Hinckley, “Selfishness is a destructive, gnawing, corrosive element in the lives of many people. But the antidote to selfishness is service, reaching out to those about us – those in the home and those beyond the walls of the home”

Selflessness

So what of Selflessness? It is unquestionably a marvellous virtue. It is the giving of ones self in the serving of others and the giving of ones self in being served by others. Through my experience of many years of building long lasting personal and successful business relationships, the key to it all is selflessness and service. Selflessness produces kindness and dispels hypocrisy. It develops confidence, trust and the embodiment of authentic servant leadership in every interaction with others. Selflessness fosters love, confidence, and trust.

The Power of Service

The idea of servant leadership goes back 2000 years, but in his modern ground breaking work in 1970, Robert K. Greenleaf coined the phrase “servant leader” and “servant leadership” in his classic essay “The Servant as Leader”.“The servant-leader is servant first… It begins with the natural feeling that one wants to serve, to serve first. Then conscious choice brings one to aspire to lead. That person is sharply different from one who is leader first, perhaps because of the need to assuage an unusual power drive or to acquire material possessions…The leader-first and the servant-first are two extreme types. Between them there are shadings and blends that are part of the infinite variety of human nature.”

“The difference manifests itself in the care taken by the servant-first to make sure that other people’s highest priority needs are being served. The best test, and difficult to administer, is: Do those served grow as persons? Do they, while being served, become healthier, wiser, freer, more autonomous, more likely themselves to become servants? And, what is the effect on the least privileged in society? Will they benefit or at least not be further deprived?”

What we desperately need today in our homes, schoolrooms and boardrooms, and certainly throughout society at large – are leaders, men and women who are willing to stand for principles of goodness and virtue. In leadership standing for these principles, there is often loneliness – but ultimately the courage of one’s convictions brings great happiness, joy and long lasting relationships of trust and happiness.

How can you develop greater selflessness?

Source: darylwatson.com ~ By: darylwatson.com ~ Image: Canva Pro

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Selfishness and Selflessness and Intimacy

Selfishness and Selflessness and Intimacy

If you call someone “selfish,” they are likely to be offended. Selfish is thought to be a defect and is undesirable. For this reason, most people think that selfishness is bad for intimacy and selflessness is good. But things might not be so black and white.

Selfishness Defined

The common concept of a selfish person is the image of a person who only cares about themselves and takes pride in neglecting the needs and feelings of others. Selfishness is considered the emblem of narcissism and hence shunned.

The term selfish refers to one who champions the wants and the needs of the self above others. Is this unhealthy? Undesirable? Let’s consider the alternative.

Selflessness Defined

Selflessness is considered to be a virtue. Such individuals are seen as generous, spiritual, and loving. Individuals who sport these qualities are thought to be desirable and capable of great intimacy and love.

The term selfless means literally one without a self. The needs of others are put before the self because the self has little or no substance and hence little or no value. For example, the term “people pleaser” refers to individuals who define their value by serving others and forsaking themselves. Does this sound healthy? Intimate? Let’s see.

Sharing

A core quality of intimacy is the sharing of oneself. Sharing requires revealing your thoughts, feelings, preferences, and character. This is where much of the vulnerability associated with intimacy comes from. Below is a typical conversation between Selfless Sally and her best friend, Haley. Is this sharing?

Haley: Sally, where would you like to go for dinner tonight?

Sally: Wherever you want to go is fine with me.

Haley: What kind of food do you feel like having?

Sally: I can always find something I like. You pick the place.

Haley: Would you like to eat now or wait a little while?

Sally: I am good either way.

At first glance, we see Selfless Sally as easygoing and easy to get along with. How much of herself did she share? Her friend Haley gallantly tried to find out what Sally wanted to eat and when, but Sally offered nothing. Her giving in to Haley on every point actually serves to hide her feelings, desires, and character. This is actually avoidance of intimacy. Now let’s see what happens when Selfish Sam has the same conversation with his friend Mac:

Mac: Hey Sammy, where would you like to go for dinner tonight?

Sam: I know the best steak place on the planet.

Mac: Where is it?

Sam: About an hour from here. Why don’t you go get your car?

Mac: You want me to drive?

Sam: Yes, I feel like having some cocktails.

Selfish Sam seems like a less desirable person to be with than Selfless Sally. But Mac knows way more about Selfish Sam from his exchange than Haley does about Sally. Because Sam is self-absorbed, he doesn’t care what Mac or anyone else thinks about him; he lets it all hang out. He is much more accessible than Sally. Let’s look at another core quality of intimacy.

Empathy

Sharing of oneself is only useful if the other person accepts the invitation. Empathy is feeling the emotions of others when they offer to share.

On the surface, Sally seems like an empathetic friend. She is willing to go along with anything her friend Haley asks of her and expresses pleasure at doing so. But Haley is not asking for Sally to acquiesce, she is asking her to share. But Sally refuses.

Sam does not show any effort to empathize with Mac but he does allow Mac to empathize with him. The ideal approach to intimacy, where both parties empathize with each other, is not available either to Sally or Sam. With Sally, no empathy is possible because she refuses to share herself (although she does share her time). Sam is not interested in Mac’s feelings, so he does not even attempt to empathize with Mac, but he does make his feelings very clear and Mac can feel them if he so chooses. Suboptimal, but not zero.

So why is Sally seen as more empathic and more desirable, when in fact she is not accessible? Because Sally’s selflessness allows her to be whoever anyone wants her to be. Haley sees herself in Sally. If Haley wants a hamburger, Sally will say that she wants one too. Perfect companion! As long as Haley likes herself, she will like Sally. But she cannot feel close or intimate.

The biggest barrier to intimacy for Sam is that he can’t see Mac. He doesn’t care to. Mac will feel invisible because Sam does not ask or consider his feelings or needs. What if Mac wants to also have a cocktail? This doesn’t even occur to Sam. Thus, Mac cannot feel close to him.

Intimacy requires the participation of two individuals, each with a healthy balance between selfishness and selflessness. Here are some examples of what that balance is based upon:

    • Sufficient selfishness is required to express and assert your needs for the purpose of sharing.
    • Sufficient selflessness is required to put your own feelings aside temporarily while you feel someone else’s feelings.
    • A sufficient level of selfishness is necessary to be able to share with or please another person without losing yourself. Sally is a people-pleaser and completely loses herself (she becomes Haley) when her friend tries to share with her.
    • A sufficient level of selflessness is necessary to derive pleasure from pleasing another person or sharing with them. Sam is too self-absorbed to experience this.

Finding a balance between selfishness and selflessness is personal and unique to each individual. Your personal balance should be based on how you feel about intimacy and other aspects of socialization that are affected.

Source: psychologytoday.com ~ By: Daniel S. Lobel Ph.D. ~ Image: Canva Pro

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Difference Between Selfish and Selfless

Difference Between Selfish and Selfless

The main difference between selfish and selfless is that selfish people always put their own needs ahead of others while selfless people put others’ needs ahead of their own.

Selfishness refers to lacking consideration for other people and preoccupation with one’s own pleasure, profit or welfare while selflessness refers to having little or no concern for oneself, especially with regard to money, fame, and position. Therefore, selfish and selfless are two words with contrasting meanings.

What Does Selfish Mean

Being selfish basically means lacking consideration for other people and preoccupation with one’s own pleasure, profit or welfare. In other words, a selfish person is a person who is extremely concerned with himself and herself, regardless of others around him. Such people only think about their own advantage, welfare or profit. They always prioritize their needs and desires above the needs of others. Some psychologists have identified that it is a lack of empathy that causes selfishness. Moreover, most religions in the world decry selfishness and emphasize the virtues of empathy and altruism.

Some examples of Selfish Acts

    • Neglecting to do your share of work in a team project, and expecting others to do it
    • Not sharing your books and stationery with others
    • Pushing into a queue of people in order to be served before your turn
    • Helping yourself to extra servings while you know there is not enough to serve all
    • Always giving others negative feedback

What Does Selfless Mean

Selfless is the opposite of selfish. Selfless means having little or no concern for oneself, especially with regard to money, fame, and position. A selfless person, therefore, cares more for what other people need and want rather than for what he or she needs and wants for himself/herself. Selflessness is often associated with positive qualities like empathy, compassion and love. It helps to keep us connected to each other as human beings. In brief, selflessness can help to make the world a better place. Being selfless may be somewhat difficult, but it can always bring you happiness and peace.

Some Examples of Selfless Acts

    • Sharing food with a hungry person, even if you have little food
    • Helping poor people
    • Donating blood
    • Volunteering at hospitals, homeless shelters, etc.
    • Tutoring someone in need
    • Offering your seat to someone in public transport, when there are no seats left

Difference Between Selfish and Selfless

Definition

Selfish means lacking consideration for other people and preoccupation with one’s own pleasure, profit or welfare, while selfless means having little or no concern for oneself, especially with regard to money, fame, and position.

Nature

While selfishness is a negative quality that is discouraged by many religions, selflessness is a virtue encouraged by all religions.

Needs

Selfish people always put their own needs ahead of others while selfless people put others’ needs ahead of their own.

Empathy and Compassion

Actions of selfish people may be caused by a lack of empathy or compassion, while actions of selfless people are motivated by empathy and compassion.

Conclusion

Selfish is the opposite of selfless. The main difference between selfish and selfless is that selfish people always put their own needs ahead of others while selfless people put others’ needs ahead of their own.

Source: pediaa.com ~ By: Hasa ~ Image: Canva Pro

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Being Selfish vs Being Selfless, How to Find the Balance

selfless-vs-selfish

A lot of people believe it is essential to care for their family and close friends. However, these same people seem to balk when the thought of self-care is presented to them.

So, how does one find a balance between being selfish and being selfless?

Here are some experts’ insights:

Being selfless, which many people consider to be the “ideal” isn’t truly possible

We all must have some degree of selfishness in order to survive every day. Were it not for our ability to be selfish to some degree, we would give away all of our food, clothing, money, and other resources.

This would leave the truly selfless person with nothing at all—including life itself. Thus, it’s not that being selfish to a certain degree is a problem—in fact, it’s clearly necessary in order to survive.

Being “humanly selfless” (which is as close to selflessness as we can safely become) is often easy for those who are giving and nurturing in spirit. However, a “humanly selfless” person may be taken for granted or used by others—particularly those who are selfish. For those who are egocentric and miserly, being humanly selfless may feel like an impossibility.

True selfishness, which is at the opposite end of the spectrum of selflessness, is increasingly common in our externally oriented world. Whether a person is truly narcissistic or has strong narcissistic tendencies, a deeply selfish individual is generally lacking in the ability to consider the needs and feelings of others.

A truly selfish person puts his or her agenda and desires above the needs of others. Thus, a person who is deeply selfish will often have unsatisfactory or toxic intimate relationships.

Although a selfish individual may be able to sustain very superficial relationships—especially those that serve a personal agenda—more substantial relationships are often beyond their interest or capacity.

Finding a healthy balance between these two worlds can be difficult for those who are accustomed to being idealistically selfless or incredibly selfish. Although there is no “right” or “wrong” degree of selflessness or selfishness, it’s generally healthiest to care for the self as much as one cares for others.

These self-check questions can help an individual determine if they have found a solid balance:

  1. Do I have healthy boundaries that allow me to consider the needs of others without violating my own principles and needs?
  2. Do I factor in the needs and desires of others when making decisions that affect those in my life?
  3. Am I willing to have open, compromise-oriented conversations with others when disagreements arise?
  4. Do I give to others in a balanced way—saying yes to commitments that feel right and declining those that are not right for me?
  5. Do I take care of myself so that I am not chronically depleted from giving to and doing for others?
  6. Am I conscious of the needs of my community and engaged in supporting others as best I can, whether financially, physically, or emotionally?
  7. Do I prioritize others and live in a way that lets my loved ones know that they are important to me?

Source: upjourney.com ~ Image: Canva Pro

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