Once you have decided to start a business, you will need to devise a plan for it. The prime concern of your business plan should be the steps which have to be taken in order to accomplish your aims and goals. By looking at this plan, you should have to be able to picture what you want your business to be, how it will perform, and which decisions you will have to make. If you want to improve your financial life, you might have considered dropshipping as one of your business options. You can create your business plan for your dropshipping company around the following 7 questions:
1 – Who are you?
This is how you present yourself and your business to the world. What is your business about? What are the goods that you offer? All these questions give you the idea of your business’s identity. Your identity also includes your brand name and logo. Don’t hesitate and spend as much as needed on your logo. It will represent you for a long time!
2 – What problem are you solving?
Think about what will make your products popular, and which are the reasons why potential buyers will purchase your products. You can think of this question as “what makes people want to buy this?”
3 – Who are your potential customers?
This involves thorough research of your audience. Think of questions such as “where do they live?”, “what are the benefits?”, “how old are they?” This will give you a profile of your future shoppers.
4 – With whom am I competing?
Here you will have to make lists comparing different aspects of your company and others that sell similar products. You can think of the money range they work with, the number of products they offer, the quality of their products, and so on. The idea is to get an overview of the strengths and weaknesses of both your company and your competitors.
5 – How will I reach to my customers?
Think of how you will lead your future shoppers to your website. Instagram ads? YouTube? Facebook? Twitter? Where are most of your customers digitally based? Should you have an account on every social platform or limit yourself to one or two? Those are the aspects you need to consider at this point.
6 – How will I improve financially?
Are you going to depend just on sales, or do you plan to get something from other streams? Are you going to do affiliate links? Are you going to run ads? Think of the answers to those questions. Also, consider you will be doing all of these activities at home.
7 – What are the costs?
Last, but not least, are you ready to dip into your pocket? Are you able to meet the costs? Think about whether you can afford these expenses until you finally receive your revenue.
Once you have answered all these questions, you are all set to start your dropshipping business!