“I don’t need a business continuity plan. I’m just conducting online lessons.”
Well, this is what most virtual business owners assume. Thus, they skip the business planning process and proceed straight to execution. But did you know that 20% of businesses fail during their first year? And lack of a strategic business plan is one of the greatest reasons.
Whether a physical business or an online one, having a comprehensive business plan is crucial to success. It serves as a solid foundation to proceed without losing momentum by wondering what comes next.
A business plan helps spell out your strategy, detect potential roadblocks, and even evaluate your business idea’s viability or growth plans. So, even if you are an online educator and wish to maintain a steady income from your online course, you must devise a suitable business plan.
Below we will show you how to prepare a business plan for an online course, along with all the significant sections that it must include.
What is a Business Plan?
A business plan is a formal business document that delineates all your professional goals and a clear path to achieve them. It also outlines any potential future problems and solutions. In other words, it provides a written roadmap for a business from financial, operational, and marketing standpoints.
As per Harvard Business Review, entrepreneurs that focus on their business planning process are 16% more likely to establish successful companies. And this is because developing a business continuity plan ensures long-lasting success, guiding you as you grow your business and legitimising your business venture.
A well-written and comprehensive eLearning business plan typically includes the following components:
1. The Executive Summary
This is the foremost section of the plan that encompasses all your business objectives and the mission statement. This is a crucial section as it serves as an overview of your business. It also includes any potential future problems and optimal solutions.
It is advisable to prepare your business plan executive summary in the end. You have already figured out all your business details and can quickly gauge all your business strengths, goals, and weaknesses.
2. Business Description
In this section, you must describe your business in your own words. You must include complete details about your business, including what makes it different from your competitors. For instance, if you are working on a business plan for an online course, you must tell who your target audience is, how your online courses will benefit them, etc.
3. Market Analysis and Competition
This section of an eLearning business plan must include all details about your target market. Show that you have methodically analysed the market and validated the demand for your online courses. It is advisable to include information about the size of your market or how many learners you expect to enrol. Also, specify your competitors and outline how your business stands out from them.
4. Your Product or Service
This is the part of the business plan where you talk about your product or service in detail. Make sure to elucidate every single aspect in a layman’s language. From copyright and trademark information to your competitors, spell out everything to showcase the value your business will most likely provide to all potential customers and your industry.
5. Marketing and Sales Plan
Whether it is an online course or an eCommerce product, you need a robust marketing strategy to sell your item. This section talks about the marketing strategies that you will deploy. This can be anything from creating a website, signing up for an online platform like Kohbee to creating social media profiles.
6. Organization and Management
If you are the sole business owner, create an outline of your business structure. This includes an organisational chart together with all the job roles and descriptions. Also, specify if any external stakeholders or advisors are working with you.
7. Financial Plan and Projections
This is another crucial section, especially if you plan to seek investors for your business. Create a cash flow projection to show your monthly expenditures, a break-even analysis, a sample profit-and-loss statement, and a balance sheet. This information will come in handy while filing taxes for your business each year. You can take the help of an accountant, in case you are just starting.
Creating a Business Plan for Online Course
To navigate your business well, you must carefully understand the business landscape. And with a well-documented roadmap, you can achieve your goals and metrics with greater ease. So invest your time in the business planning process.
And once you are done, use a good online platform like Kohbee to sell your courses. Kohbee allows you to create your online educator profile within minutes and reach a global audience to sell your online courses. Besides, the built-in payment gateways ensure quick and hassle-free payments. Thus, download Kohbee today and start selling online courses.