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Jan 08, 2014

Advice is plentiful for the retail store that wants to start an online sales division, but what if you have an online store and are thinking of beginning a bricks and mortar store. Since there are so many types of online stores, there is no exact formula for doing this. The best suggestion is to follow what you would do if you were going to start a new storefront retail business.

Research

The small business administration has a fantastic free program called SCORE. Retired business executives mentor you on all aspects of running a business – from writing a business plan to obtaining financing and writing a marketing plan. Use this and similar resources to decide if it makes good business sense to expand your online business to an actual site.

Write a Business Plan and a Budget

An idea that is in your head is just that, an idea. Put it in writing. Include goals, methods of financing and how you plan to leverage your online business contacts. Now, you have a responsible business plan.

You will need a business plan if you seek financing. But, you also need one so that you can measure your progress against your plan. If you pass the date for obtaining goals you targeted, you may reconsider if continuing makes sense.

Constantly Evaluate

Things to check include:

Has the new storefront enhanced my business? Or has it harmed my online business by taking too much time without adding enough added business.

Am I on target with my budgeting?

Am I on target with my business plan?

If not what can I do to get on schedule?

 

Gateway Professional Insurance Services  enjoys working with the businesses and residents in the Northern California area.For all your business insurance and home insurance needs, or to answer an insurance question call us at (707) 446-9864.

 

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