Welcome, this is Eugene, thank you for joining me. As I work with online entrepreneurs, I always encourage them to expect the unexpected. Your plan may look like a straight line between where you are and where you want to be. However, in reality, it's more than likely going to look like this ups and downs, hills and valleys and obstacles to overcome. That's why planning is so important when you launch a new online business. Let me show you how you can create a lean startup business plan in 30 minutes or less for your business.

With this unique approach, you'll have a one page business plan before you know it is fast. It's easy, and it's fun. And in no time you'll be planning marketing and sales initiatives. You'll be dreaming up new product ideas and you're recreating essential financial projections. It's the quickest way to get your business planning started and get On your way to running a successful online store. This 30 minute business plan is an adaptation of the lean Canvas, as well as the business model canvas, both well known business model.

What I like about it is that it's an actionable and entrepreneur focused business plan. The plan concentrates on nine key areas. The problem you've identified your solution, your unique selling proposition, customer segments, channels, you'll be using cost structures, revenue streams, key metrics, as well as your unfair advantage. Let's start by defining exactly what a business plan is. a business plan is a document stating a business's future objectives and the strategies for achieving those objectives. A well thought out business plan describes the rationale of how an organization create, deliver and capture value The 12 functional areas of e commerce are based on the Lean Startup methodology.

First of all, you start with a vision. The vision is the foundation of any startup, any company, for that matter, the reason for its existence and the ultimate goal, your vision rarely changes. The strategy is how you achieve that vision strategy includes architecting, your business model, building your product roadmap, and responding to market and market conditions as well as competitors. Occasionally, the strategy may need to change or pivot. The product is the end result produced by your vision and your strategy. The product is constantly evolving.

Now that you are armed with a Lean Startup methodology, let's look at the nine key areas that we will cover in creating this business plan. First of all the problem and solution now it's more than likely that you already familiar with the problem and the solution and that's why you got involved With this business in the first place, but you can ask questions like what products and services do you offer your customers that will solve their problems? Then we move on to the unique selling proposition. So this can be thought of as the tagline for your business and combines why a particular customer segment or group would choose your solution to solve their problem. Next, let's look at customer segments. Who are the customers that are being impacted by the problem that you are attempting to solve?

From a we'll look at channels, how are you going to reach these customers and offer them your business's solution? Some of the popular online channels that we are all familiar with include email, social media, paid search, affiliate programs, automated marketing, blogging, marketplaces like Amazon, eBay and Etsy, which of these channels are you going to use in your business? Then we move on to cost structure and revenue streams. What are the major costs expenses and fees that you can expect and that are essential to running your business. How do you plan to make money very important to cover these operational costs and to generate proper key metrics? This is one of the major issues that I like to focus on.

How do you know if your business is successful or not? What key metrics are you focusing on financially? What data will influence your marketing spend? What metrics are you focusing on? What is your social proof? And then lastly, your unfair advantage?

Is it easy to copy what you do? Why should the customer choose you? over somebody else? Now let's take a closer look at the instructions to complete this project. Each of the nine areas are covered in detail with descriptions questions to ask and prompt to follow. I included a business plan example for you to use as a reference.

It is recommended that you come The business plan in the following chronological order, start off with a problem and the solution. From there, you can move on to your unique selling proposition. Then look at your customer segments and the channels that you're going to be using to reach those customers from their cost structures and revenue streams. Move on to key metrics. And lastly, you can tackle your unfair advantage. Completing the plan is easy.

You can fill the form in directly on the PDF documents in the fields provided. Or you can print the document and you can fill it in with a good old fashioned pen or pencil. Or you can copy the plan and just make it your own. I would like to recommend that if you are working with a team that you consider whiteboarding, so that you can brainstorm and collaborate to come up with the best solution for your company. And in conclusion, if nothing else, this exercise will force you to take a long hard look at your business object. This plan will also serve you and your business As well as the first step towards your online success, refer back to this plan often and make changes and add information as your business grows.

Please do not hesitate to reach out for any assistance and remember to post your project for community feedback. Good luck with your venture. Thanks for participating and I'll see you in the next class.