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Business Plans

As an entrepreneur you might need some help to get your online business up and running. On this section you’ll find articles about business plans and everything you have to know about online marketing. If you learn everything you possibly could about this issue you’ll have an advantage to your competitors!

The Top Five Business Plan Mistakes You Must Avoid

Let's face it, coming up with a solid business plan, and then putting it to paper is not one of the most exhilarating parts of starting your own business. However, if you are to have an inkling of success, it is definitely something that deserves your time and attention.

Avoid making statements that say your business offers a "no-risk opportunity," or your business has "no competition." Investors already know that to be false, so don't try to persuade them otherwise.

There is a certain way that a good business plan should look. There are certain things investors will look for in a quality, well-written business plan. There are also five mistakes that you should avoid at all costs when preparing your business plan. To help get your affiliate marketing business started out on the right foot, here are the top five business plan mistakes you simply must avoid.

Avoid Sloppiness

When an investor looks at your business plan, it needs to be professional. There are no excuses for poor grammar or bad punctuation. When words are misspelled, it shows that a lack of care went into the business plan, and thus, makes investors wary. Sometimes, a little thing like a missed period or a missed capital letter can send investors looking for another business.

You don't have to be an English major to write a proper business plan. Just take the time to make sure it's written well, and have someone you trust read over it before it goes before the eyes of potential business partners.

Know The Industry

Your business plan should indicate that you understand the industry you are entering. For example, if you are in the affiliate marketing industry, your business plan should offer a discussion about the affiliate marketing industry. Discuss which trends are working and which are not, or where the most potential for growth is currently located. Make sure the investors see in your business plan that you understand the ins and outs of affiliate marketing.

Don't Miss The Details

Your business plan provides details and assumptions on why your business will succeed in the marketplace. This third biggest mistake occurs when many business owners fail to provide the actual details as to why they assume their business will succeed. Benchmark data is necessary for gauging the future potential based on the past performance. In the world of affiliate marketing, the data can be difficult to come by since most of the success is dependent on the individual's tactics and strategies, but an overall view should still be presented in the business plan.

Avoid Making Outrageous Claims

The fourth biggest mistake you can make with your business plan is to make outrageous claims. Avoid making statements that say your business offers a "no-risk opportunity," or your business has "no competition." Investors already know that to be false, so don't try to persuade them otherwise.

There is risk in every business venture, and there is competition in every sector. Be realistic and discuss openly the risks and how you plan to minimize them. Discuss the competition and how you plan to beat them.

Don't Forget To Include Specifics

The fifth biggest business plan mistake is failing to make an actual business plan in the first place. Business plans need to feature specific benchmarks, goals and milestones. It should also indicate what steps are required to reach those milestones. It needs to address the current and future, long-term state of the business. If it misses any of these vital parts, then it isn't a solid business plan, and most investors will notice that.

Remember that a business plan is just as important to have for yourself as for possible investors and funders. It will help you to keep focus on the right things in your business. Even if most investors require a business plan in order to invest in a start-up business, there are other ways to fund your business if you have been in business for a few months and actually have some income from the business. The business cash advance is one way of getting working capital without a business plan. The reason for this is that a funder will then purchase a small percentage from your future receivables until you have paid back the advance. The only thing you usually need to show is a few credit card statements or bank statements.

Just as your business plan is a blueprint for the success of your business, treat these tips as your blueprint for creating a successful business plan.

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