Developing a social media business plan is a challenging task. A social media business plan must include current and comprehensive market research, a solid profile of direct competitors and competitive analysis, and a marketing, growth strategy, and web development plan development by a professional business planning team with substantial Internet and social media expertise. The business planning firm must be familiar with recent trends and players to property develop the revenue model, competitive analysis & strategy, and growth strategy. These days, a comprehensive PowerPoint presentation is often the elected form of presentation specifically for social media and certain types of Internet businesses. Either way, a financial model with monthly detail in year 1 and quarterly detail in year 2-5 should accompany the document. If you are interested in starting a social media business plan or PowerPoint, the following are a few good questions to answer:
- What other social networks exist that contain similar features as your website?
- What will your competitive advantages be over competing companies?
- What are all of the ways that your company will incur revenue? How much will you charge?
- What is your growth strategy?
- How much capital will you need to raise?
If you do not have the experience or the time to develop a comprehensive business plan and financial plan, you might want to consider hiring a professional business planning organization. Capital West Advisors is a leader in the business planning industry and has developed scores of Internet and social media business plans. Call us for more information or a free consultation at (888) 888-300-3090.