You have an eBay business. You spend hours in front of your computer processing orders, responding to questions, ordering stock and looking for more items to add to your store. You mail out orders and write new descriptions and post new pictures as you replenish your supply.
You don’t need no stinkin’ business plan. You are an independent eBay seller. You buy and sell on a whim and never make mistakes that hurt your profitability. Your business growth is an organic thing that will happen no matter how many competitors your business has. You never need a capital infusion to help you buy stock and rises in shipping costs will never affect you because your customers will always be willing to pay however much you charge. Wait, why is your forehead getting all sweaty? Did we just hit a nerve? Good.
Business Plan Tips for Your eBay Business
A business plan is not a blueprint for brick and mortar businesses only. Every business—including those who work in an online capacity—should have a business plan.
Why Your eBay Business Needs a Business Plan
- To plan for growth: If you want your business to grow then you can’t just expect that to happen magically. Most people don’t just fall into a big vat of success juice—they create success through planning, dedication, and strategy. Your business plan, no matter how simple, can help you create this roadmap to success.
- To create a clear pathway to revenue: You are not in business because you like supplying people with things—you are in business because you like making money. The main reason you have an eBay business is that you want to create an income doing something you love, or at least, tolerate. But if you conduct business in a willy-nilly manner, then you can’t guarantee that you will make money. If you don’t analyze the difference between expenses and revenues, research price points and develop ideas to set yourself apart from the crowd then your business will flounder in obscurity and become a drain on your wallet instead of a boon.
- To organize and prevent losses: Things are going to happen to your business that you don’t entirely like. Things like supplier shortages, customer complaints, missing shipments, bad checks and more. You can’t just fly by the seat of your pants and deal with these issues, especially as your business gets busier. You’ve got to come up with a way to deal with them and a way to continue your business and continue creating revenue even when bad things happen. A business plan helps you think about all of these problems in advance and develop additional revenue streams, lists of alternate vendors, and other safeguards.
The first draft of your business plan might look like this. And that’s perfectly okay!
Luckily, the one thing you don’t need a business plan for is to obtain additional funding for your business. At Kabbage, we have a quick and easy 15-minute application process. There’s no need for a business plan and no need for you to develop complicated action plans in order to get approved for your Kabbage business loan—but again, for the sake of your future success, you really should have one.
And remember, it’s not the size of the business plan that counts—it’s the way you use it. You can write it out on notebook paper or type it on the computer. You can use a template to create a professional looking plan or you can just list out the various sections of a traditional plan and address them however you like. And remember, business plans aren’t chiseled on stone tablets. They can grow and change right along with your business. And when you need funding to help grow, Kabbage small business funding can help with that!