Online Business Planning for the Mortgage Professional

If you have worked in the mortgage industry for some time and looking for a change you may want to consider starting an online business. An online business will offer you a flexible schedule and provide you with more time to do some of things you enjoy and often do not have time for when you work in the mortgage industry.

When you plan an online business you will use a lot of the skills you learned in the mortgage industry such as planning the product presentation, reaching your target market, and other skills that are associated with planning a business. Here are some of the planning skills you will need for setting up an online business which you will find are similar to setting up a mortgage business.

Choosing a Niche

Choosing a niche means choosing a product or service that serves a specific market. For example, when planning a mortgage business you will decide on the specific services you are going to offer that will create a highly specialized set of services that targets a specific market.

When you choose a niche for your online business you should choose a product that serves the needs of a specific audience and creates a Unique Selling Proposition (USP) for your online business. The more specific your product or service is the better your chances are of standing out in the crowd.

Finding Your Market

When you work in the mortgage industry more often than not the services you offer are geared toward a targeted market. For example, if you are a mortgage broker you may be serving a specific geographical area and an audience who is looking for certain criteria in a mortgage.

An essential part of planning an online business is finding the location where your market resides and discovering exactly what it is they are looking for when it comes to your niche product or service.

What to Offer and How to Offer It

Once you have identified your niche product or service and the market that is looking for what you have to offer, you should plan on exactly what you are going to offer and how you are going to offer it. This requires knowing your market, how they think, and why they are searching for your product or service. For example, if you know why your market is looking for your product or service then you can plan to offer it in a way that will appeal to your target audience to communicate that you have the solution to their problem.

This process is similar to the mortgage industry because you are providing your customers with a solution to their problem. They are looking for a mortgage, the market is overwhelming, and you are helping them to find the appropriate mortgage that suits their individual needs minus all of the hassles.

Defining Your Brand

When you work in the mortgage industry the company builds its reputation by associating the brand with quality service. When you plan your online business it is necessary to define the type of business and the brand that your prospects will associate with quality and good customer service.

Planning an Online Presence

A brick and mortar business involves planning a presence for the offline world that will help to establish a reputation for providing a quality product or service.

Planning a business presence online is very similar except that you are planning for the tools you will use to establish a presence online. This includes your website platform and layout, blogging platform, the online business tools you will use, and how you will establish your presence in the social networking environment.

Getting the Word Out

Planning an online business also includes creating a specific road map for how you will market your business once you have established an online presence. Coming up with an effective marketing plan should correlate with your business plan and reflect the needs of your target market. This requires you to know your market so you can create a plan that directly speaks to your market and addresses their concerns and thoughts about your product or service.

These are some of the basics to planning an online business and as you will see they are much like planning a business for the mortgage industry. The only difference is that planning your online business means that you are in the driver’s seat and in charge of your time and your destiny instead of working a job where someone else is calling all of the shots.

Respectfully Dedicated To Your Success!!

Derek Bayer

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