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As of December 31, 2009, Bluefly has an accumulated deficit of $147,468,000. Your guess on how they remain in business is as good as mine, but think of it this way. Even if you only make $1.00 of profit your first year of business, then you are technically doing better than Bluefly.

Please note, many of these steps can be done concurrently. For example, while you are filing your legal forms, you can work on your web design. This is especially true if you are depending on a third-party to design and set-up your website. They may work on a longer time frame than you initially anticipated. I do highly suggest that you just focus on the business plan initially. For example, if you decide that you are going to design your website with a specific concept while you write your business plan, then you just might find after researching that your concept is not what you're going to move forward with. In this case, you probably spent 40-60 hours on non-productive output.

1. Write a business plan.

To be honest with you, when my girlfriend and I launched our website, we did not have a business plan, but we did write one eventually. The simple fact is that if you are planning for success, then you must write a business plan sooner or later. In business school, you write it sooner than later. The business plan is important because it forces you to do research about the industry, your competitors, and your resources. Additionally, it forces you to think deeply about how you are going to succeed in this highly competitive industry. If you think that you are going to be just like Modcloth, then why would you expect to be successful compared to Modcloth when they are working with millions of dollars of venture capitalist funds for a workforce, marketing, inventory, etc. I don't have an answer for you, but my point is that you have to come up with a plan before investing your life's savings into this new venture. Also, the business plan is important because it also forces you to estimate how much money you will need and where that many is coming from. The reality is that unless you have real background in finance, you will not be able to build a 5-10 year projected Discounted Cash Flow Model and figure out your WACC, but having some kind of rough idea of your cash flow is better than nothing.

You should also include a plan on how you are going to initially set-up your website. For example, using a subscription-based shopping cart will change your budget than if you decide to use an open-source shopping cart. Also, you should also do your initial research on web hosting companies since they can range from $10/month to over $300/month. My only suggestion is that you get the fastest and most reliable that your budget will allow. Please note, that all I'm suggesting is that you plan what you are going to do as far as web design and hosting is concerned, not that you go out and pay for these services right now. CBD Vape