So, today I received a phone call from a friend. We got to discussing our businesses (he is also in a web based business) and he asked me a important question that I felt I needed to share with all of you. He asked, “Do you have a mission statement”. Unfortunately my answer to that question was a “no”.

In essence, a mission statement is a few sentences that are meant to capture the essence and principals of your business. It is used to convey the key concepts of your business to potential partners, advertisers and the community as a whole.

Here is an example of a mission statement from Online Merchant Network (a Paypal community built by Paypal):

“PayPal has established the Online Merchant Network (OMN) to create a place where merchants can network with each other and share useful information and advice. The goal of the OMN is to build an objective, open, and welcoming environment for the exchange of ideas about business. Although the OMN is hosted by PayPal, we encourage and welcome any healthy discussion about all payment providers, both pros and cons. And from time to time PayPal, as well as third-party contributors, will provide content about topics concerning online businesses. In essence, we’re building the OMN to help businesses grow - and thrive.”

Here are some tips I found around the net to help you write a good mission statement. You should consider all of these as you write your statement:

• What image do you want to convey for your business?
• Why are you in business?
• Who are your customers?
• What are your products and/or services?
• How do you differ from your competition?
• What underlying values/philosophies guide your business?

Taking these factors into account can help you write a succinct mission statement that embodies the true image of your company.

Remember, there isn’t a specified length. Some larger companies like Coca Cola have a much longer mission statement. Remember this is a communication tool that should be put somewhere where it is easily accessible so many people can get the general idea of who you are and what your company/website is about quickly.

You should set aside some time to compose your mission statement and not rush it. Remember, once you think you have it down pat, try and live by it, as it should embody what you are doing already (and if you aren’t you can always change it later, or change your behaviour).

So on that note, I’d like to share the mission statement I whipped up for MoneyBites today:

“Moneybites is a fun and imaginative blog in the Make Money Online niche. We strive to give our readers top quality articles with strategies and tips about how to earn on the web. Our mission is to share knowledge about to earn money online. We are establishing our self as a upcoming authority in the make money online niche. We strive to deliver our readers quality content day in and day out. Our current motto is, “if you never try, you will never succeed”.”

This statement will be tweaked and adjusted as time goes on and currently can be found on our new about page (where it should be placed on most blogs).