Have You Got A Home Business Plan?
Have You Got A Home Business Plan?
Have you ever wondered why some people are so damn successful in life and business? There is a secret and it is not hard. You see, successful people have a plan…and they follow it!
I recently built a brand new 4,400 sq.ft home and I realized that planning a new construction is no different than planning a new business. Think about what an engineer needs to build a solid structure. They need a plan, a blueprint…a success model to follow. This goes the same for home based businesses.
You need an action plan where you put down what you intend to do and how you intend to do it. Making money is not hard, but you need a plan before you start.
Usually, traditional business plans are developed for raising capital from banks or financial institutions. But in a home business environment, even if you are not seeking funds, developing a solid business plan will help you determine the feasibility of your idea and goals on paper.
A proper business plan will help you assess if your venture will succeed or fail before moving forward and investing your time and money into it. Another important benefit of writing a business plan is that the process of thinking through and putting your goals and ideas down on paper will help you organize your true goals, predict barriers to your growth and come up with alternate strategies ahead of time.
Writing down your goals is one of the most important things you can do to ensure your success. This will help you commit to reaching your goals by giving you a specific time frame and a specific action plan to follow.
A proper business plan will help you monitor your goals and acheive the milestones you have set for your business. It lets you determine if you are meeting the objectives you set out to achieve.
A well-rounded business plan will describe your idea, outline your objectives, forecast financial costs, and give details of your marketing strategies for achieving your goals.
It answers two key questions that you need to ask before launching your venture:
a) Is there a market? If yes, how much can you sell?
b) Can the business make a profit?
The key components of a business plan are:
1. Executive Summary: A condensed version of the entire business plan
2. Company Description: An outline of your company’s structure and organization and its business
3. Product / Service Description: Information about your products or services and why your product/service is better than competitors
4. Market Plan:
a. Market analysis: Who are your target customers? What is the market size?
b. Sales strategy: How to get people to buy your product?
c. Promotion Strategy: How to zero in on highly targeted customers?
5. Competitive Analysis: A survey of who your competitors are and what is their market performance.
6. Operating Plan: Description of the physical requirements that your business needs to operate (premises, machinery, computers etc.)
7. Financial Plan: Data regarding the costs of running your business now and in the future, plus a forecast of whether or not your business idea is viable and will be able to generate profits.
It does not have to be hard or take a long time to craft yourself a business plan…but doing so will help you succeed faster than you ever imagined.
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