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A Business
Plan
Your business plan
is your master plan
and contains the
goals and strategies
which you believe
will lead to
success.
Success for a home
based business can
be defined in
several ways,
because each person
becomes a home based
entrepreneur for
different
reasons.
* Earn
additional or
supplemental income
*
Replacement of
current income
*
Creating income
source after layoff
*
Desire to have
control over own
time
* Need
to have flexible
hours
How you manage your
home based business
will determine how
well you are able to
meet these
goals. Your
business plan is
your blueprint for
creating the kind of
business you really
had in mind.
For example, if you
are establishing a
home based business
part-time in order
to generate
supplemental income,
your business plan
will outline the
plans for reaching
that level of profit
within the hours you
allot to the
business.
A business plan
includes many
different long and
short term
goals. These
goals and their
supporting
strategies are what
you will use to keep
your focus on the
results on you want
to realize. A
business plan
includes goals
related to the
following.
*
Building a branded
image
*
Reaching a
particular market
niche
*
Building particular
sales levels
*
Identifying customer
service program
*
Identifying
demographics of most
likely customers
*
Establishing
marketing budget and
strategies
*
Developing long term
plans for growth
As you can tell, the
business plan is
comprehensive.
Developing a
business plan forces
you to think in
terms of your vision
and what actions you
can take to support
that vision. A
good business plan
addresses marketing,
the competition,
operations, finance
and long term
growth. It can
also include a
contingency plan for
when things do not
go as planned.
For example, what
will you do if
competition prevents
planned sales
growth? Do you
have an alternative
marketing or product
development
strategy?
Too many small
businesses believe
that business plans
are only for big
companies.
That is not
true. In order
to develop a
successful home
based business, you
need a plan as much
as the largest
corporation.
It is lack of
planning and vision
that often causes
the fail of the home
based
business.
STAYING FOCUSED ON
THE GOALS
A business plan is
not intended to be
written and then
placed in a drawer
never to see the
light of day
again. The
business plan is a
working plan and not
a *dust collecting*
plan. There
are goals and action
plans that have been
outlined if you did
your plan
correctly. The
goals are your
marching orders, so
to speak, as you
build your business.
When you get your
business up and
running, staying
focused on the goals
will stop you from
veering off in the
wrong
direction. For
example, if your
goal is to promote
your product to the
consumer who is
older than 50 years
old, you will not
target a niche
comprised of mostly
young adults.
This goal then leads
to specific actions
in your marketing
plan.
You want to review
each decision you
make in marketing
and financial
planning against the
business plan.
You also want to
step back
periodically and
look at the business
steps you are taking
and see how they
measure up against
your goals.
For example, if your
business plan says
you are going to
focus on the fitness
industry then you
would question
whether you should
add a product to
your product line
that is not directly
tied to
fitness.
You can also use the
business plan to
help you use your
resources
wisely. The
mission statement
provides the overall
vision for the
company. The
goals are ultimate
results you hope to
achieve. The
actions or tasks you
complete should
support the goals
somehow. For
example, if your
goal is to primarily
market online
through a website,
you would question
spending money on
print advertising
even if it carries
your company brand.
USING THE BUSINESS
PLAN TO MAKE
DECISIONS
When you write your
business plan, you
pay attention to
both general goals
and specific
tasks. This
forces you to think
through your
business from
beginning to
end. This
attention to detail
can help you make
large and small
decisions.
* What
kind of home based
business do you want
to develop: new
start-up, existing
business, franchise
or combination of
one or more?
* Where
will you seek
initial funding and
money for expansion
if you meet your
financial goals?
* What
kind of marketing
activities will you
use?
* How
will you define your
customers?
* How
much time will you
put into the
business?
* What
sales techniques
will work best for
you?
* Will
you eventually hire
employees?
When you must make a
decision which
impacts your
product, financing
or marketing, you
can turn to your
plan and review the
strategies and tasks
which you
defined. Does
the plan say you
will market only to
domestic
markets? If
so, you will not
spend money on
global marketing
strategies.
Does your plan say
you will contact 3
or more new
customers per
day? If so,
you need to compare
your actual
performance against
your plan and make
necessary
adjustments.
The business can
help you stay
focused on your
original goals in a
number of ways.
*
Formalizes
strategies you can
follow on a daily
basis
*
Identifies potential
pitfalls which can
derail your business
*
Identifies details
which support your
*good idea*
* Keeps
your business
grounded so you
don*t begin to think
in unrealistic terms
* Gives
you something to
compare actual
results against
*
Identifies potential
sources of help
including financial
and personnel
* Gives
you the groundwork
for making plan
revisions as the
market changes or
your business
matures
*
Identifies ways you
can differentiate
your business
*
Provides a steady
plan for growth
Using your business
plan can make you a
better manager in
your home business
by keeping you based
in reality and on
the direct path for
reaching your
ultimate goals.
.
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