When I started my first business I didnt have a solid, well thought-out business plan. I threw together a rough one that I used to apply for a bank loan (which I didnt get, by the way).
Ive found the best way to make sure a business is going to be successful is to create a business plan. It doesnt | | need to be pages long and take you days and days to complete. Below Ive created a quick 30 Minute Business Plan.
A good business plan will help you figure out approximately what your business will cost to get off the ground. You dont want to guess at this. Knowing your costs will help you decide what youre going to charge.
The 30 Minute Business Plan below also includes information about your competition. Dont forget about them. In one way or another they exist and youre going to want to get to know them.
The bottom line most businesses fail because they dont have a clearly spelled-out business plan. Dont make that mistake.
For those of you who have been in business for awhile, dont think a business plan cant help you. Your business plan should be taken out on a regular basis, reread and updated.
Your 30 Minute Home Business Plan
1. What is your business exactly Explain in one or two sentences. (If you cant describe your business in a couple of sentences, rethink your business and focus your idea).
2. Is your particular business needed List the reasons that make you thinks so.
3. Where do you see your business in one year In three years In five years (Be specific.)
4. How will you fund your business Savings, credit cards, loans
5. What equipment/office supplies/licenses will you need to get your business started Total Cost
6. What organizations and trade publications will you need Total Cost
7. Who is your target customer Describe them.
8. What other businesses will you be competing with
9. What makes your business different from your competitors business (Include price, quality, unique services, etc.)
10. Where will you set up your home office Is it going to cost me money to make a nice workable office Cost
11. Will you use daycare everyday or once a week Cost
12. How much money do you need to make each month to help my family survive
Once again, this is just a partial list, but there are enough questions here to give you a good idea of what youll be facing with a new business and the costs involved.
A business plan is essential to your successful home business. As one great quote says, Those who fail to plan, plan to fail. Author Unknown
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About The Author
Liz Folger is the founder of http://www.bizymoms.com. Bizymom |
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About The Author
Liz Folger is the founder of http://www.bizymoms.com. Bizymoms.com is the leading online resource for work-from-home ideas. The site offers home-based business start-up kits, online classes, e-books, chats and enthusiastic support for moms who want to have it all a family and a career. Visit http://www.bizymoms.com for more information.
This article was posted on February 15, 2006 |
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