When I started my first business I didn't 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 didn't get, by the way).
I've found the best way to make sure a business is going to be successful is to create a business plan. It doesn't need to be pages long and take you days and days to complete. Below I've 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 don't want to guess at this. Knowing your costs will help you decide what you're going to charge.
The 30 Minute Business Plan below also includes information about your competition. Don't forget about them. In one way or another they exist and you're going to want to get to know them.
The bottom line - most businesses fail because they don't have a clearly spelled-out business plan. Don't make that mistake.
For those of you who have been in business for awhile, don't think a business plan can't 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 can't 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 competitor's 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 you'll 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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