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Making A Business Plan
For a Home Based Business
What's the main idea behind making a business plan for a home based business? To my mind, it's mainly a document for your personal use, setting out the goals you want to achieve. If you are intending to go to the bank for a start up loan you'll need a somewhat different document from the one I have in mind here.
The first and most important element in making a business plan is to set SMART goals - Specific, Measurable, Attainable, Realistic, Tangible. For example, you might say that your home business will earn you a set amount of money each month by a certain date. There are two crucial points you need to include in your goal. First, what is the particular home business idea you are going to start? Second, how much income do you want to receive? Then you need to carry out sufficient research to satisfy yourself that the business idea you choose is realistically capable of bringing you the money you want. If your business idea fails this test, throw it out. Go back a step and look at other ideas. Your next step is to write down the reasons why you want to achieve this goal. What will be the benefits? What pain will you avoid if you receive that money? It is very important to be clear on this, as you can come back and read this section whenever you feel like giving up. "Why am I doing this? Oh yes, if I don't I won't have enough money in my retirement." Then list possible obstacles and also possible solutions to each obstacle. For example, you might be interested in a web site business but you feel you don't know enough about it. The answer is to find some good information sources to educate yourself. The next stage in making a business plan is to break down your overall goal into smaller steps, each with a target date. Let's say that you identify ten steps. The date on which you plan to achieve your tenth and final step should be the same as the date you set for your overall goal.
In the next section of the business plan you note how you are going to track progress towards your goal. For example, for this web site project I have a monthly sheet with various activities I need to carry out, such as writing a certain number of articles. As I go along each day, I tick off my progress on this tracker sheet. The final step in making a business plan is to read through your plan and ask yourself, "Do I really want to do this?". Building a successful homebased business is hard work, but it can also bring rich rewards in many aspects of your life.
Return from Making A Business Plan to Home Based Business Start Up
Return to Successful Home Based Business
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LEARN FROM THE EXPERTS You can read some great advice on real home based businesses in our series of expert interviews
SELLING on eBAY
Skip McGrath, author of many books including The Complete eBay Marketing System talks about how a novice can get started selling on eBay. HOME STAGING
Debra Gould, the 'Staging Diva' provides great tips for a business focused on improving the internal decor of homes making them easier to sell. FREELANCE BOOKKEEPING
Sylvia Jaumann, author of Starting & Running Your Own Bookkeeping Business, advises on starting a bookkeeping business from home. RESUME WRITING
Teena Rose, author of The Ultimate Resource to Building a $100,000 Resume-Writing Business, explains why resume writing is in demand in tough economic times. FREELANCE TUTORING
Dr Alicia Holland-Johnson, author of Becoming a Better Tutor, explains what subject areas are in demand and how to find customers. HOME BASED COURIER
Sam Knowlton, who runs the CourierPros web site with Bob Lavendusky, advises how a freelance courier can compete against national courier companies. SELLING USED BOOKS
Joe Waynick, author of Internet Bookselling Made Easy! How to Earn a Living Selling Used Books Online, advises how to get started by selling books you already own.
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