Do You Have a Business Plan?

Starting your own business is an exciting adventure. Each of us has great expectations of how running our own business from home will release us from Corporate America, give us more freedom, and soon bring us to the ultimate dream of financial freedom.

There are numerous factors that come into play when we decide to start our own home based business, but the most overlooked is an iron clad Business Plan. I do not mean some ideas floating around in your head of unrealistic goals and no set way to reach them.

Your Business Plan should include but not be limited to the following ideas.

First and foremost, is the start-up of a business, which includes issue such as:

1.Choosing a Business - you should choose an area that is of interest to you and you can be excited about promoting but also that is something that others are also interested in so the need is there.

2.Choose a Name for Your Business – think long and hard about this before registering a name that later you regret. Make it memorable and creative.

3.Business Location – Where are you going to “set up shop”? It must be in an area that is free from distractions and you can shut yourself off as you go to “work” each day ~ an area to call your own.

4.Legal Requirements – check out the requirements in your state to make sure you meet any licensing required.

5.Financing – Know what you have to spend and keep detailed records. Over obligating oneself can often mean failure before you even start.

6.Sales & Marketing – How are you going to get word out there that you have a business? Who is your target audience?

7.Research – research the market, talk to people that are successful in this area, visit Forums

8.Knowledge – Learn about your industry and what is required to be successful and make sure you have and are capable of these items.

Once you have the start-up in place, you must now decide on your goals, do you need a website, and how are you going to promote your business? So often, people jot down a few ideas that are unrealistic compared to their time available to spend on the business, their financial means, and their work ethic.

Here are some questions to ask yourself when you are developing your business plan:

1.Where am I now and where am I going?
2.What do I want to have, to do, to be?
3.What will it cost?
4.What am I willing to sacrifice?
5.What will be my method or tools to reach this goal?
6.Who can I involve?
7.How many hours a week do I have to work on this business?
8.What areas of advertising and marketing can I use?
9.What knowledge do I need?
10.Do I have the right attitude, the desire and the commitment?

Now, sit down and start putting your ideas on paper. Remember to develop short and long term goals. Make sure your goals are realistic and obtainable. Make 90-Day plans, monthly plans, or even weekly plans. Your business plan is an ongoing process that must be changed as you move further and further into your business and gain the knowledge to know what you need and desire. Make no mistake, having it in writing will make you more focused and accountable.

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