Creating a Smart Home Business Plan

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The most important thing to consider in a home business plan is you. Designing a fancy, complex, rigid plan would be foolish if you are a natural, simple, fluid person. Being slap dash would be crazy if you love to track details.

Be realistic about the characteristics that brought you to the home business idea. Let the structure and nature of the plan reflect the way your mind works. Business plans can be simple or complex but they all should include certain elements. If you can answer these 10 questions, you’ll have a good beginning for a plan.

1. What do you want to do?

2. How do you want to do it?

3. How much do you want to do?

4. What is the competition and home business environment?

5. How will you market the home business?

6. How will you know you have succeeded?

7. What do you want for the home business in the future?

8. What resources do you have?

9. What resources do you need?

10. How will having a business ran from home affect your family life at home?

For all these questions, answer as specifically as possible. That might challenge you, but think of it as putting legs on your dream. Start by answering the questions in a way that makes sense to you. Next, add details that a banker would appreciate. Answer questions an attorney would ask. Would a trusted friend understand your plan?

When you have good answers to these 10 questions, formalize the plan. Write it down. Polish it. Make it pretty. Post it. Here’s one of the places to respect your personal approach to life.

Some people respond best to spreadsheets and other people, verbal pictures. You know who you are. More important, though, is the importance of using the plan. Think of your plan as a blue print or a grocery list.

A good plan will guide your business. Refer to your plan regularly and revise it as you learn. The work will strengthen your business.