Success = Creating a Business Plan

Starting a home business can be as scary as it is exciting.  Regardless of the type of business you are starting, you really need to create a solid business plan which will help you achieve your goals.  A good business plan should be written on paper, not just floating in your head.  It should paint a clear picture that allows you and anybody who is interested in learning more about your business to understand every aspect of your business.

Here is some of what you should include:

1) Tell about your business

a. Mission: What's the reason you exist? What is your function? What are the principles your company will stand for? Having a solid, clear statement will give you a foundation to build on.

b. Backdrop: Paint the picture that tells why you decided to do the home business and what led you to that decision. Don't go into a lot of details, but make it interesting.

c. Description: What is your service or product? Why are you offering this? How much would it cost? What do you have to offer that others don't; that is, why is product or service better from you?

d. Goals & Dreams: Outline the plans you have for starting your home business, specifying exactly what you hope to do. Think about the aspirations you have for your business. Where do you want to be in say, a year or 5 years? What do you see forthcoming and what are the motivating factors that will help get you there?

e. Structure: Who are the core people involved in your business? How are they configured? What are their roles? Do you have an organizational chart? Are you planning to be tax exempt, a sole proprietor, partnership, or a limited liability company, or corporation? Knowing your structure is important even if there are not many (or only you) involved because it influences taxes, liabilities, how you need to plan, etc.  For more information, please visit www.toolkit.cch.com/text/P01_4710.asp.

f. Paperwork: What credentialing do you or your business have? Do you have certifications, or licensures, or other people with such? Are you contracting with anyone?

g. Success definition: If you follow your plans, what landmarks in your business do you need to see to know you are on the pathway to success? How do you define "success" for your business, and why?

2) Tell about your customers

a. Perspective: What other business does or has what you are offering? How much in demand, popular, or needed is it? Who would want what you have? Why? What make you a real contender for getting their business?

b. The patron: Who are your customers? Take time to think about this one because to be successful, you need to know the answer to this one. Are they in a certain economic bracket? Are they local? Male or female? A certain ethnic group? What do they like to do? Where do they like to go? Who do they like to be with? How would your business appeal to them? How would they respond to your product? Will they be willing to pay the price you set for it? How do you fill their need/wants?

• You may wish to check out the census taken from your area. (For USA, go to http://www.census.gov/main/www/cen2000.html. )

A good business plan will also include detailed information about the money involved. You would need to have a detailed account the money needed, how much you project to bring in, how much is anticipated to go out, what large items (such as equipment) you own, and so forth.

Creating a solid business plan will help you change your dreams from "hot air" into concrete. Whether you are starting a small business or a work at home business opportunity based on a well thought out plan, you will have much better success when you take the time to write out your thoughts.  It is not hard to do, but involves exploring and organizing your plans thoroughly. You will find that it was definitely well worth your time. Best wishes.