Why do many “solopreneurs” who are starting a home business neglect creating a business plan? After all, business planning is considered an essential success factor for any business venture. You’ve heard all the clichés such as: Failing to plan is planning to fail. If you don’t know where you’re going, any road will take you […]
It all starts with a plan. How much time can you invest? How much money? Why are you doing this? What do you want to accomplish? What are your interests. You know the saying: Failure to Plan is Planning to Fail”. It couldn’t apply more to starting a home business. Get this right and you’re off to a great start!
- Failing to plan is planning to fail.
- If you don’t know where you’re going, any road will take you there.
So why do a business plan?I think the number one reason for anyone starting a home business to do a business plan is to organize thoughts and crystalize thinking about the business. And it doesn’t have to be complicated but it does need to be thoughtful and honest. Copyblogger came up with a model that I like. Aptly enough it is called A Remarkably Simple Business Plan. It is well suited for the solopreneur starting a home business by posing the right questions. Answer these questions and you’ll have your business plan.
- Who’s my ideal customer?
- How will they find me?
- What’s my end product that I will deliver to my customer?
- What high priority problem does it solve for my customer?
- Is there any way to demonstrate that my product is a viable solution?
- Who else or what else will I need to pull this off?
- How will they be compensated?
- Where will I go for moral support, a sounding board, and accountability?
- How do I make money?
- Are there other related products I could sell to my customer?
- What are the costs and how will I cover them?
- What needs to be done and who will do it?
- How will I measure success?
- What could go wrong?
- What actions are necessary now to get started?
Beware of Green's Law When Business PlanningThere is a risk associated with detailed planning. You may talk yourself out of doing it. I once worked with a guy named Sid Green who called this phenomenon Green’s Law. He theorized that a carefully thought-out project might never be attempted if all the risks, costs and pitfalls are exposed up front. Too much advance knowledge can cause the decision makers to get “cold feet.” On the other hand, planning and assessing risks make good business sense. Some businesses and some projects should never be launched. It’s better to know sooner than to find out later. By the same token, opportunities may be lost by the faint-hearted unwilling to take risks. Your business plan enables you to make informed decisions about the course of your business.
Even if you’re not into New Year’s resolutions you need to do something similar for your home business like it or not. Why? You have to do business planning if you have a business. Home businesses are not exempt from this requirement. Whether you are just starting a home business or already have a going […]
Are you a Hobbyist or a Business owner? Let’s begin with a clear understanding between a hobbyist and a business owner. The most significant difference between a hobbyist and a business owner is that a business owner’s main purpose is to produce and sustain profitability. By achieving this goal, on a regular basis, they are […]
Business Planning - the last part of the Purple Cow by Seth Godin*. Ask the people who love your product if you can let them know when you have a new fantastic product coming out. Give people, that love telling people about new products, the information they would need to describe your product. Once […]
Business Planning A Remarkable Start I continue in this post with more thoughts about business planning inspired by my reading of Seth Godin’s book The Purple Cow:Transform Your Business by Being Remarkable. In exchange for taking the risk - the risk of failure, being ridiculed or not fulfilling your dreams the rewards if you do […]
Business Planning - Think About These Seth Godin’s book, The Purple Cow1, inspired this four-part series of articles on business planning. From your business planning ideally you should try to stand out and not fit into the norm. Otherwise, you are invisible! Criticism should be welcomed. Don’t take it personally. It’s people who have projects […]
Business Planning | Some Questions To Think About I was reading Seth Godin’s book The Purple Cow:Transform Your Business by Being Remarkable. He asks some very interesting questions. I am going to present some questions to you to think about when you are doing your business planning. Instead of working on making a better […]
Business Planning Thought Required Business planning takes some thought and due diligence. Here are three areas to consider when starting a home business. Does it align with current market trends Is there an expanding market for the product or service? Is the company credible and stable? Business Planning - Does It Align With Current […]
Outside the Box Business Planning Business planning in the 21st Century is very different than any time before now. The constant buzz of Social Media on the Internet has redefined the way we do business in the world. At no time in history is it more important to think outside the box than […]
Business Planning Revisited How is your business plan doing? Does it need a check-up? Is your business right in line with where you thought you would be with your efforts? With tax season coming to a close and my taxes finally completed, I afforded myself the liberty to take a deep breath. I decided […]