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 […]
- 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 […]
September is the time to re-energize your business. It’s hard to believe that summer is over. It’s sad to say goodbye to those lazy, hazy days of summer when life seemed to move a bit slower and everyone’s in vacation mode. Perhaps your business has been on a bit of a vacation as well. Here […]
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 […]
There are a lot of things to consider when Starting a Home Business. I received an interesting comment on my last post about the secret of leverage. The commenter added the importance of a fulcrum when using leverage. Analogies, like these, help to make the point about organizing time and effort is crucial to your […]
Starting A Home Business And Too Busy? Too Busy To Learn Is Too Busy. More than likely you’re beyond yourself starting a home business and getting off to a good start is very important. Executing your business plan has a way of consuming all your available time and when there isn't enough time to […]
The Importance of Asking the Right Questions When starting a home business, asking yourself some important questions can help you be more successful. 1. What is the difference between successful people and unsuccessful people? Asking better questions results in getting better answers. Use your imagination when searching for both the questions and answers. Regularly, […]
Starting a home business using a blog Why? To get more exposure by getting to the first page of Google To get more leads To get more sales 5 reasons for blogging when starting a home business 1.Traffic Blogging is today’s best way for customers and colleagues to find you. You […]
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 […]