Family Business Plan
Family Business Plan
Congratulations! You are about the embark on your own home business. You have a brilliant idea. You have wonderful products. You are all revved up and ready to go with all the enthusiasm you could possibly have. You are ready for success! But before you open up your business to your very first customer there is one important detail that cannot be overlooked, your business plan.
What is a business plan? One way to look at a business plan is that it is a lot like a “game plan”. A business plan is like a detailed “map” of every aspect of your business. It’s imperative that every business have a business plan to help ensure success.
Many people are put off by the idea of having to put every aspect of their business down in writing. Many worry that whatever they put down in their plan is “set in stone”. But the truth is that business plans are constantly evolving with the growth of your business. The direction of your business and your products and services that you offer can change month after month. Therefore your business plan needs to be flexible enough to change with the growth of your business.
There are several key components to any good business plan. The biggest component would be what products and services is your business going to offer and do they fill a “need”? Who is your target market going to be? How do you plan on marketing to reach those customers? How are you going to finance your business? Will your business be exclusively online or will you be doing face-to-face marketing too?
Before you begin writing your business plan you should write down every aspect of your business that you can think of from product and service offerings to financial concerns and from marketing plans to customer service issues, such as refunds and returns. Don’t worry if you forget something. This is why a business plan is meant to be flexible because as time goes on you will think of more important details to add to your business plan.
There are many great resources available to assist you with your business plan. Your local Small Business Administration Office will be happy to assist you. Check your phone book for your nearest office.
Another important detail to consider as part of your “game plan” is the legality of having a home business in your state and local region. Before starting any business you must first carefully check on the state, region and local laws concerning home businesses. Don’t venture in a home business lightly without first researching the legal issues. There can be serious penalties if you don’t follow the rules.
If you are going to be selling home made food products or cosmetics you must also check on the state and local laws regarding health issues. You will also need to check with your local health department.
Marketing is another issue you must address before you are ready to start your home business. Who is your target market going to be and how do you plan on reaching them? Will you be advertising in the local paper? Will you be advertising online? Do you plan on doing a mass marketing mailing campaign? How are you going to afford your marketing expenses? How much of your profits will go towards advertising?
Now that you have been given some “food for thought” in regards to starting your home business, please don’t let it hold you back from doing something you are passionate about. Having a home business can be the most rewarding experience you’ll ever have. It also takes a lot of hard work and sticking to your “game plan” if you want your business to succeed.
There are numerous books and magazines dedicated to home business issues. Your local Small Business Administration can also be of great assistance to getting your home business moving in the right direction. The Internet is also a great resource. There are hundreds of helpful websites online to help you to succeed. It is also recommended that you join a local or online home business group. Learning through others is also another great way to help your business plus you will benefit from the networking it provides.
Before you set out to land your very first customer take some time to make sure you have your “game plan” in place. It does take time and hard work but your business will benefit greatly from all your hard work, research and determination to succeed.