15 Sizzling Hot Tips To Write Your Business Plan

Every type of home business should have a business plan. Whether your business model is simple or complex, and whether your home working company is for profit, non-profit, or a charity, having a business plan not only tell others what your purpose is, but also gives you guidance and focus to look back to.

Guest Writer Richard Larson shows us how to write a clear and thorough home business plan.

In many cases, when your business comes to a crossroads or if you are looking to expand or add a product line, you can refer to the original tasks and core values in your business plan for answers to difficult questions and challenges you face with your home business in the future.

The guidance of a business plan can lead to a successful business and does not have to be that complicated or take a long time to write.

However, there should be a few components that you develop along with your business plan: a mission statement, company values, company structure, and guidelines for your company culture.

find out how to write a home based business plan


At the same time, making your home business plan too complicated makes it hard to keep focused if the message is convoluted with too many details.

One way to keep a narrow focus with your business plan is to build out corporate goals and then add a S.W.O.T. (strengths, weaknesses, opportunities, threats) exercise in addition to the business plan.


Home Businesses Need Business Plans

Here are 15 hot to trot steps you need to take to ensure your home business plan stands out:

1. The first step is to describe your home business and also explain why it is relevant and what makes if different from similar companies. Also define how your business addresses the needs of your core target audience. 

2. Define your core values, company culture, and the goals of your home business.

3. Consider the short term, mid-term, and long term when outlining your plan.

4. Outline market trends and the state of the market in your industry.

5. Explain why customers will use your home working product or service and why they will buy from you instead of the competition. This is an important exercise because in order to be successful in business, you must truly understand why your customers buy what they do and why they will buy it from you.

Schedule consistent business plan updates or reviews.

A classic example is the music industry. Businesses that sold records, cassettes, and then CDs did not continue to thrive because they failed to identify the core reason that their customers bought from them. It was not because they wanted something that played music; they simply wanted to listen to music. The format that music was delivered in was not relevant.

6. Describe who your customers are. Be detailed and descriptive.

7. Identify competitors and their advantages. This will also help you to recognize how you can set yourself apart and carve your own advantages in business.

8. Outline a plan for displacing competitors. 

9. List the products or services that you will feature in your home business. Describe them, why they are needed, and how you will be able to compete with companies offering similar or the same thing. 

10. Predict what resources you will need, including operating expenses, staffing and building requirements.  This is basically an overview of what you need to do to run your start-up business.

11. Prioritize the needs of the business and list ideas of how to achieve them.

12. Develop a financial plan. Include realistic sales and revenue goals, margins, expenses and projected profit. Your financial plan should forecast monthly, quarterly, and annual figures. Some financial experts advise to outline 3 different financial plans:  conservative, moderate and optimistic; you can adjust them as your home business moves on.

13. Understand that this business plan you create is a living document; it can and should be revised continually, but always looking back to the core values you first began your start-up. Keep the original idea in mind and look to it when making business decisions, both big and small, to make sure that they align with it.

14. Schedule consistent business plan updates or reviews.

15. Always plan for contingencies; include an emergency plan in your business plan, and several “if this, then that” or “what if” scenarios. This way you will have a foundation ready to handle unforeseen problems and emergencies.'

If you need to browse through a few Business plan templates or download free business plan samples, and for more helpful information on writing that brilliant home business plan, have a read through our Business Plan section!

Richard Larson is author and Brand Manager for GoPromotional logo travel mugs. He enjoys sharing marketing and business tips. 

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