Create a Successful
Small Business Plan!
Creating a rock solid small business plan is
one of the most underperformed tasks for home business start ups. Many new
entrepreneurs get so excited about the idea of owning a business that they tend
to focus only on tasks related to start up.
Another stumbling block is sheer terror. We are
often fearful or intimidated by what we don’t know or understand. However,
avoiding one of the most important foundational functions in the start up
process -- creating a business plan, will have dire consequences.
Why
Have a Small Business Plan?
Having a business plan enables you to
actually shape your business, define its unique marketing
position and set out a
blueprint for achieving your goals and dreams.
As a new entrepreneur, you’ve taken a huge
leap of faith by risking your financial resources. Not to mention the
investment of “blood, sweat and tears” that ultimately makes a business a
success. Bearing all of this in mind, how can you afford not to create a
business plan?
Business Plans for Home Based Businesses
A business plan for a home based business,
needn’t be an arduous task. A comprehensive, yet concise, outline is more than
adequate, if you don’t intend to apply for bank loans. Now, let’s take a look
at the steps for creating a simple, yet effective small business plan outline
for your “bootstrapped” home based business.
Creating a Bootstrapper’s Small Business Plan Template
First,
purchase a 3 ring binder with pockets to keep your “working” plan all in one
place. Believe me when I tell you that you’ll need to refer to your business
plan blueprint on a weekly, if not daily basis.
Second,
create 5 tabbed sections for your business plan layout, under the following
headings:
Marketing Plan
This is your roadmap for getting your product
or service successfully to your targeted audience. Don’t think of marketing as
just advertising and promotion -- it’s not.
For a complete guide to understanding
marketing, you may be interested in the
Master
Marketing! Cram Course. This course
is available at
www.small-business-marketing-kit.com.
Sales Forecasts
Do your research and set realistic
projections, based solely on your marketing plan. Remember, getting the
marketing plan right from the start is half the battle won.
Monthly Tasks Planner
This is your complete operational plan for
managing the day-to-day “to-do” list tasks that help your business run smoothly
and efficiently. Create a monthly planner, with adequate room to list daily
tasks and functions, appointments, etc.
Funding Plan
This section will include your start up
costs, operating expenses and reserve fund resources. How you plan to finance
start up, day-to-day operations and growth should be outlined in this section.
Cash Management Plan
This section should outline all of your
monthly expenses. Include all accounts payable, accounts receivable and cash
flow management strategies.
That’s it! Now you have a sound framework
for creating a business plan layout. If you need more information, We’d suggest
getting your free copy of the “Small
Business Guide to FREE Business Plan Templates, Software and eCourses”,
included in the free kit available at
www.free-home-business-startup-kit.com.
Here you’ll find a wide range of free
business plan templates and software. You can also get ideas for creating the
“best fit” business plan template for your unique business idea, by viewing the
business plan samples available at
www.score.org/template_gallery.html.
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