Plan, Plan, Plan, and Then Run a Business
Whether it is about starting a large-scale industrial business unit, or a small-scale home-based venture, a business plan would remain significant in ensuring success. It is said that one who fails to plan, actually plans to fail.
Planning gives a proper guideline, a roadmap, and an action plan to be followed. If planned, implemented, and controlled adequately; there’s no doubt that the business would flourish.
The biggest tool in this regard is a Business Plan. Although there is no standard format for a business plan because the contents depend largely upon the type of business it is written for. However, some major contents are found nearly in almost every business plan. This may prove beneficial for those who prefer to plan before jumping into an action mode.
Following is a business plan tailored specifically for small home-based ventures.
Table of Contents
Body of the Document
Capital investment and supply list
Legally required documents of business owner(s)
Crucial for Success
Many people have witnessed the disaster that no planning or poor planning brought over their business projects. No matter how great an idea may look before implementation, even a minor planning error may ruin the entire business concept.
A business plan possesses a critical role and determines the success of a business. It is important because it:
Provides future vision
Attracts team members
Gives the business a proper structure
One of the most important contents from the above listed business plan is the ‘Business’ section. With reference to the business plan of a small home-based business, this section holds the highest degree of importance, as it sets the foundation stone of how the business would actually look.
This is the time to answer the 5 W’s and an H in order to get a clearer business idea and get ready to implement it. Answer questions like:
Why am I starting a business?
What kind of business do I want?
What products/services will my business provide?
What is my target market?
Who is my competition?
What is unique about my business idea and the products and services?
What type of suppliers do I need to contact?
When and where will I house my business?
How soon will it take before my products/services are available?
How will I price my product compared to my competition?
How will I manage my business?
How many employees will I need to start up?