Summary: Developing a Business Plan for a Work From Home business requires a clear understanding of the investor’s requirements. Understand their Point of View before you start to write.
This three-part formula unlocks the key to running a successful home-based business.
Working from home isn’t quite as easy as the online ads make it out to be. But it doesn’t have to be hard either, as long as your know what you can and cannot do, and as long as you are determined to put in the effort.
The effort that is required involves many of the same attributes that going away to college for the first time or living on your own require.
You have to be willing to do almost everything for yourself, focused on time-management, and determined to accomplish your goals.
1. Define the Plan
One of the first steps to starting a business, be it a corner-bakery or a graphic design company, is to figure out your long-term goals and put together a business plan.
Not only will this help gear you towards your opening day, but also give you something concrete to offer when you approach your options for funding.
A strong business plan will detail the market data that supports your potential for growth. It will focus the data into a feasible outline of your options, and then produce a general timeline as to how and when you plan on taking your first steps.
A business plan does not have to be concocted like an essay paper – do your own research, but also don’t be afraid to outsource your advice.
There are business plan writers that offer expert MBA guidance who can help you along the way, or even safeguard your effort but putting their finishing touches on it before you present it to either your financial supporters or your board of reviewers.
Manage your time, and make sure you realize that certain hours of the day are office hours, no matter where you are.
You won’t be able to put together a great business plan sitting in front of the television during a sports game, so don’t expect to be able to run a business either.
Working from home gives you the option to set your own hours, dictate when and where things should be done, and how often they get done. Set the tone, and then promise yourself that you will stick to it.
Look at the success that others in your industry have achieved, and also those who saw less growth, and study the way that it happened for them.
If you want to run a home business and achieve similar success to those who work at offices, then you need to be just as committed to “being there,” whether you are physically or not.
Finding financial freedom is more-so a matter of persistence than having the perfect idea.
It isn’t a matter of luck or good karma, even if you plan on looking for help from angel investors. Your biggest asset will be your market, and how much growth is projected for your future.
This may very well be one of the largest investments you will ever make, so use all the information that you have to find the right tools. Outsource your networking, as well, and try to build your customer base from your friends, past-coworkers, and careers.
Starting from home basically means that you’re in charge – so every little thing will be your responsibility.
You will be in charge of more than one position, so be prepared to make your own calls, visit your own customers, and also making your own cup of tea at the same time. Your hard work will pay off, but only if you stick to it.
Remember that doing everything for yourself doesn’t involve literally running all of your own errands or typing up every single invoice.
There are many resources available for you to outsource your tasks – the parts that involve you also deal with managing your partners and researching your industry standards as to what is the best feature for the business.