Is a Business Plan a Prerequisite For a Home Based Business?

My honest suggestion to the people who desire to start a home based business without the proper business plan is, “Please don’t start it at all”. It is better than jumping into the rat race by not equipping yourself with this essential document. Your plan will be your road map to success.

Why is that considered important to your long term success?

A business plan of a home based business is considered essential for many reasons. The primary reason is that you will not stand a chance of getting financial help or loans without it.

Apart from that, it helps you to stay focused on your objectives and it helps you to think in a more organized manner at every step of your decision making opportunities. It helps you stay focused when you get discouraged or overexcited. It also helps in figuring out the solutions to the possible problems even before they occur.

A business plan which is created in a comprehensive format assists the owner to know more about his business and it is a lot easier to make presentations wherever required. The format makes it easy to organize your plans and ideas into cohesive plan for building a successful enterprise.

Business plans show a lot of variations depending upon the type of home based business you wish to propose. What suits you well may not be applicable to another organization. You cannot have only a single plan for various types of businesses.

Here is a business plan outline that will help you get organized and it will guide you through the writing process.

Executive summary: It includes the key ideas of the home business plan. The executive summary is written at the end and it summarizes the ideas of the business owner and why they will work. Your purpose, your goals, and what you expect to accomplish within a stipulated time frame.

The business background: It describes your home based business, the formation, and the major players involved.

Description of your products: What you are going to sell, a product, or a service? How will the products be developed and sourced? The answers to these questions will have to be listed in this section of your plan.

Competitive analysis: The investigation of your competitors and, why will your business have a competitive edge over other business? This will help you to evaluate and make entry into the market.

Marketing analysis and plan: A thorough research of your marketing analysis will help you to launch or re-launch your business. A Marketing plan of your business needs to answer the following questions.

  • What publicity and advertising avenues will you choose?
  • How will you price the product?
  • How will the business take advantage of the gaps identified in the marketing analysis?

Management and operations: It would involve your business legal structure, management resources, suppliers, employees needed and manufacturing processes to make your business move.

Financial Plan: This would involve a detailed description of your funding, financial statements, capital investments, license fees, and financial analysis.

If you make a mistake in your financial planning and overall planning, your home based business might come to a screeching halt very soon.

Be an Internet Based Business Owner – The Top 5 Reasons Why It’s a Great Idea!

Have you thought about starting a business but are holding back because of the down economy? Well of course the economy may have an affect on certain types of businesses, but today I am going to tell you why Internet Based Businesses are thriving and why it might be a great idea for you to join the club!

1. Your Own Security Net
You may find yourself one of the millions of people who are already out of work or may soon be out of work due to this economy. As dedicated, motivated, and successful in your corporate America job as you are, is there really any sense of security? Will your boss (who thinks you are great) really have any power to keep you in a job when the company goes bankrupt? Don’t get me wrong, no one wants to see a business go under but it is the reality today. Why not be in charge of your own destiny and not worry about working more and more hours to impress the bosses to keep your job. As an entrepreneur you have the freedom personally, financially, and creatively to form your future the way you see it. As owner of an Internet Based Business the opportunities available using your own ingenuity are innumerable.

2. Access to Large Markets
In today’s day and age it makes no sense not to tap into the Internet to gain access to a much larger market than you could find locally. Just to give you an idea of exactly how many people can be accessed through the Internet take a look at these numbers: In 2008 there were 215 million people online in the U.S. This makes up 71.4% of the population. There were 1,464 million people online worldwide which makes up 21.9% of the world population (Brenner). Need I say more? It doesn’t make sense pulling your hair out over a traditional brick-and-mortar business these days.

3. Ability to Make A lot of Money
Who controls your income? Would you rather it be you, or your boss? Who decides what your time and efforts are worth? Do you realize that your company is buying your time at the wholesale cost and selling it for retail? It cannot be stressed enough, how rewarding it is to work for yourself. Home based businesses make up a $427 billion a year industry. Make yourself a part of it! You control what your time is worth, you control your income by the level of effort and dedication you put into your business, and you can use your own creativity to improve your current situation. The Internet provides an incredible opportunity for all of you entrepreneurial spirited people out there just waiting to take that leap. I urge you not to wait any longer. Don’t let self-limiting beliefs hold you back. Act now!

4. Many Potential Customers Also Looking For Change
You are not alone! There are many other people in the world looking to change their current situation due to the poor economy or for any number of other reasons. You could be the one to help them out! People are realizing that traditional is not necessarily the way to go anymore. Cutting edge, Internet Based Businesses are where the money and opportunities are at these days. Just like you, people want a greater sense of financial security and though their previous business may have thrived during good economic years, they may be struggling at the moment too. They will be much more likely to consider getting involved in an Internet Based Business now than ever before.

5. Low Start Up Costs and Short Turnaround Time
In a traditional business model an owner has a ton of overhead to invest in. You have to consider rent, employees, utility bills, and the list goes on and on. Internet Based Businesses are often run from the home with only the overhead of running your home office and your internet marketing. Very often Internet Based Businesses are run by one person who outsources tasks that he or she does not want to do themselves. Costs can be increased or decreased depending on the owner’s current situation. The turnaround time from getting involved in an Internet Based Business to the time that you can actually start making money is very short. No level of schooling or formal training is necessary if you are willing to put forth the effort to learn the necessary skills. The average computer savvy person can get up and running in just a day or two with little or no help. For those of you with no previous Internet marketing experience like me, a learning curve is inevitable. However, in just several weeks you should easily have some degree of marketing in place so that you can be making money as you fine-tune your Internet-marketing skills. Compare weeks to years of college!

So while the economy is negatively affecting many businesses, the Internet-Based Business sector is taking off. Don’t let this opportunity pass you by! Create your own security blanket, access large markets that include many people also looking to make a change and make serious money while doing it! When you decide to get involved with an Internet Based Business you will experience low start up costs and a short turnaround time for making money. I wish you all the best and hope that by now you have caught the entrepreneurial bug!

Resources:
Brenner Information Group. Interesting Internet Facts. 2000-2008. http://www.brennerbooks.com/interestingfacts.html 6/22/09.

Can a Home Based Business Opportunity Help Stay at Home Moms?

Are you a stay at home mom that has a husband working a low to middle management position and a second job on the side? Are you still living from paycheck to paycheck? Are you frustrated with the fact that your husband is working two jobs and he is never home to help you with the children and household chores?

Let’s face it, when the decision is made for the mom to stay home with the children, it can put a great deal of pressure on the family finances. Most families can-not live on one income which means dad has to work not one full-time job, but a second job as well. The result? A dad who is gone A LOT more than he is home. Don’t get me wrong, I love the fact that I have a husband who is committed enough to US raising our kids that he’s willing to work two jobs to provide for our family. I just know how important it his role is with our kids too.

This predicament got me wondering…is there a way to get him more time with the family (and some more time to help with the chores around the house) without me getting a job that would put the kids in day care?

Moms, have you thought about checking out an online business opportunity? Before you shake your head and stop reading, consider this:

A common misconception is that starting a business has to cost 1000′s of dollars. Not true. Did you know that many legitimate home based businesses can be started for less than $500?

I know it may be hard to invest $500 in a business. You may have to put away some money for a few months (as difficult as that is) or use use your credit cards to help fund the business. But lets be honest, for most mom’s and families, the issue isn’t being able to find that kind of money to start a business (we scrape it together for the mechanic, the dentist and the occasional plane ticket, right?), it’s the fear of losing that money on a scam or even a legitimate business that just doesn’t work.

This can be easily mitigated IF you do your homework. A great place to start is with a checklist of criteria and key components your home business must have if you want to succeed. This can be easily mitigated IF you do your homework. A great place to start is with a checklist of criteria and key components your home business must have if you want to succeed.

Another common misconception is that ‘moms’ aren’t qualified to own and run a business. Absolutely NOT true! Did you know that many ‘ordinary moms’ are starting their own online businesses and making a comfortable living? It makes sense – us moms have more incentive to do well in business because we are helping support our families.

I know the idea of starting a business and taking on another commitment can be scary, but dare to dream a little and ask yourself these questions: What would it be like if my husband only had to work one job? What would it be like to have a few hours to myself – dad could take the children for an outing and I could have the house to myself? What would it be like to soak in the tub with a great book and no children screaming “mom, mom, when are you going to fix dinner?” What would it be like to have enough extra income that you could go on family vacations?

The right home based business opportunity may be what you are looking for. As a mom you want the best for your family. The right internet-based businesses can allow you to work the hours that are convenient while still enjoying time with your children. It’s easier today than ever before. With wireless Internet connections and laptops you might find the entrepreneurial mom at the beach or by the pool.

The first step in making this dream a reality is to make sure you are informed on what kind of business will you a legitimate chance of succeeding and which one will most likely leave you disappointed and with more credit card debt. Start that research here – [http://www.bhelpsmomsmakemoney.com] Best of luck moms!