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Why do you need a business plan?

A home based business needs business plan; it is an outline that gives a short description, and targets the market for your business. You will include your goals, and describe what you hope to achieve with your business. You will evaluate the need for the goods or services that you will provide. Regardless of how big or small your company is going to be, it is necessary to have a business plan in place. As an entrepreneur, you need to know before you sink money into your business that your business is going to be viable.

Many times people just starting up in business go into business without a business plan. Sometimes the business flourishes, and then sometimes it doesn't. You can design a business plan of your own, or you can go to a bookstore or a library to obtain books dedicated to the art of preparing business plans. Your business plan, when completed will be your guide. In the beginning you will have no idea what to expect, and your business plan may evolve as you begin in your new venture. You might want to take stock and review your business plan every 3 months to see how you are doing according to your business plan.

What are your objectives?

Your business plan is in place to state your objectives and to define how you will achieve your goals. You can also use your business plan as something similar to a resume. Take your business plan to different lenders; your business plan can be the tool that opens the door to a good relationship with many important people that can help you, such as investors and lenders. Your business plan is also a good tool to show and tell to prospective clients. Be open to suggestions. If prospective clients see your business plan they can tell you if you are on mark or not. If your pricing is too high, they will tell you. You want to be competitive with other people that do a similar business that you are offering.

If you have people that believe in your product and service and want to invest in your business, you can then add that information into your business plan. Name who your banker will be, your attorney, if you have one. If you have friends and family that are going to help you with your business, be sure to name them in your business plan.

Be conservative in your approach.

You want to be confident, but at the same time you need to be conservative. Don't oversell yourself. If you are weak in an area of business, you can write in your plan that you will employ a person, or bring another person into your business to fill the void that you can't fill. I have written a business plan for the business I hope to start one day just to give the reader an idea of what a business plan is. The one that I have made is very simple. A business plan can go from simple to complex according to the nature of the business.

Be careful!

It should go without saying, that your business plan must be readable. Be sure to proofread your business plan. Nothing looks worse to a lender, investor, or prospective client than poor grammar and misspelled words. If your plan is riddled with poor sentence structure, bad grammar, incorrect punctuation, you will draw negative attention to your plan, and the people you want to target won't take you seriously. Avoid using jargon in your business plan, use simple words that everyone can understand.

Here is a make believe sample of my business plan for the business that I hope to start one day. Right now it is only a dream, but one day it will be a reality. I have put the objectives in italics under each heading. I'm not an expert, by any means, so this is just a rough draft.

Business Plan

Business Description

(Describe your business and the nature of your product or service.)

I will provide small to medium search engine oriented (SEO) articles 425 to 500 words for clients to sign their names to. The client will give me a list of keywords for each article. I will provide the articles in groups of 20, or in smaller groups if necessary. I will have writers in place to fill the orders. I have an associate C. Roach and myself at the present time to fill the prospective orders. The company will also provide proofreading and editing services for clients that want to do their own writing.

Market

(Describe the market you want to serve, and the customers that would be interested in your product or service.)

I believe the market for Ghostwriting includes anyone that wants to advertise their products and services. Customers may want reviews of their products. Attorneys may want a descriptive overview of their services. My targeted customers are those that don't have the time to write their own articles. The clients interested in my service will be veterinarians, writers of text books, banks, finance companies, and other companies that want to advertise a product or service they sell on the World Wide Web.

Trend

(Describe the viability of your business. Is there a market for your business, and is the demand for your services large or small.)

The ghostwriting business has the potential to flourish. There are always companies advertising on the Web. They may want to change their websites from time to time to keep them fresh with new articles.

Price

(Describe the value of your product or service. What price tag can you put on your product or service to provide a good quality product or service and make a good profit margin.)

Ghostwriting is a valuable service. Potential clients need us because they may not have the ability write the articles they need, or they may not have the time or even want to write articles for themselves it. The pricing is not written in stone at the moment. For a 20 article package, the price could be up to $200; the unit price for each article would be $10. The freelance ghostwriters that are affiliated with me, (but not employed by me) will be independent contractors. I will have to pay them their wage for their writing services.

Source:

http://www.myownbusiness.org/s2/index.html#3

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