I love the excitement of starting up a new home based business. I enjoy trying out new ideas and approaches with the new venture. I dream the big dreams and hope to obtain some of them (if not all of them). I am sure you have those same feelings as well. Organization is imperative when starting any business. Some say that a well funded business has the best chance to sustain losses until it's profitable. However, if you are on a shoe string budget like me, money management is the key.
The place you need to start with your home business is with the pen and paper or word processing software and a PC. One thing I learned about starting businesses is there are so many variables involved it is not possible to "keep it simple" if you try to run the entire business without some type of plan. Not knowing or not being able to prioritize your needs with your business can result in bad money management and eventually failure.
Writing down what your business is about helps put your business into perspective and helps you define your immediate needs and hold off on spending on items you don't need right away. Most recommend you write a business plan. You can buy software to write a plan and go through a set of questions to write one. You could always research how to write a business plan online.
Whether you use software or not to write a business plan you could always ask yourself the basic questions. Getting to the basics means a lot to me. It provides a foundation to your ever evolving business plan.
If you are starting your own home business, try asking yourself these questions. They may help you in the same manner as they help me:
1. What is your business name?
2. Is your business registered as a "Doing Business As" (DBA) or Corporation? ? This is very important for tax purposes and banking.
2. Explain what you business does in one short paragraph. ? Describing your business in a few sentences helps define the main focus of your business.
3. What products does your business sell? ? List any product your business is selling and any variations of its availability.
4. Who does your business sell to? ? This will help you define your market (if any) Try to describe the personality of the market and why they would want to buy your product. It may provide a starting point for your business's marketing strategy.
5. How do you want prospects and customers to contact you in regards to the product your business is selling? ? You may decide that you don't want prospects to call your home number and you may need a separate phone line or a toll free number. This is part of defining your daily operations and costs.
6. Does your business need a web site? ? If the answer is "Yes", then you will want to think about what type of site you want and how you are going to build it.
7. How is the business to receive money? ? A very important question! Do you have a business checking account to receive checks? Does your business accept Credit Cards? Pay Pal?
8. How does your business make money? ? You should know how you can make a profit on the product you sell. You should know all of your costs to run the business. This way you know how much product you need to sell each month.
9. How much money are you going to spend on marketing? ? Marketing your business should be the priority and you should realize that you will need a budget to market your product. You cannot sell your product if your market does not know about it. Also, you may want to start out with a very small amount and try different methods until you learn how to market your product correctly.
Asking yourself these basic questions may help you shed light on areas of your business that you may have not taken into account. After all, it can be overwhelming running a home based business. Asking basic but tough questions about your business can help you identify the immediate and long term focus of your business and most of all sustain your business until it reaches profitability.
Topher John is a webmaster for http://www.mybenefitsavings.com and http://beinbusiness.net. He specializes in building internet small businesses. His interests are the healthcare industry, specifically how it relates to the family and physical fitness.
A survey released by the American Institute of Certified Public... Read More
Where would your business be without a proper plan? A... Read More
Imagine spending the same amount of money on marketing and... Read More
GETTING STARTED WITH SUCCESSION PLANNING: PART IA survey of 4,300... Read More
The first step in starting a restaurant is proper planning.... Read More
One Research Scientist at the Hewlett-Packard (HP) Imaging Systems laboratory... Read More
When looking at Akron carefully one cannot help but notice... Read More
Most companies that are worthy of raising venture capital have... Read More
After 128 years of business, a household word, Montgomery Wards,... Read More
Succession planning requires the owner of a small or medium-sized... Read More
More than $117 billion passed hands from Internet shoppers to... Read More
In today's rapidly changing and highly competitive markets, many privately... Read More
Too much goal setting and strategic planning can leave you... Read More
"I don't need a business plan."Neither did Alice in Wonderland."Would... Read More
1. Largest Selection -One way that you can make your... Read More
Part 1A few weeks ago I attended a seminar sponsored... Read More
Here is an abstract thought on studying nature and the... Read More
To stop a computer virus you must understand how it... Read More
Every new business owner knows that a business plan is... Read More
Is your business growing as fast and effectively as it... Read More
What gets measured gets done.How do you keep your business... Read More
By cranking up others development to meet your business needs,... Read More
Scenario OneDuring a recent presentation, a business owner was given... Read More
Six Sigma is becoming a proven approach for businesses and... Read More
We all know that nothing runs without a plan, and... Read More
If you own a mobile car wash business or auto... Read More
How often does your company make a quantum leap forward?... Read More
Mobile auto detailing equipment becomes very inexpensive around March each... Read More
A well known, national chain of restaurants discovered that certain... Read More
You might be thinking to yourself, "Why should I waste... Read More
If you own a mobile franchise business and wish to... Read More
Why cut costs now? Efforts are multiplying to cut costs... Read More
We have been spending many hours surveying the market for... Read More
Please take a moment before you read any further and... Read More
Where would your business be without a proper plan? A... Read More
One of the most powerful driving forces in human nature... Read More
If you are looking for a partner, funding, angle investor... Read More
1. Largest Selection -One way that you can make your... Read More
The University of Exeter in the United Kingdom recently published... Read More
Business owners and entrepreneurs are, by nature, risk takers and... Read More
Entrepreneurs often give little if any consideration to their computer... Read More
With the help of balanced scorecard strategy map, it is... Read More
Succession planning requires the owner of a small or medium-sized... Read More
When you start your program to purchase your "ideal" company,... Read More
Want to become more strategic? Add these traits to your... Read More
If you own a pressure washing business one of the... Read More
We all agree Strategic Planning is a critical part of... Read More
If you are a successful franchise of a large franchise... Read More
"I don't need a business plan."Neither did Alice in Wonderland."Would... Read More
A business plan precisely defines your business, identifies your goals,... Read More
How are you feeling today? Good, not so good, great?... Read More
There is a story, about a business owner who wasn't... Read More
If you're a solo professional like I am, you know... Read More
As a business owner, you've likely created a hurricane plan... Read More
Ask a small business owner about their strategic plan and... Read More
There are no "rules of thumb" in the pursuit of... Read More
Many very successful business owners may never have had a... Read More
Writing a business plan is an essential part of the... Read More
Growing your own small business can be one of the... Read More
The format of a Business Plan is something that has... Read More
To Grow (Catapult) Your Business That's Why.When it's in your... Read More
American Eagle Outfitters and Wet Seal Stores have issued statements... Read More
The decision to sell, or not to sell your business... Read More
It's easy to lose sight of what needs to be... Read More
When in doubt, cut that out! Yeah, yea, doubting Thomas... Read More
Microsoft Business Solutions Great Plains serves mid-size and large clients... Read More
Strategic Planning |