work at home, women in business, resources for small business

A Business Plan for Your Home Business

Mompreneur Business PlanMy mom entrepreneur clients and seminar participants squirm and cringe when I talk about writing a business plan for their home business.  They want to jump into the creativity and start making money!

Enthusiasm and creativity will carry you far, but not far enough. You must have a plan for your business.

“It’s too formal.”  “It’s too boring.”  “I don’t have the software.”  “It’s going to take me months.”  “I don’t know how.” “I don’t have the time.” ” I already know what I want to do in my business.”

All of the above statements are  UNTRUTHS and are not applicable when when writing a business plan. A business plan is exciting…even electrifying! You can do it in less than a day with paper and pencil.  And for those of  you who have the plan stored in your head, you’re setting yourself up for failure.

The old adage is true the woman who, “fail to plan, plans to fail.”

Do I really need a business plan?

Not all small businesses require a business plan. But every business owner need to have one. I help my clients write a business plan that is very simple, succinct, and strategic.

Why is a business plan necessary?

Glad you asked.  Building a business takes a lot of foresight.  You have to hang on to the details of the future while you’re operating in the present.

When your present time is divided between babies needs, household responsibilities, grocery shopping, spouse’s expectations, piles of laundry…do I need to go on…it becomes very apparent that the future details of your business can quickly become lost.

Consequently, you will find yourself lost and unable to be effective in your entrepreneurial pursuit.

A business plan:

  • allows you to stay focused on the present and the future at the same time.
  • helps you define your goals
  • helps you determine the methods you will use to accomplish them
  • predict the profitability of your business
  • measure your progress
  • serves as a communication instrument for bankers when you need a business loan

So mom entrepreneurs, yes you must have one! It’s the only way to clearly define your success and that clearly defined path is the first step to getting there.

Tomorrow I’ll address the formalities of a business plan and help you determine what you don’t need for yours.

In the meantime look at Palo Alto Software. It has simple step-by step instructions; over 500 editable sample business plans included for all sorts of businesses so that you can find a sample plan and use it as a guide to write your own. And it comes highly recommended for small businesses like yours.


“A great example of an out-of-box solution that is user-friendly and produces a formatted final product you can circulate among potential investors.”
Read more reviews


“Use this software and kick butt!”
Guy Kawasaki, Author, Art of the Start

Read more reviews

 

 

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To Our Mutual Success, Lady T



19 Comments
  • Angel Baker
    December 16, 2010 at 5:03 am

    i was home schooled when i was still very young and i have to stay that it is also a great way to educate your kids ‘*-

    Reply
  • High Pressure Cleaner
    December 13, 2010 at 4:27 pm

    goal setting is sometimes difficult but it should always be done “,-

    Reply
  • Caitlin Baker
    September 6, 2010 at 3:08 am

    sometimes i am having some problems when setting goals`;,

    Reply
    • Lady T
      September 6, 2010 at 9:37 am

      setting goals can be a challenge. some of us find that setting them is easy but following through is difficult. You have know specifically where your challenge lie and get someone (a good friend, spouse or coach) to help you work through your stumbling block. I’ve also found that EFT is also great for moving me pass mine.

      Reply
  • Ethan Jones
    July 22, 2010 at 10:00 pm

    i was home schooled too but i would still prefer regular schools.”

    Reply
  • Natalie White
    July 20, 2010 at 10:32 pm

    Goal setting is very important if you want something to be done in a short period of time.

    Reply
  • Joseph White
    July 9, 2010 at 3:28 am

    i was also home schooled when i was younger and it is also a great weay to get your education.:*,

    Reply
  • Pam
    February 4, 2010 at 2:59 pm

    Great advice here. Ok, so I guess I need to create a business plan. I intend to use FreeMind to map out the basics, then I will check out the templates you mention. Thanks.
    .-= Pam´s last blog ..Strassburg Sock =-.

    Reply
  • Eren Mckay
    January 14, 2010 at 4:01 pm

    I agree that having a plan is absolutely essential. In this modern day world it’s so easy to get sidetracked with not so important tasks. Things that are good but aren’t the most important tasks for us to be doing. By having a plan we can keep on track.
    The whole issue is finding a way for that plan to fit our personality and lifestyle. To me that’s the biggest challenge.
    Thanks for those points of why we should have a plan- helps get us motivated to actually start planning 🙂 .
    All the best,
    Eren
    .-= Eren Mckay´s last blog ..Discover the Power of Allowing Yourself to Cry =-.

    Reply
  • Cindy Bidar
    January 8, 2010 at 8:27 am

    Great advice! Yes, you need a business plan! Even if your business is a lemonade stand, a business plan will help keep you focused (should I sell iced tea? what about cookies?) and will make sure your business is truly viable before you invest your heart and soul into it.
    .-= Cindy Bidar´s last blog ..Developing an Internet Marketing Plan for 2010 =-.

    Reply
    • Lady T
      January 9, 2010 at 2:24 pm

      Yes Cindy! That’s the purpose: to determine if it’s doable before investing your heart and soul! Most home biz owners get excited about the “potentials” and the creativity, but both of those can quickly be killed off by reality. LOL!

      Reply
  • Shannon at Living Life at Home
    January 7, 2010 at 10:54 pm

    Writing things out really helps me focus my business. The years I don’t do re-visit my business plan are the years I tend to wander rathar than move forward. This last year has been all about re-designing my business, changing it’s direction, so i’ve spent a lot of time writing business plans, especially going into 2010. It’s been a hugely helpful too, even though I’ll never use it for any official purposes (like getting a loan), it’s been an incredible tool for getting focused and casting the vision down on paper to keep in front of me and to keep me centered when I start to wander or doubt. Looking forward to 2010 and all it has in store for us – thanks to having my plan in place and taking action against it.
    .-= Shannon at Living Life at Home´s last blog ..Goal Setting with Kids: Creating Vision Boards =-.

    Reply
    • Lady T
      January 9, 2010 at 2:29 pm

      Good for you Shannon!! And God bless you in 2010!

      Reply
  • Do Business
    January 4, 2010 at 6:30 pm

    Setting benchmarks will help you to create a focused plan that will help you to reach your success. Do Business

    Reply
  • leola
    January 4, 2010 at 1:52 pm

    Do you really need a grant to start a non-profit organization. I will also be starting it from my house.

    Reply
    • Lady T
      January 5, 2010 at 5:18 pm

      Not necessarily Leola. It depends on what you’re starting and how much money you need.

      Reply

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