Do you have a business plan? A lot of small- and home- business owners don't ... but every business owner should have one.
It's really not that difficult to create a business plan, because you create it based on your own needs and goals. Every plan is unique ... and flexible, not carved in stone. So don't worry if your business changes direction next week -- just update your business plan to reflect those changes.
Here are a few questions to ask as you're preparing your business plan:
1. Do I have what it takes? Do you have the skills required by your business? Are you prepared to keep working to improve your business skills for the rest of your life? Do you have a strong background in your business area, or at least an interest in learning as much as you can about it? Good, committed business owners never stop learning. I am committed to improving my business skills and knowledge every day.
2. What are my goals? What do you want to \accomplish with your business? What is your grand vision? Write a mission statement that can summarize that vision and guide you into the future. Example: "My goal is to operate one of the most up-to-date and customer-friendly web design companies for small business owners."
3. What is my business structure? Businesses can be organized as sole proprietorships, partnerships or corporations. You can find a good guide to the benefits and drawbacks of each in Marguerite Kirk's "10 Commandments of Small-Business Success." Or, visit the Small Business Administration for guidance.
4. What image does my business name convey? Examine your choice of business name carefully and make sure it conveys the image you want. Some common problems are not being specific enough ("Smith Enterprises"-What does it do? Is it a software company? Pet-sitting service? Financial consultant?), using mixed metaphors or lame expressions (A mail-order specialty food business named "A Touch of Food" not only doesn't mean anything-it implies people are touching the food you buy. Yuck!), or infringing on someone else's established business name (Name your desktop publishing company "Words 'R Us" and a certain big toy company will have lawyers calling you shortly).
5. What is my edge? What will make your business unique? What special talents, knowledge or other benefits can you offer? How will they contribute to your potential for business success?
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