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Having a business plan is like having a map on a road trip – it keeps you on the right track.

Often, when I recommend to my clients that they create a plan for their home business, they ask: “Why?”

I understand the inquiry. I mean, why spend time putting together such a document? Why not just do what you need to do to build it.

Now, typically I try not to answer a question with a question
- that can be annoying for the person who asked me a question
- but sometimes I do, which is the case here

So I will ask: “Well, when you go on a road trip, you bring a map with you, correct?”

The point being that a business plan is to a business what a map is to a road trip. When you travel, you use a map that someone else has created, but when you run a business, you get to create your own business plan.

Having a plan is important. Don’t just take my word for it though. Instead, ask yourself the following seven questions. Your answers may uncover the benefits you will enjoy by having a plan for your home business.

1. Are you confident that what you have chosen to do will work?
Understand that there are risks associated with starting any type of business. But with some research and planning, you can reduce and prepare for any possible risks.

2. Do you know the who, what, when, where and why of your day-to-day operations?
A plan will help you find the answer, including the costs and projected profitability, enabling you to understand what you need to do.

3. Do you have realistic milestones for yourself?
A plan will help you forecast realistically where you will be in six months, one year and five years. Keep in mind that goals should be specific, measurable and realistic.

4. Do you know your market?
In creating a solid plan you will research, analyse and write about your market. This will provide you with an overview for your business and also give you greater insight into you overall market.

5. What is your financial picture?
The process of writing your plan will force you to analyse your financial situation. You will determine how much money you need to get started, to build and to maintain. Again, preparation can often be a key ingredient to success

6. How are you going to monitor your home based business?
A plan serves as an ongoing tool that you can use to monitor your progress. A good business plan is a working document – one that is accessible to you. A plan that is tucked away in a filing cabinet serves no one.

7. Do you have contingency plan?
A solid plan includes some contingency plans. It can help you see how and where you can make changes relatively quickly if, and when, necessary.

Take the time to put a business plan in place. It is your road map to success, and your pocket book will reap benefits.

Source: The Star Newspaper
Article by Kimberly Anne, a businessperson with over 20 years of marketing experience, who has helped thousands of people start home businesses and achieve success.

Salam.
Md Hatta
019-3089268
hattabasir@gmail.com