Writing a Business Plan
Business plan, management plan, financial plan . . . aggh! I know, you are thinking that
now may be the perfect time to jump ship. Give yourself a bit more credit; you can do this.
With a little research and planning, creating these necessary documents can be easy and
empowering. Nothing says “I am my own boss, I own my own business!” more than creat-
ing and advertising your mission, objectives, personal plan, and cash-flow objectives!
I've mentioned organization before, and this is yet another example of how important or-
ganization and documentation are to starting and securing your own home-based business.
Start out by listing each of the headings that are essential to creating these all-important
plans. Put the already-established vision of your business in the forefront of your mind and
create the guiding policies and procedures that will define your business and set you apart
from the competition.
Remember that supportive family and those trusted advisers? Meet with those individuals
and talk through your plans. Bounce ideas off of these people and get their advice. This is
your business so only consider the suggestions that match your end goals. Remember the
evolution we have talked about and are hoping for? These plans are the heart of the early
stages of your business, but they may change with your growth. That is OK, too. Don't feel
bound, but don't lack the focus and effort that this step requires. In fact some of these doc-
uments will be necessary, not optional, so get to it.
Now, pick up your pencil and notepad and get started. Create the homebased business that
you've always dreamed of owning . . . the one that balances your life and fuels your pas-
Why a Business Plan Is Important
A business plan helps you keep your thoughts straight and acts as a guideline as you pro-
gress down the path to opening day. As you approach a bank for financing, it will be re-
quired. It also helps you validate the concept of the business and sets clear goals. For our
example, the business name will be NEWCO, LLC being opened in ANYTOWN, USA,
and is owned by the very successful Mr. John Doe. In this chapter, you'll see a complete
sample business plan laid out as it would be presented to a bank.
As usual, you should have all of your documents reviewed by your lawyer as you progress
through your business start-up, for advice on other issues, laws, and thoughts that might
not be listed here.