Writing Your Business Plan

You’re ready to get your home business started in every way except one. You need money. Either from taking a loan or from investors. But where do you start? One thing you will need before you can get capital for your business is a business plan.

So what is a Business Plan?

A business plan is simply a list of answers to questions that people might have about your home business. You will not get outside funding without one, because the people giving you the funding want to know that you have  thought your venture through completely. A business plan shows that you’ve  considered every angle of your business, and are ready to get going.

Your business plan should include a description of your service. Just what is it that you plan to do? Tell the investors which industry you’re going to be in, and why you’ve chosen it.

Find out who are your customers once you know what your business will do and the next thing you need to know is who you are going to be doing it for. You need to explain what makes your business different from other businesses in your market.

How do you plan to make your business succeed?

List your expenses. Include start up expenses and any equipment that you need before you can get up and running. Also include your daily expenses such as staff costs and supplies.

This has been a brief overview if you need more help with your business plan do a quick search on the Internet. There are plenty of real life examples available.

Take care, and  see you next week!

David Phuah

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