In our discussion we highlighted the importance of having a master plan or business plan, for the success and sustainability of your home-based business. While creating such a plan may seem overwhelming for newcomers dedicating time to develop a well thought-out strategy is crucial.
Regrettably many aspiring entrepreneurs tend to overlook this step leading to undesirable outcomes.
Research from the U.S. Bureau of Labor Statistics revealed that businesses with a business plan had double the chances of survival compared to those without one.
It’s often too late when the realization dawns on entrepreneurs about the necessity of having a plan, usually after their businesses have already faltered.
The age-old adage:
“If you fail to plan, you plan to fail”
remains relevant today, is evident in businesses that have closed due to lacking strategic guidance.
Studies by CB Insights indicate that the primary reason startups fail is due to an absence of market demand, for their offerings often stemming from planning and research.
In this article we won’t offer a walkthrough on creating a business plan. There are plenty of business advisors and tools that are better equipped to provide such, an in-depth guidance. Moreover, each business is distinct, requiring a customized plan that aligns with its objectives and requirements.
Nevertheless, we can discuss some principles and effective strategies to keep in mind when developing your home-based business blueprint;
Begin by setting a vision
Define your long-term goals and dreams, for the business. What does success mean to you?
Conduct market research
Understand your industry target audience and the competitive environment. This will help you spot opportunities and potential obstacles.
Craft a value proposition
Figure out what makes your business stand out and how you’ll add value for your customers.
Develop a financial plan
Estimate your income, expenses and cash flow. Identify funding sources. Create a pricing strategy.
Outline your marketing and sales approach
Decide on how you’ll connect with and interest your target audience. Recognize the channels and strategies.
Define your strategy
Plan out the tasks needed to deliver your products or services. Think about logistics, technology and resource needs.
Form a team
Determine the roles required to carry out your plan. Hire individuals or delegate tasks when necessary.
Regularly review and adjust
Your main blueprint should evolve over time. Review it frequently to reflect changes, in the market customer demands and your own objectives.
Creating a master plan, for your home-based business may feel overwhelming. It’s a crucial step towards ensuring its long term success and sustainability. Investing time, in crafting a plan sets you up for success. Improves your ability to overcome any obstacles that may arise
Sources:
https://research.lib.buffalo.edu/ventureresources
This resource guide from the University at Buffalo Libraries provides links to various entrepreneurship and startup research tools, including CB Insights.
https://www.getapp.com.au/software/2049845/cb-insights
This is a review of the CB Insights platform on the GetApp website.
https://www.cbinsights.com/company/business-development-resources
This is a page on the CB Insights website about their partnership with Business Development Resources, a provider of business coaching and training services.
https://www.cassowarycoast.qld.gov.au/building-and-development/home-based-businesses
This is a page from the Cassowary Coast Regional Council website in Australia that provides information and checklists for home-based businesses.
https://libguides.library.qut.edu.au/az/cb-insights
This is a research guide from the Queensland University of Technology Library that includes information about accessing the CB Insights platform.
