Businesses of every type, including service providers and product-based companies, need a business plan. Don’t think you can skip on this important step just because you operate a side hustle. The benefits of a business plan include organization, profit planning and accountability and they extend to every large or small entrepreneurial endeavor.
If you'd like to put together a simple yet solid business plan, read on.
First Step, Focus.
When you create a business plan you need to focus on the reasons for the business: Who do you want to serve? What do you want to provide? When do you want to start? Where will you set up shop? Why do you want to start such an endeavor? How will you meld all these things together to create a prosperous business?
These are the primary reasons why you’re going into business and they should always be at the forefront of your mind when making decisions.
Something else to focus on is your big dream. How much money do you want to make over the next 5 years? Do you want to sell multiple products or have several locations? Everyone’s big dream will be different but you should write it down as part of the plan.
Second Step, A Plan.
Think of your business plan as a mountain. Your mission statement is at the base of the mountain while your big dream is at the peak. Everything in between is what you need to plan and these steps should also be incorporated into a business plan.
What products do you want to create? How often do you want to produce a product? How can you implement some passive income or affiliate income into your business? Are there any speaking engagements or online summit opportunities that will expand your reach and your followers? What can you add to your sales funnel for those not yet ready to commit to coaching?
Third Step, Action Steps.
This is where your planning steps are broken down into smaller, actionable steps. Instead of just saying I want to write a book, break the process down further. How much time can you dedicate each day to writing? Do you want to self-publish or find a publisher? You’ll need to hire an editor and someone to design the cover. These are actionable steps that can easily be crossed off your to do list once completed.
Don’t be thrown off here. You don’t need to plan 5 years’ worth of action steps at one time. The idea is to plan a year at a time, keeping your focus in mind, so that the action steps become a pathway or a blueprint to your big dreams.
If this seems like a daunting task, join me on my free webinar, Why You Need a Million Dollar Plan for a Million Dollar Business. We will discuss the importance of breaking down your tasks for more effective productivity as well as how to take ACTION, which is imperative to reach any goal. Hope to see you on [INSERT DATE/TIME]! Save your spot at this link [INSERT REGISTRATION LINK HERE]
Listen to Tenin Sing Hound Dog!
Occasionally I get nostalgic for my favorite theater performances. As a formally-trained theater actress the cast of each show becomes a new insta-family and together y'all bring a unique soul to each production. Such was the case for this run of Smokey Joe's Cafe where I played the role of "BJ" and sang a rendition of "Hound Dog" which was originally written and sung by Big Mama Thornton.
Have a listen!...
This production of Smokey Joe's was directed and choreographed by the illustrious Christopher George Patterson, and my costar in the scene is the prolific Jarvis A. Green. The venue was Plays-in-the-Park, a NJ theatre of which I am a proud alum.
Do you wonder what Big Mama Thornton's version sounded like? It's thrilling! Check it out now...
Famous Home-Based Business Owners
What's so great about home-based businesses?! Behind most corporate juggernauts is a home based business that was led by a soon-to-be trailblazer. These individuals had the gumption to turn their wildest ideas into income, starting in their garages, kitchens and bedrooms.
Today we're highlighting 2 millionaires and a BILLIONAIRE whose successful companies began most humbly, at home. The list of successful businesses that started in someone’s private home include many of the heavyweights like Dell, eBay, Nike, YouTube, Facebook, Yankee Candle, and Harley Davidson. If you ever need an argument for the validity and profitability of a home-based business reference this post!
The Pioneer Woman
Anne Marie "Ree" Drummond is an American blogger, author, food writer, photographer and television personality who lives on a working ranch outside of Pawhuska, Oklahoma. Known as "The Pioneer Woman", she runs her multimillion-dollar cooking and lifestyle business from home. What started as a mommy blog has turned into books, shows, media, and her own product lines. In February 2010, she was listed as No. 22 on Forbes' Top 25 Web Celebrities.
The FUBU Fashion Mogul
Daymond John has come a long way since turning a $40 budget into FUBU, a $6 billion fashion game-changer. Throughout his career, Daymond has continued to be an entrepreneur in every sense of the word. He is not only a pioneer in the fashion industry but a Shark on the 4-time Emmy Award winning Shark Tank, a New York Times best-selling author, branding guru, and highly sought-after motivational speaker.
Books by Bezos
In late 1993, Jeff Bezos decided to establish an online bookstore. He left his job and founded Amazon in his garage on July 5, 1994, after writing its business plan on a cross-country drive from New York City to Seattle. It has taken him more than 20 years to get to this heart-stopping moment, but the 54-year-old beat Microsoft magnate Bill Gates, by hundreds of millions, claiming the top spot: his net worth is $127 billion!
I just want to encourage you to honor that special home business idea inside of you. It can transform your life! Don’t forget to tag me on Instagram @tenintv so we can hear about your 2021 business ideas
Hey friends! Today we're going to explore one of my favorite topics: home based businesses. I've grown up around a home based business for most of my childhood because my mother was a local caterer. Home businesses come in many forms and fashions which is very fascinating. Bombastic brands like Amazon, Dell, and Martha Stewart Living began as home business enterprises and grew from there. If you've ever wondered how home businesses came to prominence, read on!
There was a time when home-based businesses were the norm. Home-based businesses are located at the home of the business owner. This means that if you run your business primarily from your home (whether you own it or not), yours is a home-based business. Combining living and working spaces allows families to maximize their use of space and work together mutual benefit. No wonder home-based businesses have been in existence since our pre-historic days, when families worked together to make clothing, process food, and gather animals.
In medieval times, families set up their trades at work-homes; homes designed to accommodate living spaces as well as the family workshops. Skills were passed on from one generation to another, and the typical home was designed to accommodate the family butchery, dairy, textile, dressmaking, weaving, metalwork, tannery, or woodwork business, among other trades. Because the businesses were staffed by family members, the lines of division between work and family life were blurred.
It was the industrial revolution that pulled massive numbers of workers from their homes into offices, mines, and factories. Some women took up work outside the home. Other women continued running home based businesses doing things like sewing, selling baked goods, or providing laundry services.
In the 18th century, some of the home based businesses in existence were silk weaves, textiles, and butchers. In the 19th century, there were home makers, dressmakers, shoe makers, and launderers running their home-based businesses. In the 20th century, bakers, graphic designers, landscapers, and cleaning/laundry businesses were some of the business owners to run their enterprises from home.
Hobby or Business
The difference between a hobby and a business is in its purpose. While hobbies serve recreational purposes, businesses are intended to make a profit. The IRS allows you to deduct business expenses from your income. If you keep records of income and expenses, intend to make money, and consistently make moves to ensure that your activities are profitable, what you have on your hands is probably a business. On the other hand if you don’t mind losing money now and in the future, then it is most definitely a hobby.
The internet has given home-based businesses a new lease on life. If the modern age brought with it a separation of work and home, the information age is once again bringing the two together.
Do you own or operate a home business? If not, what type of home business would you enjoy running? Let me know in the comments!