Lotus Work At Home Mums Blog

Planning your home business without the headaches!

By Leigh Hunt on June 18th, 2007

In my last article we talked about the importance of preparing for success by forming complete, unfaltering belief in your abilities to build a successful business. And yes, it is one of those ‘easier said than done’ scenarios. But in my opinion mastering self-belief is not only essential for your personal wellbeing, it’s also essential for the wellbeing of your business.  In fact, I think it’s fair to say that unless you’re firing on all cylinders emotionally, your business will not be as great as it could be.  The performance of your business is inextricably linked to your emotional wellbeing. 

There are numerous theories and methods on how you can increase your self-belief; too many to go into here.  And, of course, different techniques suit different people.  However, if you do have issues with self-confidence I strongly recommend you research the various options available.  In my opinion, it’s just as important (if not more) as the research you do into the credibility of your specific business idea.  Actually, I’m going to go out on a limb here and say that if you have issues with self-belief, you NEED to do this research and start implementing solutions BEFORE you go any further with your business.

OK that said; let’s assume you’ve got your self-belief in hand (along with an idea!).  What’s next in your journey to home business success?

The business plan!  Eek!  I know, I know, it scared the pants off me too!

But unless you’re planning to go to your bank manager for a business loan, forget the idea that you need to write a 100-page thesis!  In fact, the most effective business plans are often only one page long. 

Okay, so here’s my brief introduction to getting started with your business plan.  And this is just as relevant to existing businesses in need of a shake up as it is to newbies.  Remember last time we looked at becoming clear about the lifestyle you want to lead?  Well, this should be the basis for your business plan.  How does your business need to ‘behave’ in order for you to achieve your lifestyle goal?

Think ahead to the future.  It may be in one, three or five year’s time.  It’s up to you; whatever timescale is comfortable.  At that point you will be living the lifestyle you want.  So, between then and now what needs to happen? 

Break it down into bite size chunks.  First of all, fast forward to when you’ve ‘made it’.  You’re sat back, completely content with the way your business is going. How much money are you earning?  How many hours do you work?  What revenue streams earn your money for you?  How does your business and family life marry together?  Can you take time off whenever you need to?  What happens with the business when you’re not there?  The list is inexhaustible, so think of as many characteristics as you can about the behaviour of your business in making your perfect lifestyle a reality.  These are your individual business goals.

Right, now set some milestones.  You might choose monthly, quarterly or bi-annual milestones.  Set targets for each milestone that take you closer to your ultimate lifestyle goal.  Remember, your ultimate lifestyle goal is made up of the individual business goals you formed above.  For example, if in three years time you want to be earning £100,000 per year, what would you reasonably expect or want to be earning at each milestone?
You’ll probably find yourself changing your targets as you work through your plan, but that’s all part of the process.  Remember, your business plan is a ‘work in progress’ and you should feel comfortable changing and updating it at any time.  Also, your targets shouldn’t scare you; they should propel you in the right direction towards the right result.  At the end of it all, your aim is to have a business plan that you feel comfortable with, is easy to understand, and will actually guide you to success.

As featured on Enterprise Nation - The Home Business Website

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