Nine times out of ten, the network marketer or home based business owner consists of one person. With that being said it may be very easy to blow this off as something that is not important. However, the fact that you are a solo endeavor is the very reason why you need to have a plan in place. Here’s an outline some of the key components of your business plan for your network marketing or home based business.
In this section, you define your vision and mission statements. These statements clearly define the purpose of your business and what exactly you want to achieve. Next in this section are your goals and objectives. Here is where you state what you want to accomplish and how you will bring that into fruition. Do not skip this part because it’s your goals and objectives that will keep you on track when life gets in the way.
In this section you will describe your competition. Who is the competition? People who are providing the same services as you that’s who. Your fellow network marketers, whether they are in your primary business or not. You also want to study the demand for your product. What’s the economic climate? Is there high unemployment or are people happily going to their J.O.B.?
Company Description and Strategy
Being self employed, you don’t need to go into great detail describing your company. However, you want to discuss your strengths and weaknesses. At this point in the game you are the entire management team and as such you need to determine what you do well and where you need assistance. Then, go find people who are strong in areas. Also describe your work space. Where will you set up your office, in a spare room or a corner of your living room? What are your office hours? Are you working 3 hours 5 days a week or 6 hours 4 days? What exactly will you be responsible for and what will you outsource?
Very import section; after all you want your business to be profitable. How much do you have set aside to start your venture? How much money do you want to earn and how soon? You should include a balance sheet, income statement and cash flow statement. There are many resources available to aid you with section so don’t panic.
Your action plan is your road map to move your business forward. It may include you hiring a mentor, or attending a training seminar. Whatever it is, don’t move forward without one. The reason why is because there is no one to keep you accountable or tell you what to do next. That’s your responsibility. Remember, the moment you decide to start your network marketing or home based business, you immediately become the CEO and everyone answers to the CEO.
In conclusion, your business plan is a living document and it will and should change over time. Your business planning is about determining your future. Where do you want your business to go? Where do you want it to be in 1, 3, and 5 years and what are the steps to get it there? Some people don’t see the need for a business plan especially if they work alone; however, every business owner needs a plan, yes even you.