The Business Plan For Homebased Business - (1) Information Gathering, The Entrepreneurial Personality, Selecting A Business

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The Business Plan For Homebased Business (1)

Information Gathering

A helpful tool for use in determining if you are ready to take the risks of a home based business operation is the SBA Publication #MA 2.016, Checklist for Going Into Business. It will help you focus on the basic steps in information gathering and business planning. While the reasons for the rapid growth of home based business operations may vary from the need to supplement family income with a few hundred dollars all the way to a sophisticated technical consulting service billing hundreds of thousands of dollars, there are many common characteristics and challenges to be considered in launching most home based businesses, regardless of size. Some tasks are universal to all small business startups, while others are unique to a home base. The experience of the author and interviews with dozens of home based operators over the past decade indicate that special planning is required to research legal and tax issues, proper space utilization and to establish time management discipline. Inadequate or careless attention to development of a detailed business plan can be costly for you and your family in terms of lost time, wasted talent and disappearing dollars.

The Entrepreneurial Personality

A variety of experts have documented research that indicates that successful small business entrepreneurs, whether male or female, have some common characteristics. How do you measure up? On this checklist, write a "Y" if you believe the statement describes you; an "N" if it doesn't; and a "U" if you can't decide:

I have a strong desire to be my own boss.
Win, lose or draw, I want to be master of my own financial destiny.
I have significant specialized business ability based on both my education and my experience.
I have an ability to conceptualize the whole of a business; not just its individual parts, but how they relate to each other
I develop an inherent sense of what is "right" for a business and have the courage to pursue it.
One or both of my parents were entrepreneurs; calculated risk-taking runs in the family.
My life is characterized by a willingness and capacity to persevere.

While not every successful home based business owner starts with a "Y" answer to all of these questions, three or four "N"'s and "U"'s should be sufficient reason for you to stop and give second thought to going it alone. Many proprietors who sense entrepreneurial deficiencies seek extra training and support their limitations with help from a skilled team of business advisors such as accountants, bankers and attorneys.

Selecting A Business

Perhaps you have already decided what your home based business will be. You know how you will serve your market and with what. If not, but you are determined to establish a home based source of income, then you need to decide exactly what business you will enter. A logical first step for the undecided is to list potential areas of personal background, special training, educational and job experience, and special interests that could be developed into a business. Review the following list of activities which have proven marketable for others. On a scale of "0" (no interest or strength) to 10 (maximum interest or strength) indicate the potential for you and a total score for each activity;

                  My Level     Personal     Market       Total
                  of Interest  Strength     Strength     Points
Personal services
-- house cleaning ____________ ____________ ____________ ____________
-- baby-sitting   ____________ ____________ ____________ ____________
-- tutoring       ____________ ____________ ____________ ____________
-- secretarial    ____________ ____________ ____________ ____________
-- catering       ____________ ____________ ____________ ____________
-- direct mail    ____________ ____________ ____________ ____________
Handicrafts
-- needle work    ____________ ____________ ____________ ____________
-- ceramics       ____________ ____________ ____________ ____________
-- jewelry design ____________ ____________ ____________ ____________
-- upholstering   ____________ ____________ ____________ ____________
Artistic work
-- painting       ____________ ____________ ____________ ____________
-- photography    ____________ ____________ ____________ ____________
-- prints         ____________ ____________ ____________ ____________
-- wire sculpture ____________ ____________ ____________ ____________
-- engraving      ____________ ____________ ____________ ____________
Repair services
-- small
       appliances ____________ ____________ ____________ ____________
-- furniture      ____________ ____________ ____________ ____________
-- clothing       ____________ ____________ ____________ ____________
-- TV and radio   ____________ ____________ ____________ ____________
-- automotive     ____________ ____________ ____________ ____________
Instruction skills 
-- languages      ____________ ____________ ____________ ____________
-- math           ____________ ____________ ____________ ____________
-- gourmet
          cooking ____________ ____________ ____________ ____________
-- music          ____________ ____________ ____________ ____________
-- home repairs   ____________ ____________ ____________ ____________
Mail order ideas
-- product sales  ____________ ____________ ____________ ____________
-- repairs        ____________ ____________ ____________ ____________
-- business
         service  ____________ ____________ ____________ ____________
Seasonal products 
-- foodstuffs     ____________ ____________ ____________ ____________
-- clothing       ____________ ____________ ____________ ____________
-- gift items     ____________ ____________ ____________ ____________
Party sales
-- cookware       ____________ ____________ ____________ ____________
-- plants         ____________ ____________ ____________ ____________
-- plastic goods  ____________ ____________ ____________ ____________
-- cosmetics      ____________ ____________ ____________ ____________
Your own ideas
___________________ ____________ ____________ ____________ ____________
___________________ ____________ ____________ ____________ ____________
___________________ ____________ ____________ ____________ ____________

For other ideas, check your local public library for one or more of the publications listed in the Resource Section of this Management Aid.

SCORING

0 to 10 Almost a sure loser
11 to 15 Reconsider, but proceed with caution
16 to 20 Some potential here, worth further study
21 to 25 Probably a winner, if you answered correctly

This checklist should give you a good idea of the kind of a business that would suit you best and why.