Why Write A Business Plan? A TemplatePosted by Deb Bixler
A business plan can either be designed as a formal proposal to lenders when seeking financing, or it can be a written outline that details the strategic plan of your business. Whether your home party plan business is seeking financing or not, you should create a written business plan.
Why Home Party Plan Business Should Have Written Business Plan
Though most home party businesses do not require financing, there may come a time when you will need to obtain a business loan. To get one, you will need a formal business plan. The length of the document will be a function of the size of your business. Since most home party businesses are relatively small, the formal business plan does not need to be very long and complex.
The business plan should include:
- Summary of your business – what your business sells and your business experience.
- Your business mission statement – why are you in business?
- Company description – number of employees, structure, team members, and other details.
- The market – spell out your potential buyers.
- Sales and promotion plan – how you will be marketing and promoting your product.
- Financial information – the current state of your business finances and how the money will be used.
Even if you are not trying to obtain financing, a written business plan is important to the success of your business. Do not start a home party plan business without one.
ALL successful businesses have a written business plan!
8 Reasons Your Home Business Needs a Business Plan
- Can help decide if your business can achieve success: It is a proven success strategy!
- Provides a formal estimate of expenses: Profit is key and expenses determine profit.
- Can help you select the right product line or company if you have not done so yet.
- Defines your market and your potential customers.
- Provides a reasonable estimate of your revenues.
- Can help define your competition so that you are more competitive.
- Can help you predict potential problems and design a strategy to avoid or solve them.
- Gives you a path to follow all year!
Having a home party plan business is a great way to make a living.
You get to work from home, sell products at parties, work your own hours, and call your own shots.
However, having your own business can be difficult, especially in these tough economic times. A written business plan is one of the most important steps you can take to ensure long-term success and profitability. Without one, your business is like a boat lost at sea without a compass, a chart or a radio.
Direct Sales Business Plan Template
A business plan that lays out actions, goals and marketing strategy that are specific to a direct sales business is essential. Including things in your business plan like recruiting, bookings, family support and other unique home based business scenarios makes your business plan more effective!
Both the Direct Sales Recruiting University and the Power Up For Professional Results Bookings program (editable template with hard copy CDS) include an IRS accountant-created business plan template that is specific to a home based direct sales business.
All successful businesses operate with systems.
A system works the same for everyone who applies it! A business plan is a system that all successful businesses use!