2 FREE AudiosHow To Write A Home Party Company Business Plan
Posted by Deb BixlerWrite A Home Business Plan For Tax Deductions
All successful businesses have a business plan. A business plan assists you in achieving your goals in business as well as increases your tax deductions.
I am often asked “what are the secrets to success in a home business”.
At first I thought that there were no secrets. Now I am starting to realize that the true secret to success in any business is to treat it like a business or a profession.
Home Party Success = Professional Attitude
Home party success depends on a professional attitude! Professionalism doesn’t mean that you must work full time it just means that you must act like a professional.
When you treat your business like a hobby you will get hobbyist results. When you treat your home party business like the professional earning opportunity that it is you will earn a consistent pay check.
The size of the pay check will be in direct relationship to the amount of time invested. Professionalism is an attitude not a time commitment.
Write Your Home Party Plan Company’s Business Plan
Your business marketing plan is a perpetual work in progress. It provides you with a marketing path to follow in your business and it makes you IRS compliant for taking the home office deduction as well. It will change from time to time. Your business plan will provide you with goals and clarity for your business and keep you in compliance with the IRS for your home office deduction.
The Power UP For Professional Results program includes a Your business plan template. (If you are playing the CashFlowShow Game be sure to check your score card for a discount code!)
How To Write A Business Plan
When you write your business plan like a professional and update it yearly you will be setting yourself up for business success.
As you listen to the audio recording you will learn how writing a business plan will keep you on track.
Many people have a plan but never write it down. Take the time to write out your goals and the actions that you will take to reach your goals so you have a way to gauge your success and determine how you are doing.
NOTE: Deb is not a lawyer, accountant or tax consultant. Be sure to consult your financial adviser.
Hello Deb!
What a great post. I agree with you whole heartedly. Funny how the business model is referred to as Home Party Plan(s) or Party Plan(s)!
I have written many a post on this issue.
I have been following you and your blog. In fact you recently worked with a former mentor of mine Jeff Zalweski…small world I know.
I am part of a group named WHIM (Women Here In Motion). We do weekly interviews on women of interest who are movers and shakers and I would love to have you on the show. Do you twitter? If so let’s get in touch
Thank you for all you do!
I am on twitter, actually I just joined this week and am still learning my way around. I would love to be on our show. Thanks for visiting…
http://twitter.com/debbixler
I recently put my goals and how I will accomplish them in writing…. I guess it’s time to work a business plan too. Ok, I’ve added it to my to-do list! Thanks Deb!
Great info…things go much smoother when you lay things out…its like having a map to get to your destination
I’ve always struggled with putting my goals in writing. And writing a business plan sounds about as much as fun getting a tooth pulled without novocaine, I definitely agree that your business will be as professional as you make it. This is just one more step to take it to the next level.
Deb, thanks for the tips. I have this on my to do list..just must get down to it. I also do taxes and bookkeeping for others, and record keeping is vital. The business plan is one more step in the professional process. Thanks again for the guidance..especially the parts about does this further my business.
Planning, action and documentation are a vital part of any enterpris small or large. As you review you efforts in line with YOUR goals, yes, the plan will need tweeking. Especially if your business plan is moving along quickly and successffully. A busines plan isn’t nearly as painful or daunting as some fear. Using pictures of your goals before you will keep you revising and vamping up your plan. Tracking and documentation of results and the activities you use to achieve them, make record keeping for business purposes so much easier.
Writing a business plan really helps with marketing expenses. Sometimes I can get wrapped up in a really “neat” idea that’s cool, but really not a good idea from a financial perspective. Plus, having a marketing plan helps to make quick business decisions when a new opportunity presents itself.
I too have began to write out my plan for 2012, great information.
and this time of the year is a perfect time to update your business plan! You must have direction, purpose and clarity for your business, and this can ONLY come about by a business plan. Kind of like a map. If you are going to start out on a long distance trip, you need a map, right? Same goes for your business. As a consultant it is your responsibility to manage your business, things will go smoother down the road that way!
Taking the time to write out your plan and your goals is the most definite way to achieve them. And, share this with your team or upline. Someone to hold you accountable and check in on you and your goals from time to time (even if they change) is a great way to keep focused on your business!
This is a perfect post for everyone in direct sales to make a plan for 2012. I am using much the same as your business plan, modified a bit for my particular business and will present it to my team this month to do their own business plan. Have a map of where they want to go, keeps them engaged in their business.
Good point to write down your business plan with a professional attitude and be able to look back in time to see if you’ve achieved your goals. I like the idea of renewing it every year as well.
I wish more Direct Sales companies would use your verbage instead of make a plan and then go for it. This is much more professional and really helps one to get in the mindset of being a business person!
I did an elaborate biz plan. I need a formatfor one I can stick too. I need to make it attainable.
This is a difficult thing to do I seem to have my plan in my head but putting down on paper is tough. I will Speak to my leader to get some help, thanks for the info Deb!!!
Hey Rob, the Power Up program has a template for a business plan that was written by an IRS specific accountant specifically for direct sellers. http://www.createacashflowshow.com/find-bookings
Lightbulb just went on Business Plan. I have never been good at setting goals now I already for my 2012 plan big time
Rob Dufour sent me a direct email and thought others may have similar questions so he asked: “Does the PU business plan template work in Canada?”
To that I replied: Well, I am not a tax expert and yet all the investigating that I have done is that the Canadian tax regs (and AU) are very similar. Basically, the template that is included in the Power UP For Professional Results is a plan for growth in your business or company that lays out the agenda you plan to follow and in doing so that shows that you have an intent to profit. When you have a business purpose/a business that intends to profit (whether you do or not) it justifies the home office deduction. My short answer would be yes.
Again, I am not a tax attorney or accountant and am not giving you tax advise. LOL
Deb, I can’t believe how much I have learned from you! I had never even thought about writing a Business Plan for my “little business”! Now it’s at the top of my To Do List!!
Super Info Deb! It made me search out my original business plan and I was amazed at how powerful it made me feel to read over it once again.
Goal for 2012…actually right down my business plan. Been meaning to do it for 8 years. And your template with the PowerUP program is awesome!
Thanks, Laurie – Great goal for NY! The business plan is part of the power up program: http://www.createacashflowshow.com/find-bookings
Business Plan is definitely on my list to get done for 2012. I have been in more of a hobby mode this passed year and I need to really focus on my business. A business plan will really help keep me focused and reach goals in 2012!
I Really need to sit down and think through this one, as I have been putting it off for some time out of fear from some of the fancy ones that i have seen. On my top 5 list for the new year! Thanks Deb.
I never thought about settings goals as a business plan. I see it definitely is and maybe making a “business Plan’ will create a more professional view of the future than goals in my head. Thanks Deb
I have floated along without an actual plan in place so my first goal of 2012 is to get my business plan written!
Writing a business plan is now on my 2012 goal list. I want to 1-create direction, 2-reduce income tax liability, and 3-generate growth! Thank you for the great tips! Terry
Okay, first I have to admit that I don’t “do” North, South, East, West … I get somewhere by turn left here, take a right there, or turn immediately past the golden arches, LOL What I’m getting at is, without directions in both my personal life and business life, I would be completely lost! Thanks for another great topic, Deb!
We really do need to do this, but have put off continually. Maybe this will be the year?
Blessings! Judy
Thanks for pointing out the intent to profit for the IRS. Important for the tax deductions. Fine article, Deb!
Love the reminders! As hard as it may seem to sit down and come up with both a business and tax plan for your business, it’s even harder when you realize you have been in a hobbist. Well worth the time it takes to map out a plan so you do not get off track and find yourself wondering about! Great information, Deb!
These basic tips are real life actions. I really appreciate the training you are providing and the fact that it is real ideas that can be incorporated into our business now.