Home Business Ideas for Entrepreneurs and Business SeekersSeekers


Learn about our Interactive Business Community

Brainstorming IdeasFollow Me on Twitter


Be your Own Boss
Self-Employment & You
The Emerging Economy
The Home Business Advantage

Online Business Ideas

Google Adsense
 Affiliate Programs and links

Offline Business Ideas
for Home Entrepreneurs
 Adult Foster Home Business New
 Personal Caregiver
 Buy a Franchise
 FTC Consumer Guide
SBA Links

Getting Started
Investigate Before you  Invest
Getting Started
Start-up Costs
Assessing Your Assets
Location, Location
Starting a business Online
Technology and You
Finding Your Niche

Reference Materials

Web Tools

Article Categories:

Why Start a Home Business?

What you Need to know before Starting a Home Business

Getting Started

General Tips

Financing Your Home Business

The Mental Game

Ensuring Long Term Success

Website Tips

Time Management

Marketing Your Business

FR   .

Last updated: 7-28-11


Planning Your Home-Based Business
by Phil Hanson

Every business needs an intelligent, workable plan. From conception to inception to execution, successful businesses rely on planning to keep them on track for reaching their goals. Intelligent plans are the glue that holds successful businesses together.

If you need to borrow startup capital, potential lenders demand that you have a fully developed business plan, in writing, before they’ll even consider loaning money to you. Your thoughtful answers to the following – and other – questions will help lenders determine your ability to repay the loan.

What kind of business are you going to run? Will it be based on wholesale or retail sales? Or will you provide professional or craftsmanship services of some kind? Does import/export figure into your business? Where do your targeted customers reside? Serving a local clientele is usually less complicated than serving a national or international one. How will you reach your customers and, more important, how will they reach you?

When you create your business, what will you name it? What kind of legal structure will it have? Options are sole proprietorship, partnership, joint venture, corporation, sub-chapter S corporation or limited liability corporation. You need to decide which one is right for you and incorporate it into your business plan.

How will you finance your business? Does a ready market for your product or service already exist? Should you create product demand, or cater to an existing demand? How will you deal with growth? How will you pay business debts? Will you need to hire workers now, or in the future? What are the long-term prospects for your business? Could economic changes or unanticipated government regulations compromise your business?

A comprehensive plan will help you deal with contingencies if and when they happen. Strong planning helps businesses anticipate problems before they arise. Your business must be flexible enough to accommodate changes brought about by external factors that can affect it, and a solid plan allows for that kind of flexibility.

Failing to plan is tantamount to planning to fail. Make a good plan, and review it often. Revise your plan whenever external conditions indicate that changes are warranted.

Phil Hanson writes and edits e-media content at He also publishes Petey’s Pipeline E-zine, a quirky bi-monthly for Internet entrepreneurs. (more articles by Phil)

[Business Ideas for Home Entrepreneurs] [Our Community Concept] [Be your Own Boss] [OnLine Business] [Off Line Business] [Brainstorming] [Reference Tools] [Marketing Methods For Your Home Business] [Why Start A Home Business] [Getting Started With Your Home Business] [LOA] [Video_Reviews] [Time Management For Your Home Business] [Ensuring Long-Term Success For Your Home Business] [General Tips For a Successful Home Business] [Financing Your Home Business] [Creating An Effective Website For Your Home Business] [Before Getting Started] [A Positive Attitude + Motivation = Success!] [Getting Started] [Managing and Growing] [Managing] [Planning Your Home Based business] [Audio] [Tools] [Feedback] [Contact Us] [RSS Feed] [Affiliate Programs and Links] [E-Currency Testimonies] [FR Video]