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How You Should Write a Good Business Plan

Every business needs some kind of a plan to be successful. This plan should be updated regularly and should also contain certain criteria if you are going to achieve that success.

When you first start your business it is probably the easiest time for you to think about writing a business plan. However, if you want to have a sustainable business then you have to evaluate and change your business plan on a regular basis.

In this article I am going to go through the most important aspects that you should include in your business plan whether this is your first plan or indeed if you are changing an ongoing business plan.

Realistic Planning

When you create any plan you must make sure that it is going to be realistic. This doesn’t mean that you write an easy business plan – your plan must be ambitious and it must push you but it must be something that realistically you can achieve.

There is nothing more demoralising than trying to reach a particular goal when in fact it is not possible. In order for your goals and targets in your business plan to be realistic they must be under your control.

Short-term and long-term Targets

You must also include long term as well as short-term targets and goals. If you don’t have a long term goal then it becomes easy to lose your way. You can get so caught up in the short-term goals that you lose sight of the bigger picture.

Therefore start with your long-term goal and then break that down into short-term goals so that you know as you work through each of these targets you will be on your way to completing the longer term goal.

Measuring Performance

Your plan must also include some kind of measurable target so that you can actually measure whether or not you have achieved your goal. By including measurable aspects to your business plan you are in a position to be able to measure your performance or your businesses performance in specific areas.

For an Internet business this might be number of subscribers, number of website visits, subscriber worth, number of products, length of email campaign, etc.

Your business plan needs to be something that will enable you to achieve specific things but also enable you to measure the performance of actually achieving it. Performance is an important aspect because it gives you insight into your effectiveness and what areas need to be improved upon.

Your Home Based Business And Your Get-Rich-Quick Dreams

If you see your Home Based Business as a way to realise your get-rich-quick dreams, please read here. This could save you money, time and many disappointments.

We are bombarded with stories in the media about people that have made their billions of dollars at a very young age or very quickly. These “idols” as some people see them become “role models” for many people to start and develop their Home Based Business ideas or other business ideas.

We also read about people winning big bucks in the lottery or at a casino or by betting on horses or something else. Are they also “idols” or “role models”?

I do believe that there are some similarities and differences between these two groups of “idols” that can help you and me in thinking, dreaming and conceptualizing our big ideas and big awards for our Home Based Businesses.

Let us think about our ideas and dreams.

If you are dreaming only of getting big bucks very quickly with a minimum of input or work or expertise, the best probability of getting that will be at a casino or by buying a lottery ticket. In both these cases, you will be able to calculate the statistical probability of getting the big bucks. You know that it is very, very small. Nevertheless, some people are winning. They do get the big bucks against all odds. So you can too. Why not? You can decide.

If your dreams are to get the big bucks with your Home Based Business very quickly, it is possible. The probability is bigger compared to playing the lotto. The opportunities are there. What must be done to achieve it is different to the lotto. You must have the idea that can be monetized. You will need special skills, business expertise, technological know-how and many other things to monetize your big idea to make big bucks quickly.

If you do have all these ideas, resources and many more dreams, it can be done.

There are examples of people that have done it. Some people have started their enterprises in their garages at home and developed it into a Fortune 500 company. You might be the next Bill Gates… Go for it. He has proven that it can be done.

We must realize that these people are the exceptions though.

If your dream is only to make money in your Home Based Business, you will be mislead by the internet gurus explaining or trying to convince you to pay them some money once off or on a monthly basis to get access to their get-rich-quick scheme. With most of these schemes, you will be disappointed because you do not hear the whole story during their sales pitch to you. They are very good and convincing sales people that can sell ice to the Eskimos. Be careful.

The more realistic journey to you big money dreams must be different if you are realistic.

I want to discuss the realistic dreams and that journey to achieve our dreams.

What is more important is to have realistic expectations of what you want to achieve. You have to take into consideration what your strengths and talents are, how much time you have available to spend on your Home Based Business and how much money you want to invest into your business.

These are the “hard issues” that can be calculated. Maybe the more important issue to get clarity on is what your passion is. What is you motivation? How strongly do you want to make a success of your Home Based Business? Are you willing to sacrifice to achieve your goal? Do you have the motivation and the stamina to push ahead if the tide is going against you in your Home Based Business? Get clarity about these softer issues before you start.

Spend some time by doing some research to find the Home Based Business that suits your requirements. That might not be the one that gives you the big bucks very quickly. The possibility of making a success and earning money with your Home Based Business is bigger if you live and work your passion than when you only go for the money and get involved in something that you do not enjoy.

Find your passion in your Home Based Business. Work your passion. Do not get involved in a Home Based Business as if it is a get-rich-quick scheme. It is not a get-rich-quick scheme. Do your research and find your passion. Build a business over time by living your dream and working your passion. By doing that, the possibility of being a Bill Gates is bigger compared to the gambling alternative.

Join our team, we will guide you on this journey.

The Most Notorious Business Risks To Look Out For

Starting a business is one thing, but keeping it running is quite another. The first few years of business are usually the most critical and if care is not taken to safeguard the business against unwanted risks, it is very likely to go under without warning. Before a business becomes a huge conglomerate, it has been a small business before.

Small businesses are very vulnerable before they pass the threshold into medium and large scale businesses. In a small business, the top managers concentrate mostly on turning a profit in their daily operations and do not consider the risks involved in their line of business. Many are so eager to see their businesses thriving that they forget to speak to their insurance brokers about what could go wrong when they are going about their business.

Any business whether big or small, must periodically complete a risk management checklist. This is a very important checklist that highlights the various risks that plague any business at any given time. Without knowing the things that can go seriously wrong, it is impossible for a business to protect itself. Once risks have been identified by the safety committee, they are prioritized in terms of which are the worst downwards towards the least risky.

It is always best to know the biggest problems and begin tackling them quickly and in good time. With these big risks, a business can look for various ways of protecting itself from liability in any form. Smaller sized businesses can choose to cover their big risks with small business insurance quotes. The smaller risks can be managed at the company level because their effects are not very serious.

Some of the risks that a business must ensure it is safe from include acts of malicious damage and negligence by both staff and customers. It is common knowledge that human behavior is very uncontrollable and when under stress or pressure, a person can do anything. In the case of member of staff, they can get into reckless behavior and destroy company or customer property willfully. In the case of aggrieved customers, depending on the manner in which their grievances are handled, they can react in unexpected ways. Although a company many go out of its way to ensure that their staff are trained on how to handle equipment in the workplace, accidents can happen from misuse or unnecessary aggression or playfulness. Furthermore, company managers cannot be around all the time to monitor the people under them.

Another risk that should never escape the keys of business owners is incidences of theft or burglary. Many businesses, no matter how secure, end up as victims of the most embarrassing burglary attempts. Cases abound where mega corporations or even banks have been robbed of millions of dollars in ways that look very mundane and simple. This can be very embarrassing for any company and can easily lead to tarnishing of its good name in the market.