Do I have the Skills for My Home Business Plan

The Business Acumen checks

Different jobs different skills

In your home business plan you are going to need some business skills to make sure what you start, survives, grows and produces. You are going to need skills that will help you make your ideas into a reality and protect the long-term future of your business.

Assess Yourself

Assess your own skills and knowledge. Do you need to learn new skill sets or can you get some of these skills from outside sources or employing them. I went back to college at 50 years old to brush up on my core business skills for 1 day a week for six months.

I thought it would be a waste of time, wow!  I couldn’t have been more wrong, things had moved on since I went to college and I learned a lot of newer things that saved me massive amounts of time in my business ventures as well as bringing the knowledge I needed, up to speed including my  home business plan.

Skill area requirements

Areas to include in the home business plan

Money and finance management

Have a good grasp of cash flow planning, credit-management and maintaining good relationships with your bank and accountant and suppliers if you have them.

Product development

The ability to make long-term plans for product development and identify the people, materials, skills and processes required achieving them. In order to make such plans you will need to know your competition and your customers' needs.

People Management

This includes managing recruitment, resolving disputes, motivating staff and managing training. Good people management will help employees to work together as a well-functioning team.

Business planning

The ability to assess the strengths and weaknesses of your business and plan accordingly. Download our Home Business Plan and Guide Here. (secure download)

Marketing skills

A sound marketing approach will help you set up and oversee sales and marketing operations, analyse markets, identify selling points for your product and following these through to market. See our guides on how to write a marketing plan and market research and market reports.

Supplier relationship management

The ability to identify suppliers and positively manage your relationship with them.

Sales skills

Without sales your business cannot survive and grow. You need to be able to identify potential customers and their individual needs, explain your goods and services effectively to them and convert these potential customers into clients.

Your home business plan should include all these areas and more integrated into every facet of how you are going to go about starting, running and growing a secure home business and income.

The UK Government website gives some advice on starting a business GOV.UK Website - Set up a business.

I will put more outside advice sources in the resource section that may help. Remember, if you are not in the United Kingdom your country laws may be very different.

Next: 5. Do Your Market Research | 6. The Financial Leap of Faith
7. How I started My Business and the Decision Process I took

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