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