by Elizabeth Ducie

Created on: December 28, 2007   Last Updated: July 06, 2008

Whatever business you are considering setting up, you will need a business plan. This doesn't need to be a formal document. It can take the form of a series of questions you need to address before you start. The questions will cover a number of broad topics:

* Your product or service
* Promoting your product or service
* Your place of work
* Financial questions
* Personal questions

This article looks at each of these topics in turn and suggests some of the things you will need to think about before you start that home business.

YOUR PRODUCT OR SERVICE

What do people need?

It's no good just thinking you have the best idea in the world - if people don't need your product or service, your business will fail. (Just ask the people that used to sell slide rules.) You need to identify a niche in the market. Try finishing the sentence "wouldn't it be great if this town had a ....". Better still, get your friends and family to finish the sentence; get as wide a range of ideas as possible.

Can you provide it?

Identifying a need is one thing - being able to satisfy it is another thing altogether. If the one thing that the town needs is a decent mechanic - but you don't know how to pop the hood on a car, you are going to fail. On the other hand, if the town needs a good source for business lunch buffets and you love cooking, then you are in with a chance.

Will you enjoy providing it?

Working from home is hard work. So, if you are not going to enjoy it, don't even think about starting. It has to be something that interests and enthuses you. Otherwise, it will be as boring as working for someone else - but with more responsibilities.

PROMOTING YOUR PRODUCT OR SERVICE

How will people know about you?

It doesn't matter how good your produce or service is - if no-one knows about it, it won't sell. So make sure you have your promotional plans in place. Network like mad every chance you get. Tell people what you are doing and ask them to tell their friends. Word of mouth promotion is very powerful. Make sure you have your product or service summed up in a few words that will trip off the tongue and will be easy to remember.

What stationery do you need?

You need either a business card or a simple flyer that can be handed out at every possible opportunity. To start with, these can be produced on a home computer. Expensive printing can come later if necessary.

Do you need a website?

Today, if someone is looking for a product or service in their area, their first port of call is often the Internet. You

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