Home Party Businesses Need Business Plan
I replaced my full time job with my home party business in about 9 months. I am often asked “what is your secret?” referring to my successes in my
home party plan business. The secret is that I treat it like a business or a profession. There are certain business practices that all successful businesses follow. They are called best-business-practices. One best-business-practice that all successful businesses follow is to write and rewrite annually a business plan. Home party businesses would benefit by a business plan as well.
A business plan has three purposes:
1. Provides clarity and purpose
2. Gives you IRS compliance when taking home office deduction
3. Gives you a road map for success over the next year
Not only does a good business plan spell out your goals, mission and purpose but it also provides you with actions to take. When you have a plan in place you will have a better understanding on where to invest your time and money.
Here is an example of what a plan may include:
The mission of Snuggy Bunny Baskets is to:
1. Have a customer base of at least 10 annual “repeat” customers
2. Service my customers in the best way I can
3. Sponsor active Independent Representatives
4. Support and train my recruits in the best way I can
5. Be an active part of the business community
6. Attend monthly & yearly business meetings
Marketing & Sales:
Snuggy Bunny Baskets will use the following marketing methods to promote the mission statement: (other methods will be incorporated as necessary)
1. Home Shows
2. Catalog (Book) Shows
4. Pass out business cards
5. Give gifts & promotions (of company products) to family, friends & potential customers
6. Attend (or join) local professional organizations
7. Fund Raisers/Basket Bingos
8. Business meetings over a meal
A IRS direct sales specific business plan template makes it easy to plug in your own details. Listen to the tele-seminar audio recording on Creating A Business Plan.
Your business plan is a perpetual work in progress. It will change from time to time and year to year and without one your goals will most likely elude you. I encourage you to complete your business plan as soon as you can. It is amazing what it will do for your business.