Does a Halfpreneur need a business plan? It is a question that has no right answer. Yes, No, and Maybe are all correct.
If you will be applying for a business loan, a business plan will be required by the bank.
You will need a business plan if you are seeking business investment. Potential investors invest in people, their ideas, their track record, the market and other factors. Your business plan will define and explain your business and its potential.
If you will work with partners or a team, a business plan defines the agreements between partners. For a management team the business plan establishes where you are starting off and where you intend to take the business.
Last but maybe not least, you will need a business plan to set a value on your business if you sell your business, when you do estate planning, or if you divorce.
You may not need a business plan if you are running a small business that you are self-funding.
If your business is based on your hours or space and growing it larger is not in your plans, the b plan may not be needed. For instance many coaches do not have business plans. If you are going to walk dogs, board birds when their owners are on vacation, or make and sell custom quilts, the business plan probably is not necessary.
If your plans to be a Halfpreneur are very temporary, such as you will be doing small home repairs until you find full time employment again, a business plan may not be needed.
If you are a Halfpreneur who wants to sell a product or service, a business plan provides a structure for outlining what will be important for setting up and successfully running your business. It can help with setting reasonable and measurable goals.
If you are starting off part-time as a trial run for full-time entrepreneur or you do not want your profits completely tied to space in your extra room or the 10 hours per week that you have to devote to your business, then a business plan may be useful.
A business plan can start off just a document to guide you and your new business. It may never go any further than your desk, but it gets you off on the right foot, thinking like an entrepreneur of business person.
A business plan generally includes such sections as: Executive Summary, Company Description, Products and Services, Market Analysis, Strategy and Implementation, and Financial Analysis. It might also include sections on Management Team and Web Use. A copy of your resume is often a part of the Executive Summary or just a part of the plan.
If you decide that a business plan is not necessary, you should at least have a plan that contains short and long term goals that you are committed to being accountable for.
www.bplan.com offers information on business plans and starting a business, business plans that you can review for free, and business planning software (not free, but reasonably priced).
Need help setting your goals. The Halfpreneur offers coaching. Contact Mary Ann, the Halfpreneur,at 508-752-2600 (Career Development Services) or at firstname.lastname@example.org