Business Planning for Home-based Businesses

 By Hanan Awaad

Hanan Awaad President and Founder Corporita Inc.
Hanan Awaad
President and Founder
Corporita Inc.

Your home-based business needs a business strategy that outlines long-term goals and methods of reaching them, and also gives you a deeper and clearer understanding of what makes your business unique and makes visible the external environmental factors and challenges you might face along the way. This article outlines small-scale research studies that Corporita Inc. has completed on home-based business owners’ attitudes about business planning and writing business plans.

Over 250 individuals were contacted, and 47% responded. The evidence shows that business planning in home-based businesses is vital in the path towards success for owners. According to the survey, the most popular reason (78%) owners said for the importance of a business plan is “Seeking Funds,” followed by 48% reporting “Business Growth and Expansion.” 78% stated that they return to the internet when writing a business plan, and 64% said that it took them between 1 and five years to proceed with their home-based business planning.

It took 58% of the responding owners between 6 months and one year to write their business plan, and 83% said theirs was between 10 and 30 pages long. The most difficult part of writing the business plan was Financial Projections information, with 66% of owners reporting this.

Originally posted 2016-06-09 19:03:08.

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