Developing Your SOHO Business

Congratulations! You have decided to start your Small Home Office Business. It’s a big step to financial and personal freedom but, the first steps come with responsibility.

The hardest step for any entrepreneur that wants to work from home is to create an organized plan of action or action plan. This action plan include instructions on operating your SOHO on a daily basis, resources that are used and needed for structure of your company, personnel requirements (if needed) and various other concepts.

The action plan is part of your administrative setup and should consist of the following four areas:

Executive Plans of Action – The executive part of the action plan explains what you must do and achieve to register your business, set up business accounts and develop networks to support your business. Even though it is called the Executive Plan, it is really the plan of the owner and what the owner must do and consider getting the business off and running.

Mission Statement – Your mission statement is simply what the business does and how you are going to carry out the objective of your business. Whether you are a SOHO or a big corporation, you must have a mission statement to keep focused on the vision that you see and are going to establish.

Operational Plans of Action – This area of your plan should define how you are going to operate your business each day. Includes listing the kind of resources that you need to operate (contracts, procedures, statement of work for customers, software and equipment).

Financial Goals and Objectives

Every business needs to know financially where it stands, Financial goals and objectives will assist you in developing your marketing plan, seek new customers, create new products or services of modify existing products and services.

For any business to be effective, you must have these four areas at least defined. They don’t have to be formal like a 50 million dollar corporation but this is a good area to start in if you are going to be serious about growing and expanding your business later. Many entrepreneurs stumble at this initial phase because they are so excited about starting a business into they rush head in and don’t think about these elements that are sorely needed.

In each of those areas, you should set at least 10 goals for the year and work towards those goals. Just write them out on a sheet of paper and have it handy so that you can follow your goals and make the proper adjustments.

By creating your administrative systems and concepts first, your SOHO business can compete with the big boys and win!

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