Learn How to Write a Business Plan? Importance of Having one

In every business, success is determined by proper business plan execution and dedication in the work

I am an online entrepreneur successfully running my own startup. I achieved this because of a proper business plan and time freedom to execute the plan.

Online Home Income is constantly involved in the research of online jobs and providing pieces of information about legitimate ways to make money.

As the founder of Online Home Income, I feel much pleasure to share this piece of information with my blog audiences.

Since 5-Years ago, I started a small start-up “Small business” that today has made me live a free lifestyle and I am having my businesses around the globe.

The three main things that pushed me to reach this stage were my Passion, Business Plan, and Freedom to execute.

To every entrepreneur and small-business owner, I must say these will be the main drivers determining your success or failure.

Here, for the next few minutes, I am going to share my knowledge and experience towards the successful journey of starting a business.

1. Passion

Noun: Strong and barely controllable emotion (an intense desire or enthusiasm for something).

The title itself has the meaning, it means you should have an interest in starting a business. Without your interest, you cannot do things perfectly.

I always tell every small-business owner and entrepreneur to have a passion in them that drives them all through the way.

I’ve been an entrepreneur for 5 years and I’ve learned several subjects that help drive a successful business.

Among them, the most important thing is the Passion.

You should know your interest, I mean passion before starting a business.

Is Passion Necessary?

If I was asked? I will answer YES.!

It is the main ingredient that drives your successful business. No matter what, my ultimate passion was running my own business, and wanted to become a successful business owner.

I was passionate about doing things successfully and all I wanted is just to become an entrepreneur.

Your passion will keep you moving on no matter what are the difficulties that you will cross inevitably.

Passion can be learned. When I first started Online Home Income, my very first passion was to earn a second additional income every month.

I don’t know anything about Web Design Software. So, I started to go for weekend web design coaching classes. Because I was passionate about blogging.

I was passionate about building a system that pays me even when I am sleeping.

In 2013, CMS management software was not popular and so I learned HTML Table designs to design a web page.

WHY? Because I was passionate to design my very own blog all by myself.

Later, I learned PHP and CSS, upgraded my blog to PHP from HTML. All I reached here because of my passion to build my first business a successful platform.

Presently, here, at Online Home Income, my passion is to support people to find legitimate online jobs from home.

Because I started an online business and I achieved the success what I passionate about? Now, I want my fellow newbies, small business owners, and entrepreneurs to find the right way of getting genuine online jobs.

This is what I am passionate about today and might it may turn it as well.

You should love the thing and always work crazy about your activities towards your business plan. Your passion is the key to achieve your success in your first business.

Now, I am proud to say myself a successful entrepreneur because I am working on my business, what am I passionate about?

I learned the things that support my passion to get a shape for success.

2. Business Plan

You are full of passion. But may I ask you, is that all you need to succeed in your business?

Often your passion helps to achieve things, but you need to drive on a proper road to success.

What I mean here is the BUSINESS PLAN?

Even if you have tons of passion but you drove without a plan, you will end up with nothing and have to face an intolerable challenge along the path to successful entrepreneurship.

My passion was to become a successful business owner.
And, Blogging was my business plan.

It is the key to open the door of passion that leads to successful entrepreneurship.

2.1. What is a Business Plan?

A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them. It may contain some background information about the organization or team attempting to read the goals. Credit note: — WikiPedia

You do have a passion because thinking of anything is free and will not be a time-consuming process. But when it comes to execution where most people often fail to achieve success.

When analyzing this and after reading many blogs, I concluded that each failed business does not have a proper business plan.

Oh, God! I already have a plan, So, I never mind.

Actually, I do not know here, why the small business owners and entrepreneurs failed to work.

Ok, let me come into the actual phase. The first fundamental action plan to put your passion into action was a proper business plan.

It’s not necessary to have a written plan or any blueprint for success, but you need a plan that outlines your further executions.

The plan includes a lot of things like choosing a place for your business, selecting technologies like computers, internet, printers and software, infrastructure to be built for your business place, financial plans, and marketing plans, etc.

2.2. Why do you need a business plan?

Because you need a road to travel, I mean it helps define your business and tells you what it intends to be overtime?

Once you classify things in order, you can start the process in sequence what helps to move forward.

Classification may be from a simple description of your business to a detailed description. You can write your complete plan of action in a single sheet or can write many pages.

Since when I started my business, the plan was to start a blog and earn some additional revenue.

Then, I planned to find different sources of generating a second income and put them all together to work every day.

After all, I formulated a daily worksheet that tells me every day scheduled tasks.

My business plan tells me clearly what will be the level of success after one month, after six months and after one year and so and so.

Your business plan should be detailed and it includes an Executive summary, start-up plans, financial plans, marketing plans, manpower requirements, technology support, and your passion.

The next thing, I am going to talk about in running a successful business is FREEDOM. Read WHY?

3. Freedom

It plays a very necessary part to achieve the dream you are passionate about. Here you should define two meanings for freedom which may be financial freedom and time freedom.

But I am going to talk about both of them because to drive a bike both wheels are necessary.

Similarly, in business both freedoms are necessary.

3.1. Financial Freedom

Earlier in the business plan, you may have a section called Financial plan which describes the financial requirement for your business.

For example, the financial requirements for my blogging business were $2000 which includes,

1. Blog name registration
2. Purchasing hosting
3. Office space to work
4. Buying Computers and items of furniture
5. Buying Internet and other software
6. Additional capital fund (Reserve fund) to manage expenses in case of undisclosed expenses

Blogging was my passion and so I prepared my Blogging Business plan which describes my financial requirements. This helps to arrange necessary finances before the beginning of my business.

Hence, finance will not be a factor that helps my business from stalling. Financial freedom enables you to grow your business and pay for your resources and employees.

3.2. Time Freedom

Now, I am going to discuss Time Freedom.

It is the ability to spend your time on your new business. Even if you have passion, business plan, even finances you should give enough time to run your business.

Because no one else will do this job better than you. It’s your business and your money that will replicate the profit only if you put time into it.

You cannot start a business side by side while going for a 9 -5 Day job.

Because when you are not responsible for answering to anyone you can put your time completely into doing your business activities.

I actually want to say, I started Blogging in 2013 but till 2015, I have not achieved anything greater.

On Dec 31, 2015, I firmly stood on my decision and quit my job and from Jan – 1 -2016 I spent every second on this blog and now it’s paying me back.

The reason for my success was FREEDOM.

So, once you have a passion and a proper business plan, you better find ways to be free, to act freely upon your business.

Last Thoughts

Starting a business to achieve financial independence can be made easier, smoother when you have the passion, business plan, and freedom to act.

Also, you need supporters who may include your family, friends, a mentor or a coach, and anyone else.

Because this type of external support can make you stay on the track towards success.

Passion can be anything, but you should put a plan to execute your passion and work freely to become a successful business owner or an entrepreneur.
Hope to be the best.

If you have anything to share with me, I am ready to discuss it with you or hear your feedback.