How To Write A Business Plan For Your Location Independent Business

The framework of a successful business is its plan, and this is especially true when you want to start your own location independent business and work from anywhere in the world – you’ll most likely have to also take into account international laws, bank accounts and languages!

It always pays to be organised, so the earlier you start your plan the better – especially if you require funding or additional help or resources to start your business.

Below is an overview of what you should include in your business plan and also how to write it, but if you require further information then there are loads of great free business resources out there, so I have also included these below also. Happy planning!

What Should My Business Plan Include?

People get scared off when the hear the word ‘business plan’ because they think that they need to compile some kind of huge, complicated document, but in reality, it’s really quite simple. In fact, your business plan can be as detailed or as simple as you like – the important thing is that you are setting yourself some goals and a framework that your new business will operate within. This gets a little more complicated if you are applying for finance from a bank or ‘business angel’ – they will most likely need to see hard financial facts and realistic projections for your first few years. But, if you are starting a website, blog or freelance business where there is only minor costs associate in the beginning, then a less detailed plan will suffice.

Beginner Business Plans (Eg. If you are setting up a website or freelance business)

For businesses where you are offering a service, or setting up a website that you plan to monetize,  my advice is to keep it simple – you are probably the only one that will look at your plan, so therefore it needs to make sense to you, so go for the format that suits you best.

I personally like to track my financial progress in spreadsheets, and my overall goals in a small ‘idea-book’ that I carry with me everywhere I go – that way my goals are always on hand for me to read over and change when necessary. I know a lot of people don’t like carrying things around with them so in this case you may like to write some short, medium and long-term goals within a google document, and then your financials in a spreadsheet. As you start to earn income and cross off your goals, you can evolve the documents and track your progress.

Advanced Business Plans (Eg. If you require funding from a bank or business angel, or need to implement strict financial goals)

For bigger businesses where there is more at stake or financial assistance required, then you are going to need to formalise your plan in order to impress banks and/or investors.

As a general guide, your plan should include the following sections –

Title Page – Your company name and a brief description of the plan.

Contents – The sections and sub-sections included in your plan.

Introduction/Executive Summary – Purpose of the plan, key points and any pertinent financials – make sure this is no longer than a page.

Main Body – This is really up to you, but should include sub-areas such as the following – definition of your current market and business area (size, trends, statistics etc); explanation of your business in detail (products, sales, projections); explanation of your customers; explanation of your sales plan/route to market including gatekeepers and influencers; case studies of previous projects/deals; SWOT analysis (strengths, weaknesses, opportunities, threats); and your strategic goals for future, including marketing.

Acknowledgements – Refer to any external data sources, if applicable.

Reading the above can seem daunting, but if you do a little bit each day, and tackle the difficult parts first (such as the main body) then you should be able to put together a slick-looking plan in 2 weeks or less.

If you are less business minded and more people or product focused then don’t worry – think about each part in a different, more practical way, eg: Your sales plan simply means ‘How much do I have to sell in the next year to make a profit’ – Break things down to make the plan work for you – and whatever you do, just ensure you are able to explain it to a bank manager!

Business Plan Resources

There are some fantastic free small business resources available on the web, here are some of the best –

BusinessBalls.com – Career help, business training, glossary and templates.

BusinessLink.gov.uk – If you live in the UK and starting a business this is a great place to start – there’s lots of information on tax, funding, business skills and how to grow your business.

Entrepreneurship.org and Entrepreneur.com – Inspirational articles, resources and case studies on everything that is starting up a business.

Photo Credits – Thanks to Gastonmag (sxu license)

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