Have you heard of a SWOT analysis? If the bank asks you for your SWOT analysis when you are applying for a business loan, don’t despair. It sounds like they want you to run to the hills for cover in camouflage gear… that is SWAT special weapons and tactics. If you are researching home business opportunities for moms, you are probably well used to that, only the weapons are sweets and the tactics are treats!
A SWOT analysis is a report you would write as part of your business plan to show the strengths, weaknesses, opportunities and threats facing your business. For example if you had a home improvement franchise or a health and beauty franchise your business plan would probably be somewhat different.
Business Planning
So let’s discuss the business plan for a moment. Whether you are applying for a bank loan or not to start your business, it is still advisable to write a business plan. The bank will want to see one of course, to see that you understand the business you are getting involved in, and your level of commitment towards it.
However, as mentioned, even if you have the necessary funds to start up, perhaps you are purchasing a home type with a low level entry fee; it is still advisable to write up your business plan. This way you have a clear plan for where your business is headed. You can look at your long term goals and can refer back to it to see that you are on track.
A franchisor will often give you advice and have simple guidelines to help you to prepare your business plan. For example, an overview of the product or service itself, financial data, a marketing strategy, the management plan, realistic growth projections, a summary and the all-important SWOT analysis.
Not everyone wants to be rushing through the city to work in an office. In fact, many people are looking of ways to get as far away from that as possible. Not everyone wants a prime location, store front either. You may be surprised to hear that franchising contributes 15 billion to the UK economy and a fifth of them have been launched by the under thirties in the last two years.
The franchise business is growing year on year. So you are not on your own when you are searching for business opportunities from home.
Varied Business Opportunities
Business opportunities vary far and wide, it really is a case of ‘beauty is in the eye of the beholder’! Everyone is different and everyone has a different skill set, and different criteria for fulfilling their personal goals, variety and security needs and so forth.
For example, a search for home business opportunities for women may well yield the same results as a search for business opportunities at home as it stands to reason different people are attracted to different business opportunities.
A school teacher may prefer education business opportunities, at the same time a die-hard world traveller, may be looking for tutoring business opportunities to teach a second language.
There is certainly a business opportunity out there for everyone and if you would like help with your search then take a minute to enter your details in the form above now.
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