December is finally here and as the end of the year draws in, it is time to reflect on the past year and write your business plan for 2020. December is Write a Business Plan month after all!
There is a business plan for all travel homeworkers, no matter if it is a brand new start up or an established travel business. With ‘January Peaks’ on the horizon too, you and your travel business need to be prepared to reap the rewards of January, the busiest time of the year.
Why do you need a business plan?
Prior Planning Prevents Poor Performance… the five Ps of planning have never rung truer, especially in the travel industry. It is proven time and time again that successful travel homeworkers set goals and develop life plans.
Your business plan will help you focus on what you are good at and what you need to achieve. With a plan, you can check your progress and congratulate yourself for each milestone reached. It’s good to stick to your plan but if things are not going to plan, be open to change it to get yourself back on track to achieve your goals.
What should you put in your business plan?
A business plan is unique to your travel business. Your travel business has its own target markets, brand, personality and goals. So there are no right or wrong answers. All business plans have common ingredients:
- Your goals and mission
- Realistic timeframes
- Market research
- Competitor analysis
- Your brand
- Your unique selling points
- Your service and products
- Who is your support network
- What resources you need
- What you need to do to fulfil your goals
- Financial projections
- How you will measure progress and success
Don’t be afraid to change your plan
Your business plan should reflect that the travel industry, the wider economy, and even your life changes. Check in regularly how you are doing against your objectives. Be open to adapting your business plan if you need to.
Last tip – don’t rest on your laurels. Every plan has to be followed by you guessed it… a new plan. As your home based travel business grows and evolves, you will need a new plan to serve your business. Create a new plan every time your home-based travel agency needs it.
Are you ready to write your business plan for a travel homeworker? Ivrie Cohen is always happy to chat about homeworking with Inspire on 0161 465 6069. Alternatively you can e-mail him, or get in touch.