Business Plans Kit For Dummies®, 3rd Edition

Chapter 9. Planning for a One-Person Business

In This Chapter

• Understanding why you need a business plan

• Structuring for business success

• Putting a price on what you do

"Be Your Own Boss!" the advertisements beckon. What could sound better? No more punching a time clock. No more answering to supervisors. No more having someone else tell you what to do.

Almost everyone who's ever felt stuck on the corporate treadmill (or in a long commute) has dreamed of pitching the rat race, printing up business cards, hanging a shingle, and opening the smallest of small businesses — a SOHO or, spelled out, a small office/home office one-person shop.

As large companies shed jobs during the latest downturn, many people discovered that working for themselves was just about the only option available. A one-time bank analyst we know found herself running a Manhattan-based bicycle tour company. A former city manager in California set himself up as a booking agent for indie films. A Microsoft executive is now a high-paid consultant to high-tech start-ups.

Many are glad the shock of a major economic downturn shook them out of their old jobs and into new, more rewarding occupations. But working for yourself isn't for everyone, as appealing as it may sound. Are you ready to take the plunge? Can you make a living? Can you keep yourself disciplined and focused?

This chapter helps you plot your strategy and create an effective business plan for a SOHO. It makes the case for why a business plan is important even if ...