You can find comfort in a business plan. I wrote my first business plan in late 2009 even though I started working for myself in 1992. Today’s economy is different. You need a framework for making good decisions. You need to know specifically what you want to do and what you don’t want to do. You need to know who else is doing it and how they price their goods and services.
Yes, I’m talking about homework. Just because you’re not a student does not mean you are exempt from homework. Your homework project is to create a business plan.[i]
You can start small. I launched the Small Business Administration’s business plan template and completed the “Products and Services” section first. I listed two products and then saved my changes as a Microsoft Word document. Later that week, I realized that I forgot an additional seven products and services that should be in the business plan. I opened the plan, added more products, and then saved it.
I set an Outlook reminder for the first day of each quarter to update the business plan. The following quarter arrived and up popped the reminder. I looked at the plan and decided to generate my profit/loss reports for the previous two years. I saved them as PDFs in the same folder as my business plan. From Escape the Cubicle