Life Plan First then Business Plan

Many people create their business plan and work their lives around it. However I know that this is a huge mistake. I made that mistake with the first two home based businesses that I started. It didn't take me very long to realize that I really needed to smarten up. Businesses are supposed to benefit the owner not the other way around. A home based business is supposed to allow you the money, freedom and flexibility to live the lifestyle you want. Too many people pick a business or product first and then try to fit their very existence around it. In actuality they have just created another “Job” for themselves.  Build your life plan first and then create the business plan around your goals and dreams. If you do it this way your business will fit you like a glove. Set some time aside and put together a list of your personal goals.

Here are a few items to consider for your Life Plan:

• My Values - What's most important to me and my family?

• Hope and Dreams - What excites you? Where do want to go? Spend money on?

• Family - How much time do I want to spend with our children?

• Financial - How much money do we want to make? Can the business support our income goals? How much do we need to expand the business? How much do we need for our retirement years?

• Friendships - Are we spending enough time with people who are important to us?

• Fun - What makes life fun? How can I make a living having fun?

• Interests - Will you have the time and the resources to entertain and travel? What places do we want to visit in the next few years?

• Location - Where do we want to live?

• Physical Health - How can we maintain our health?

• Mental Health - How much stress do I want in my life?

• Relationship with each other - Are we continually developing and improving our relationship?

• Community - In what ways do we want to contribute to society?

• Exit Strategies - Do we want to retire or sell the business? If so, what do we want the business to look like when we are ready to sell it or pass it on? Who will run it? Or do we just want to reduce our hours, and if so, when?

Once your life plan is written down then you can start to build a home based business plan that will meet and exceed your needs, wants and desires.