I am a firm believer that you need a life plan before you ever write a business plan. Your life plan is your big picture vision for your life. Your reasons for starting your business should be to fulfill your life plan. It’s also a step in business planning that is often overlooked.
Why is life planning important?
Many people dream about owning a small business. You may be one of those people who have had a “notion” for years that someday you would be president of a company, successful beyond your wildest dreams. Turning that dream into reality is an evolutionary process. It involves not only having a solid business idea but also knowing the “business of running a business.” You will need to get your arms around stuff like accounting, marketing, and operations, but before you dive into crunching numbers for your business plan, consider this:
Entrepreneurs who don’t get clear about what they want from life run the risk of starting a business that might not be a good business for them.
A life plan is your personal strategic plan for your life goals. Before you develop a business plan, you must first have a life goal. Everyone should take the time to evaluate how they live. Then, develop a plan to achieve how they really want to live. Other elements include things like “Where are you a rockstar?” “What makes you laugh?” “What do you love to do?” “What do you dislike doing?” And “What do you need to learn?” With the answers to these questions you will be clear about what your passions are and how you really need your life to work in order to be successful as an entrepreneur.
Do not make the mistake of assuming what the entrepreneurial lifestyle will be like. Not everyone is cut out to be a small business owner. You will go from doing up to 3 jobs at once in corporate America to doing 10-14 jobs overnight for your own business. And guess what? Every job is important. The best way to stay motivated in your business is to know you are working towards your personal life goal.
To really get a good picture of your life plan as an entrepreneur, answer the following questions:
- What kind of lifestyle do you want to have as an entrepreneur?
- How big do you want your business to get in terms of profits and staff?
- Will you have employees?
- How many hours a week will you work?
- Do you need to meet the school bus every day or take off every Friday?
- Are you willing to work seven days a week? If so, how long can you keep that up?
- Will you need a partner and could you handle working with one?
- How will you fund your household while you start your business?
If you still need help with developing a life plan try my life planning journal. It’s a dynamic 74 page downloadable PDF which will allow you to enter your information right in the document and then print it for your records.
You may have a great business idea, but you must determine if it’s a good business for you and your family. Do not trade a soul-sapping job for a business that feels like a rope around your neck. With a life plan you will have a goal, then you can develop a business that will align with your personal goals and professional success.
Do you have a life plan for yourself? Tell me, is your Life Plan working for you?
For more tips on how start or grow your small business subscribe to Melinda Emerson’s blog http://www.succeedasyourownboss.com.
Love this, Melinda! Life Plan before Business Plan.To endure the ups and downs of a business, knowing the bigger picture (the Life Plan) is so important. Thanks for the post.
I loved this post, especially “Not everyone is cut out to be a small business owner.” It’s so important for people to understand business is only a piece of your life plan. The questions you posed are great considerations to get started.
Loved your post! I started a home based business called the peace of yarn about 3 years ago. I have not done a whole lot with it because I am also a Kindergarten teacher and I went back to school to get my Masters degree, so I have been really too busy to do a whole lot of crocheting. I am married and have a son. Multitasking has become overwhelming. I am ready for a change so I have been doing a lot of thinking and hoping that God will lead and direct my path in what step to take next. Your post has given me food for thought.
Melinda…you are truly a God send!
I am new to your site…completely Spirit lead…thank you, as the fog has been lifted concerning life’s protocol and the realized dream of business stewardship.
I’ve gained life and business prospective as a female entrepreneur and permission to dream as a result of our virtual encounter.
I thank our Father for your continued success as you persist in service to your family, your business(s) and to the business community at large.
Prosperously Yours!
My life plan (in very condensed terms) is to follow the Lord step by step to Heaven and bring as many people as are willing with me. 🙂
The Lord has really helped me to find a way to combine many of my greatest joys: writing, drawing, witnessing, and working with children, for example, into a business that I love.
I am blessed to not have to worry so much about the income at the start because my husband is the main “bread-winner” for our family. I know many do not have that luxury.
Thank you for the reminder that whatever each of us decides regarding business, we should frame it in view of our real goals and purpose in life.