The Millionaire Blog

Give Generously. Spend Wisely. Invest Consistently.

Why You Need Something More Than a Business Plan

October 24th, 2005 · 2 Comments

I learned something very exciting this weekend. On my flight to Tampa, (yes, I knew about the hurricane, but my little sister was getting married, could not miss it), I picked up a copy of Entreprenuer Magazine. In it there was a very interesting article.




The founder of Start Up Nation were showcased. StartUpNation is the baby of serial entrepreneurs Jeff and Rich Sloan. Here is what they say about their company:

“StartupNation addresses issues faced by business owners on Main Street,” states Jeff Sloan, StartupNation co-founder. “We provide personal touch points and contact with the audience to empower people to take their ideas and start a business, as well as drill down to the challenges with growing an existing business.”

One of the first things they recommend you do, before embarking on any type of business, is to create a Life Plan. Now this is interesting to me, as most entrepreneurs create a business plan first. But a a Life Plan does have lots of merit.

We usually let our business dictate how we live our day to day life. A Life Plan let’s you plan how you want to live your life first. Once you have this down then it’s a matter of finding the business that will allow to to live the life you want. For example, if your Life Plan says you want to be home with your children in the evenings, then you might not want to consider a commercial office building cleaning business. That work is usually done in the evenings and beyond.

So create a Life Plan and then find the business that complements your Life Plan not work against it.

Here is a great resource from Start Up Nation on how to Create a Life Plan: StartupNation’s 10 Steps to Open for Business

Regards

Tags: Business Knowledge · My Personal Entries

2 responses so far ↓

  • 1 Russell // Oct 24, 2005 at 10:01 pm

    How odd. I have always had a “plan” in my head of where I want to be and what I want to do long before I got the idea for my first business. Great minds think alike!

  • 2 Ray // Oct 24, 2005 at 10:49 pm

    Very true Russell. Having the Life Plan allows you to make decisions on a day to day basis that will help keep you on track.
    I think of it as a bus ride, if I don’t know my destination, I may end up getting off at the wrong stop.

    Ray

You must log in to post a comment.