If you’re serious about being your own boss, you need a clear vision. But you also need a plan — a written plan that puts your dream into words and answers these big questions:
- What business do you want to start?
- What are your goals for the business?
- What skills do you need to be successful?
- Who is your target audience?
- Who will your major competition be?
- Where will the business be located?
- When will your business begin to operate?
- What kinds of employees will you need? What skills should they have?
- What are your estimated earnings for the first year, in five years, and in ten years?
- How much will it cost to start up, where will the money come from, and what will your ongoing costs be?
Sometimes it’s easiest to use a chart format like the one here.