When I first began learning about business, everything I read told me I needed to have a plan. They told me I needed to set some goals. At first, it all seemed very scary. How should I know where I'd like my business to be a year from now? There are so many questions that you're supposed to ask yourself, such as how much revenue do I want to be generating? Why, that's easy—millions, of course.
My advice is to start with your dream. What gets you so excited that you sometimes can't sleep at night? Next, start following your passion down whatever path it takes you. As you travel along that path, you will slowly start to develop a pattern. Soon, when you look at the path you've taken, it will be much easier to see the next move. So the farther along you go, the farther along you can see, and the more confident you become. What was once uncharted territory is now your domain.
After being in business about 3 years it's much easier for me to navigate my path. I have my goals set—including a 3 month plan, a 6 month plan, and a 1 year plan. Although I've found that I usually achieve my goals, it generally takes me much longer than the time I originally allot for them. But that's ok. It's important to set goals slightly beyond your reach. It's what keeps you moving forward.
On that note, here's a glimpse into my plan.
- In 1 month I aim to have two new software products released (more news on this soon). I will also continue my efforts in developing consulting leads and converting them into customers.
- In 3 months I expect to begin earning passive revenue from my new products. The money I earn from this will likely fuel further development.
- In 6 months I hope to have 2 full time employees (a programmer and an office/account manager). I started thinking about whether I need office space, but because of the nature of my business it may not be necessary. Keep overhead low.
- In 1 year I'd like to evaluate all of the custom development I've done and try to identify what things can be packaed and resold. Custom software is expensive and full of risks. People often feel much more secure buying a proven product. Products, as opposed to consulting work, also generate passive income—a requirement for a successful entrepreneur.
Well that's my plan. As you can see, it's structured but not full of details. Now that I know what I'd like to do, I can begin calculating exactly how much revenue it will take to realize these goals. Once I figure this out, I have a concrete plan for how I'm going to get there. There, that wasn't so hard, now was it?
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