Today’s Tip • Business Plan; Reason / Purpose
A Business Plan lays out the foundation for your Idea / Company / Project / Monetary Venture / or a Partnership. It is an understanding of your vision placed into sections to help best explain a formula for success. Most importantly, your formula for success. It also helps as a good barometer for when your company is already making headway yet you feel stuck or have possibly lost your way. It has bounds and leaps written out to show you where you should be going, and or be at any moment in your company’s life.
What if you are a person who wants to just live their live and not start up a business? The truth is, you should be living your life like a business when possible. Who wants to live in the red? Our goal for financial freedom starts with living above expense. Keep your earnings high and your expenses low. This is exactly how a business survives. They budget their inventory / expenses / and income by working within S.M.A.R.T. Goals set through their business plan.
Since all individuals with, or without, a business should incorporate themselves to take advantage of the legal benefits of being a S Corp Entity, it is wise to set your Business Plan into action. Having a Business Plan is as easy as figuring out what money to place into a child’s college fund, or a 401K, or even what to save, when to spend, and where you want to be in the next year, five years, and ten years of your life. People create Business Plans all the time in their heads. “I want to go to college. I need to get a grant by this time.” etc. Physically write out your Business Plan for maximum success.