This is going to sound old-school and super boring; but I would never, ever quit my day job with the intention of supporting myself with any venture without first writing a business plan.
A business plan addresses key issues of determining what you must do in order to earn the money you need to earn to support yourself without that day-job paycheck. A business plan addresses these key concepts:
- Overall description of your business
- Market analysis including competition
- Description of Products and Services
- Marketing and sales strategy
- Organization and Management
- Financial management and record keeping
The U.S. Small Business Administration has great free resources for you to create a business plan (and a whole host of other helpful information). Creating a business plan is not an easy task and it will take commitment and focus on your part to do it. But if you don’t focus here, you will continue to run in circles and punch in the dark. Writing a business plan allows you to punch with the lights turned on!
Many entrepreneurial initiatives in your state will help you draft your business plan and may even help you with funding if you need start-up money. Look on line for something like “Small Business Development Center Your State” to find local resources. Your local college will also offer business classes in which one assignment is to create a business plan!
Most successful businesses did not stumble into their success. They also didn’t spend a lot of time running around in those ragged circles. They became successful with a plan and a strategy. By following a plan, you can budget your time so that you don’t burn out. You can also determine if something isn’t working or you’re not on target to hit your goals.
Good luck to you in your business (but if you do a business plan, luck really isn’t part of it)!