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How To Create a Business Plan in 10 Minutes

How To Create a Business Plan in 10 Minutes

Despite what your average MBA will tell you, you don’t need a huge 100 page business plan in a giant 3 ring binder to start making money.

In fact, many business owners I know don’t even have a business plan but they’re very busy making real money.

However, to make sure you’re on the right track, you need to have a basic plan of attack to make sure your business is sound and most importantly, will be profitable.

Too many people get an idea and then start a business without thinking it through or having a solid plan.

The result is that their business usually fails. They might have to return to a job or think that owning your own business doesn’t work.

Owning your own business DOES work! And creating a lifestyle business can free you up to do whatever the heck you want.

But you’ve got to put some initial thought into it before working like crazy to get it going.

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Identify How You Can Make Money

Identify How You Can Make Money

Before we dive into how to identify how you can create your own lifestyle business, first check out this quote:

“Entrepreneurship is living a few years of your life like most people won’t, so that you can spend the rest of your life like most people can’t.”
-Unknown

Simple truth: to live your ideal lifestyle, you’re going to have to work. And work hard. And work smart.

I hope that’s not a shocker.

Now we’re going to talk about creating your own business. These days, it’s never been easier to set up a business and get moving quickly.

A Lifestyle Business Based on Your Strengths

You’ve got to first identify your strengths, natural abilities, interests, and even job experience. To get things moving quickly, we’re going to create a business around what you already know.

One way to think of it is if you were to be dropped off in another city with nothing but the clothes on your back, what would you do to start making money? (And no, you can’t beg for money or get a job!)

First, list out your skills, experience, and interests. Write them all out.

Now look at everything you’ve written. Zero in on one that you think would be most profitable.

This is crucial. Read more

The 7 Best Books on Lifestyle Design

We live in a day in age where anything is possible. You decide what you want, figure out a way to pay for it, then go and do it!

It’s really that simple.

Nobody said you have to stay at a job doing something you don’t like.

But if you’re like me, and the idea of creating your own ideal lifestyle doesn’t come naturally, I’ve made up this little book list as a starting point.

Below are 7 of my favorite books on lifestyle design.

While they may not be directly related to “living on a tropical island”, they all relate to taking control of your own life, money, entrepreneurship, and everything else that goes into doing the thing.

You’ll also notice most of them are not all “rah-rah you-can-do-it” Tony Robbins style. Most of them give you the actual nuts and bolts you need to get started.

Now for the list…

The 4 Hour Workweek

Four Hour Workweek Tim Ferriss is the Godfather of lifestyle design. I picked this book up at Costco almost 7 years ago. It blew my mind.

It took me a few years to actually get it and apply it but I’m so glad I did. I can honestly say I’m where I’m at today because of this book.

If you’re looking to get a solid understanding of what all these “lifestyle designers” are talking about, The Four Hour Workweek is the best place to start.

 

The Millionaire Fastlane

The Millionaire FastlaneA buddy of mine handed me this book a while back and said “this is by far the best book I’ve ever read on money and business”.

MJ DeMarco self published this amazing book and I’ve since tossed any other business/money/investing books out the window. Really.

This book is amazingly underrated but those who’ve read it, get it.

This book will help you get into the right mindset regarding money and get into the right business to achieve your goals.

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12 Step Program for Corporate Detox

12 Step Program for Corporate Detox

I’ve been to a number of events lately where I’m surrounded by people who are taking their income into their own hands. They’ve left the corporate world in exchange for making it on their own doing what they’ve always wanted to do.

I’m inspired to meet these like-minded people who also believe that job security is an oxymoron and that it’s up to them to decide how to make money.

It doesn’t matter how you started your new life, if you chose to leave your job, or if you were laid off, downsized, or outright fired.

What’s important is that while living the entrepreneurial life is exhilarating, it’s easy to slip back into the old ways of the gray cubicle existence.

With this in mind, I’ve listed a 12 step program to follow for complete corporate detoxification.

1. Dust Off Your Values

Now that you’re free from a job, what are your highest values? What are your priorities? What are the things you’ve been putting off because your time was already spoken for? When you were at your job, what was it you always thought about doing?

As you go forward in your new life, you’ll want to base it on what you hold most dear. For me, fun, freedom, and mobility rank among my highest values. So I’ve planned my life to make sure I maintain those values.

2. Create a Vision and a Plan

Now that you have your values lined up, create a vision of your dream life. How are you going to make money? Where are you going to live? Who’s with you? This vision becomes your motivation.

Now take your vision and create an action plan. How can you get to where you want to go? Who can help you? Having your dream and backing it up with massive action is the best way to kick start your new life.

3. Daily Schedule

This is one of the most important steps. When you had a job, most likely your schedule was more or less determined for you. You showed up to do the work handed down to you. Now it’s your turn to fill your day with meaningful activities.

This is a tuff step. You need to get rid of random web surfing & unfocused social media. Get rid of checking emails by the minute. Get rid of any work that isn’t 100% productive.

For me, I’ve recently discovered it’s easiest to work in what I call “power sessions”. I work really hard and really focused for 90 minutes at a time. Then I get up, move around, and maybe do a few push-ups. Map out your day (preferably the night before) into chunks of productive tasks that will get you closer to your goals.

4. Be Grateful

You started off your program by rediscovering your values. Now that you’re in the daily grind, you should start every day by taking time for gratitude. Be grateful you’re in business for yourself. Be grateful you get to see more of your family. Be grateful for the ability to generate income on your own. There’s a million things to be grateful for.

Being grateful puts you in a perfect mindset to push hard and achieve the things you want. Plus it helps keep things in perspective.

5. Sell, Sell, Sell

It doesn’t matter what business you’re in. If you’re making money on your own, you’re a salesperson. Your biggest job as an entrepreneur is to get paid. After being in the corporate world for years, there’s no better feeling you’ll have than getting paid for your efforts and it all goes to you!

Selling and bringing in money is the most important of the steps so far. Once you’re making money, then you can always readjust your priorities. An awesome vision with no money doesn’t really make the family too happy. Food on the table and a nice roof overhead is the best security and you do that by selling.

6. Hire Your Weaknesses

Procrastination is bad and nothing causes procrastination more than having to do something you don’t love or aren’t good at. The solution? Get someone else to do it!

Personally, I really don’t like bookkeeping and managing numbers. But guess what? My wife Heidi does! So we make a perfect team. Outsource everything you aren’t in love with doing.

If you are lucky enough to find a way of life you love, you have to find the courage to live it.

John Irving

7. Rediscover Meaningful Communication

Guess what? When you’re on your own, you don’t have to worry about office politics anymore! You get to choose exactly who you work with. You can choose to work with only your ideal clients or customers.

You can open up and really connect with people once again. You can deepen your relationships with your clients or customers by being who you really are.

8. Accountability Partner

It’s liberating to not have a boss anymore. High five! But now you need to keep yourself accountable. This is another vital habit to implement, especially if you’ve been answering to a boss for a long time.

You might think you don’t have to answer to anyone now and that’s true but you still need someone to help you stay on course for the things you’ve decided to do. I recommend a business coach or strategic partner. This person, or group, will only help you move forward and stay focused.

9. Surround Yourself with Like-Minded People

Similar to having an accountability partner is to make sure you’re spending time with other entrepreneurs and small business owners. It’s invigorating to connect with people who also share your values and are anxious to share their expertise with you.

There are lots of places to network both online and offline. Places like Meetup.com and Biznik.com even offer a combination of the two. Consider joining various in person networking events. Nothing beats the face to face time with other people.

10. Continual Education

You’re in business for yourself so it’s up to you to become the expert. It doesn’t matter what industry you’re in, there’s always room for continual learning. By becoming the expert in your field, you’re ensuring your own security and it opens doors to new ventures.

You can also take that expertise and put it online and hold live workshops. This will increase visibility for your business via education marketing. You can also start to charge more for your services or products as you achieve some notoriety.

11. Relax

Now that you’re in business for yourself, remember to take breaks and enjoy the fruits of your labor. I’ve been guilty of getting so involved in what I was doing that I let the whole day slip away without even leaving the computer. While this is great that your ideal work can be so consuming, remember to take breaks and enjoy being free to do so.

Working in 90 minute power sessions can help you do this. After each session, go outside and get a breath of fresh air. Go to the park with the kids. Do something physical or some quiet mediation and refocusing. This is a perfect time to remember to be grateful for your perfect life.

12. Keep the Faith

When things get a little challenging, it’s easy to start to lose faith. Maybe you haven’t made a sale or you just lost a key client. It’s in exactly these times that you need to increase your faith and know that something better is on the way.

Go back to the other steps. Strategize with your accountability partner. Outsource a heavy project. Be grateful. Get out and close more business. Keep your values close and act on them. Nothing is more important that continuing on the course you’ve determined.

Never retreat.

Never look back.

Push forward.

Embrace your freedom and remember it frequently.

So there are the 12 steps to discover your new life and leave the corporate life behind. The steps are in chronological order but they’re also meant to be revisited at anytime. In fact, they are all synergistic.

I wish you the best of luck in your new journey. As a liberated entrepreneur myself, I can tell you, there’s no better way to living life!

What else do you think is vital for an entrepreneur to remember?

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