Okay, now that we’ve determined that we are going to do this, we are going to do this right! I’m starting by planning. Yes, that ever so popular word for those who are more organized than a filing cabinet. I’ve never been good at planning or organizing (just look at my bedroom), but if I’m going to do this right, then I’m going to have to do this right or not do it at all!
Let’s start with a five year plan. I’ve often heard it in my business classes, but never really thought about creating my own.
Most the time, when someone mentions a five year plan, they also include the idea of selling their business, as if that is part and parcel to the whole five year plan concept. But what if I don’t want to sell my business (at least not until I’m ready to do so – and not at a predetermined time)? Simple – 1) replace that notion with some other goal (like grossing 1 million), or 2) forget about some big something at the end of those five years. The point is get a five year plan, no matter what you put at the end of those five years (of course it works best if you do have a big goal, at least put some big reward like a cruise or something and what goal(s) you want to achieve during those years like keep the house clean).
So, what about my five year plan? My goal at the end of these five years is to build my Mom’s dream house. Why my Mother’s and not mine? Simple: 1) I love her (duh), and 2) she’s better at planning and building houses than I am and she wants to make this really cool envelope style house that will virtually eliminate utility bills and uncomfortable summers and winters (I’ll have to tell you more about it as things progress) that I might like to build for myself one day too.
Note: I keep saying five year plan, but it doesn’t have to be five years. That’s just a good number that most people use (plus it’s my favorite number). I’m just using it because my Mom will then be over 60 and she fears that if she doesn’t have her dream house by then, she never will.
Next step: break down the five years into steps towards your main goal. Since we need to raise a whole bunch of money in order to do this (to pay off their current mortgage and to pay for the new house – without taking out another loan) I’ve decided that perhaps the best way is to start a business (or work with what I have).
So here’s what I have so far:
Year 1: Planning & Learning – decide what I’m going to do and how I’m going to do it. Yes this will take a whole year simply because there are so many things I need to learn and decide.
Year 2: Implementation – start the business (or work with what I have). Of course this will include beginning to grow the business and save up money for the house.
Year 3: Grow – here I’ll be growing my business. This will help the revenue come in faster.
Year 4: Saving – I’m just going to be saving up my pennies here. There won’t be much growth in the business.
Year 5: Preparation – yes, another preparation year. This is for preparing for the house. Basically preparing the lot, finishing the building plans, getting permits, etc.
Finished: Building the House! – and my Mom will get her dream house.
Next time… Breaking down the years.