firstly;
- purpose? - income?, profit?, charity?, kudos? (what do you want out of this and why?)
- type?- freelance?, ltd?, semi-partnership?, partnership?
- nature?- (what are you actually doing? this must be legal. Think what you can do, not just what you want to do)
- where?- (where geographically do you want this business to be? be realistic here. New York is not realistic (yet). If starting a business, then prove yourself first, stick to the UK)
if these basics aren't considered and stuck to, this can lead to drifting. No direction means you are unlikely to succeed, you need these fundamentals to succeed, and these should be firmly in place before starting the business.
once these are understood and developed in to a plan you should try to consider the three distinct scenarios;
- good
- bad
- ugly
For each of these you should address what you will do in each of these scenarios. It needs extra effort to maintain a business through each of these scenarios. Or if the business is really struggling, stop a challenging and difficult situation from being far worse then it needs to be and kill it off.
considerations;
- accommodation
- cost of living where you intend
- facilities you have
- facilities you need
- transportation
- communication
these can be split in to two different financials. Personal expenses, business expenses.
co-mingling only causes confusion, so these two separate groupings should always remain separate.
- how soon will you get work?
- what type of work is it?
- when will that work start paying you?
- how much will you make in terms of profit?
- how soon will you get another job/ repeat work?
- how many jobs can you manage at once by yourself?
