Tip #7: You need to have business goals.

You’ll find people who will tell you that you MUST have a formal business plan. And, don’t get me wrong, business plans are awesome, awesome tools. In fact, there are some great resources out there that provide some super sample business plans and great software to make creating your own so simple:

Bplans by Palo Alto Software Products
(I need to tell you that I just purchased their Business Plan Pro 2006 and Marketing Plan Pro software. Outstanding! It's really cool, useful and easy to use.)

Sample Business Plans

Bulletproof Business Plans

Entrepreneur.com: Creating Your Business Plan

…I didn’t write a business plan when I started my VA business. Gasp! When I sat down and wrote out my marketable skills and list of services (Tip #2), I also wrote down my 10 business goals. I had goals rather than a formal business plan…and that worked for me. I try to update them every quarter and have them hanging on my magnet board in my office so I see them and read them many times each day.

Goal #1: I want to make $XXX,XXX per year.

Goal #2: I want to have X number of clients by X date.

Goal #3: I want to work XX hours per week during my first year (remember, start-up year takes more work and longer days).

Goal #4: I want to work XX hours per week by my second year.

Goal #5: I will have obtained my real estate license by X date.

Goal #6: By X date, I want my business to offer only ghostwriting, editing and proofing services.

Goal #7: I want to volunteer X number of hours at my child’s school each week. (I included a few of my family goals here because they related to why I was staying home…)

Etc…you get the idea…