We took a look at the financial aspect of a business plan in the previous post. Now letâ€™s take a look at another â€“ the lifestyle that you can expect to live when your business is up and running. I have friends, a couple actually, who are thinking of starting a small corner store. One spouse has a day job while the other stays at home. It would be perfect for the one staying at home to mind the store. However, they do have to consider certain changes that they might have to undergo in terms of lifestyle.
For example, they might need to move from their current apartment since the space that they want to rent has adequate living space in the back. This would mean savings on their rent. Another thing that they have to consider is having to wake up early and stay up late in order to mind the store. They also like going on vacations several times a year â€“ this might have to change.
This is a specific example of how starting a small business can have a change in lifestyle. Here are some questions, again courtesy of Entrepreneur Magazine, that you can consider:
1. Where are you going to live?
2. What kind of work are you going to be doing?
3. How many hours will you be working?
4. Will you be able to take vacations?
5. What happens if you get sick?
6. Will you earn enough to maintain your lifestyle?
7. Does your family understand and agree with the sacrifices you envision?
If you think that you can cope with the changes, then go for it!