Updated on April 23, 2015
5 Simple Steps on How to Do Business Planning Once Retired from the Force
It’s common for people to become police officers right out of college in their early 20’s and then in just 30 years they can retire from the police force but yet are on in their early 50’s. What to do with all the time ahead? Police officers by their very nature are drivers and many will want to start up their own small business to make some extra money. They have the pension coming in so they have the unique ability to take a chance and try and start a business knowing they have money coming in.
A business without a definitive plan is doomed to fail, and this is one fact that all entrepreneurs need not ignore. Even though the idea of creating a business plan might be simple, it requires excellent and intelligent brainstorming skills. Aside from being your guide to success, a business plan helps you determine goals and identify whether these goals are being met or not. Plus, a business plan keeps track of your finances as you merge into the business domain. Now, if you’re ready to meditate with a pen and a paper in your hands, let’s get started with some of the steps you need to follow when creating the perfect business plan.
Step 1: Know Your Business by Heart
No matter what field you are into, chances are that you would have to face stiff competition. A lot of businesses fail because of one thing, and that’s the lack of preparation. Before you take money out of your piggy bank, make sure that you are already prepared to face the tightest competitors by knowing your industry by heart. What is the nature of your business? What are the dos and don’ts you need to consider? You can get ideas either from reading books or by getting advice from people who are already a part of the field.
Step 2: Identify the Purpose of the Plan
While it is true that a business plan helps you create a clearer vision of the path you are going to take, a business plan also serves you in a number of ways. If you are funding your own business, the plan should be directed to your own benefit as a proprietor. Nonetheless, if you want to attract investors, you should create a business plan that also serves for their benefit. Hence, before creating a plan, make sure that you have identified its purpose first.
Step 3: Set-Up a Budget
Even though there is no way for you to determine a definite budget for your business, it is crucial that you create your own cash flow forecast to make sure that you are on the right path. In most instances, budget dictates everything. Setting up your own budget can help you decide on the possible routes you can take for your business to flourish and succeed.
Step 4: Put Your Plan into Action and Identify Timeframes
In the business domain, it’s not enough that you plan alone. Instead, it is crucial that you act on all of your business plans and set up your own milestones and timeframe. This will help you identify whether or not you are on the right track. Plus, acting on your plan on a definite schedule will enable you to create new strategies that will further your success.
Step 5: Keep Your Business Plan Up-to-Date
No business plan is permanent the same way that the world is continuously evolving. Keeping your business plan updated can help you enable adjustments through the new technological advancements that you can use to your own advantage. Additionally, keeping track of your plan can help you build new approaches especially if your business methods are not working as much as you want them to.
If change is constant, there is one thing that would never change in the business domain, and that is the fact that business plans are forever necessities to building your ladder to success.
Some common industries one may consider are:
1) Hospitality industry, maybe open up a bar or restaurant. http://www.entrepreneur.com/article/73384
2) Financial services such as becoming a long term care insurance agent. They help people in their 50’s begin to plan for retirement. https://www.ltctree.com/
3) Security service. Places like car dealers will hire security firms to watch over the lots.
4) Travel agent
5) Real estate agent. Police have driven so much around their towns that they know the areas well and this can help sell houses.