A while back, I had a bit of a rant regarding the idea of the Location-Independent Professional, the person with no ties who could work anywhere in the world without responsibilities. The concept of the "responsibilities of the entrepreneur" took on a whole new meaning for me in this past month, with my business being on reduced work and this blog being pretty much shut down. What these 2 things, the "Location-Independent Professional" and me shutting down this blog, have in common is that they both are entrepreneurship based on a strong Life Plan.

The Life Plan

There are many thing that will come up in entrepreneurship that have a potential for changing your direction: you may be offered a position with another company, the economy might change, or you may be presented with new opportunities. This is why creating a life plan as your first action as an entrepreneur is vital. When a new opportunity comes up, I can look back at my life plan and decide if this new direction fits with my life plan, first and foremost.

I found that the hardest part of creating a life plan was the soul-searching involved in deciding what it is in my life that makes me truly happy. For example, everyone would like more money—but does more money actually make you happy? Speaking at a conference also sounds nice in print, but it would be nerve-wracking not only to speak in front of a large group, but to have to leave my daughter and get on a plane. So the important part is to look inside yourself and decide what truly makes you happy in life, and then put that into words to create your life plan.

Your Life Plan in Action

I didn’t really believe in the power of having a life plan until my first test of it came. Once you have created your life plan, how do you use it? Well, you can use it in several ways:

• Use it to create your Business Plan
  Does your life plan include a lot of time spent outdoors? Then don’t create a business that requires many hours spent in an office, or find ways to delegate those tasks which would bring you inside. Does your life plan include picking up your kids from school every day? Then use it to shift your business hours in your business plan.
• Use it to weigh opportunities.
  I was offered a job at nearly twice my salary a while back, but it would have required me to spend several hours a day commuting and about 60-70 hours a week in the office. As my life plan includes family issues (including stopping work at 1 pm to play with my daughter) and environmental issues (like conserving gas by not driving), I was able to reaffirm my goals and pass up the job despite the temptations of the salary.
• Use it to set long-term goals.
  Some budding entrepreneurs find themselves stuck in their current job for financial or other reasons. Having a life plan helps you to keep focus as you set intermediate goals to help you achieve the life you eventually want without getting discouraged by your current situation.

People Matter

I was reminded of all this today when I was reading Rob May’s changes in business thinking, where number 1 was "Relationships, relationships, relationships". While he was talking about business relationships, it is the people in your life that really make life worthwhile. I have had a lot of great projects since 2005 when I went into business for myself, but the money I made pales in comparison to watching my daughter grow from a tiny egg to the smart, capable 2-year-old that she is today. Twenty years from now, taking the time to be with her instead of working a 70-hour week will still be the best thing I ever did in my life. I am glad that, despite the opportunities I was given to do other things in life, I stuck with my life plan and didn’t miss out on moments like these:

(laughing in bed, in the dark, march 2008)

Additional Resources

• Creating a Life Plan from StartupNation
• The Life Plan Worksheet from Inc.com
• Personal Goal Setting from MindTools

Reader Questions

Do you have a life plan? What does it include? Has it helped you?

Editor’s Note

Sorry for my "extended vacation" from this blog. Hopefully I’ll be around more now, but I can’t promise anything!