The second issue I have with my business plan is a weak financial plan. I'm a creative, and all I want to do is create art. Thinking about numbers and financial figures don't intrigue me in the slightest. However, as a business owner, it is absolutely necessary to be an active patron in wise financial planning.
Currently, I have a goal to gross $60,000 annually. To me, that seems like a decent annual income especially with the high cost of living in Southern California. However, there are expenses that I haven't yet considered (i.e. insurance, health care, overhead costs, taxes, etc.). $60,000 may be a good start in the first year of my business, but my profit margin might not be favorable considering those expenses. Today, I'll need to add up the costs of my lifestyle - tithing, rent, food, utilities, insurance, entertainment, etc. - and figure out a realistic figure to make my business financially feasible to operate while having enough to put food on the table.
This is the part of the business I won't enjoy, but it is a necessary evil. I call it an evil because money has the ability to place a foothold over one's life. Don't give money that opportunity to take over you. Making money isn't a bad thing, it's actually a wonderful thing. However, it is merely a tool. For me, my goal is to be financially stable and not financially greedy. The reason why I'm starting this business is to make a difference in the world. Making money is just an added benefit.
Don't let money tell you what to do. You tell it what to do.