R, that sounds like a reasonable business plan to me, to get mortgage-free, develop residual income, and live off your own homestead food first - which could take years, understandably so - and
then look at a homestead business model.
R Jay wrote:Because of this, forming a business plan seems like putting the cart before the horse while paddling up a creek without
a paddle.
Hm, I think this might be the case some times, and for some business plans. And I think a lot of permies have already done the mortgage-free and get out of debt stuff.
Frankly, I'm still learning about business plans myself, despite helping small businesses with their accounting for over 30 years.
I think there is a way a business plan, similar to a budget or goal setting, could help steer one's decisions and actions in a more conscious direction. Plus, it gives an ordered format for review by a friend, mentor or advisor.
I'll never forget being about 22 years old, and a financial counselor helping me find things I had not included in my family budget - such as annual auto licensing, annual memberships, etc. Plus, it also helped that she gave feedback on whether my budget seemed reasonable or not and had references to national averages for spending categories. I think having someone else look over one's
business plan to provide reasonableness feedback on market, pricing, obstacles, etc. could be pivotal and important help. When we're too close to something, we don't always see pitfalls even if they are a gaping chasm in front of us (like that mortgage...).
Business plans are required for most business loans, though I don't think that's quite as applicable to a lot of permies. And yes, for loans, grants, etc. there is FAR more scrutiny and paperwork involved.
I popped back in to this thread because something came in to my inbox: a webinar on a one-page business plan (register and more info link
here). It's through SCORE, so it's free, and if I weren't preoccupied with other things I'd be interested in attending myself.
I've heard about
SCORE over the years but have never taken advantage of their services.