I was helping a friend last night with the planning for a family business that would utilize their skills and give them the freedom to travel and would leave them financially set when they were ready to retire.
They have been working on this project for several years and had not been making much headway so I was invited to pich in and see what advice I could offer.
The description of their business planning seemed remarkably like what appears in the pages of Entrepreneur Magazine, but on a smaller scale. They had done a skills inventory, some financial planning, and they were carefully working on the details on how all of this was going to come together.
He is a talented engineer and she is an experienced program manager so they have a fair amount of technical horsepower to apply to almost any problem.
The one thing that kept sticking them was deciding on a product or service that they would produce or provide. They have been wrestling with this issue ever since they started planning a business.
I wanted to give my friend three basic questions that he and his wife must answer before they make any further plans: