Once you've identified something that you want to do you need to identify whether it is something that you can reasonably expect to do profitably. The old saw "If you fail to plan, you plan to fail" was never more true than when starting a business. Success demands a clear and articulated vision of challenges and opportunities to come. Common sense dictates that you understand ingredients for success before you commit time and money to your project. Lenders, investors and other stakeholders depend on your ability to chart course to victory and they'll want to see your proposed course in writing. Step two:

2.Create a business plan. A business plan is a written proposal. It describes your business and it's environment and forecasts it's future. More importantly, process of creating a business plan identifies challenges and opportunities to come and details key result areas for success. It determines how much money you'll need and where it will be found. With a business plan you are prepared to win. Without one, you are "flying blind".

While there are many ways to create a business plan, we think that best way is to use our program, FundablePlans. It walks you through process, does all of financial calculations, compiles plan for you, allows you to include graphics and includes both online help with your plan as well as help from our consultants (not customer service reps, people who write business plans professionally). It costs $40 and is available at http://www.fundableplans.com. If you would prefer to do avoid $40 fee, you can do work on your word processor and spreadsheet program, plan questions and an outline are available (for free) at http://www.fundableplans.com/how-to-do-a-business-plan.html .

Starting your own business can be exciting, challenging and rewarding. Finding place where market need intersects with your abilities is first step towards success. A business plan is tool to help you take that first step.

If you have any questions regarding starting your own business, please feel free to contact me at below e-mail address.

Step Six - Phase Four: Framing and Subfloors

Once exterior and HVAC, plumbing and electrical systems are done, I begin to address areas such as rotten wood, tearing down walls and building new ones. Of course, if I’m going to remove or build a wall containing plumbing and/or electric, then my crew has to do it before or during Step Five. I make an effort to finish basement of every house that I renovate. It creates more living space, and for many of my buyers, my finished basement is reason that they buy my home.

Step Seven - Phase Five: Sheet Rock (Drywall)

Once I have completed all of major systems, then I begin to do my sheet rock (a.k.a. drywall). If at all possible, I prefer to just skim and patch walls, but I frequently put a lot of new sheet rock in my homes. Hanging and finishing sheet rock is something that takes a while, but it goes a long way toward making an old house look new.

Step Eight - Phase Six: Painting

Once all of sheet rock is done, we get paint on walls. First, we’ll put a coat of primer or a light first coat of paint on walls and then have sheet rock crew fix any flaws, which won’t show up until there is paint on walls. As soon as flaws are repaired, we’ll put two more coats of paint on walls.

Step Nine - Phase Seven: Installing New Kitchens and Baths

Once paint is on walls, we get our vinyl floors in kitchens and baths before installing all new cabinets, commode, vanity, etc. We usually take our kitchen dimensions to Lowe’s or Home Depot and have them design kitchen for us. It makes my contractor’s life easier and we always get right size cabinets with a good fit.

Step Ten - Phase Eight: Punch Out

Once kitchens and baths are installed, we start to wrap everything up. Contractors usually refer to this as their “punch out” and consists of all little details such as outlets, switchplates, and light fixtures. Many times, a homeowner will walk through and create a punch list with contractor. Since we’ve worked together for so long, my contractor already knows what needs to be done and we don’t need to do this. Sometimes it seems like punch out is hardest part of whole renovation since it takes so long to complete everything on list. However, this is also part of job that makes your renovation a good one or an excellent one.

Step Eleven - Phase Nine: Carpeting

Since we don’t want workers ruining new carpet, this is very last thing we install. We usually put new wall-to-wall carpeting throughout.

Step Twelve - Phase Ten - Clean Up and Landscaping

At this point, home should be finished and we’ll begin clean up. Since you want your homes to stand out, it is important to get them clean and looking like a million bucks. If I’m going to do any landscaping, it is usually done here as last thing.

Step Thirteen - Phase Eleven - Marketing

Once home is complete, I immediately begin marketing it. If area is hot and home is going to move quickly, then sometimes I’ll start marketing before completion, but most of time I prefer to have entire job done before allowing people to see home.

Step Fourteen - Phase Twelve - Final Repairs Required

Once home is under contract with a buyer, they may select to use a home inspector and their lender will order an appraisal. As a result of inspection or appraisal, you may need to do additional repairs. Then inspector or appraiser will reinspect property to make sure repairs have been done before issuing their final approval.

James O’Keefe is the owner of My Millionaire Friend, www.mymillionairefriend.com, offering FREE articles, tips, hints, and real-world advice on how to make money with your website. Visit his site or join his FREE newsletter by sending a blank email to mailto:newsletter@mymillionairefriend.com.