Last week, you listed several goals for the upcoming year, along with specific actions for attaining them.

Now it’s time to build a business plan that incorporates your short- and long-term goals. Having a plan will help you avoid common pitfalls, like spending too much money and time pursuing revenues not consistent with your goals and overall mission. And once you have a plan, maintaining it will be easy.

Consider some key ideas as you begin to draft your plan.

Define your expectations: Think about what your motivation is for being in the travel industry and what sort of income you expect to make.  By understanding your business expectations, you can establish your company’s vision and mission.

Project your income and expenses: Once you have identified your business direction, you can calculate the income you need to accomplish your goals and reach your expectations. You also can budget for overhead, advertising, equipment, and other reasonable expenditures.

Fund your business: In a separate bank account, set aside the necessary funds for your business venture. Avoid commingling business and personal funds.

Regularly review your plan: Monthly reviews are not too frequent for you to check your plan and make sure you are on course and to adjust the plan accordingly.

When you are ready to create a formal business plan — including a company overview, a product or service strategy, a thorough market analysis and marketing plan, a financial plan, etc. — be sure to enroll in the Business and Financial Planning online courses designed to help you develop a solid business plan.