Begin with the financial end in mind:

I was at dinner last night and was talking with a long time friend, who had an idea for a business in her home town. The town is missing this type of service and it would probably be a success if she put her heart into it! The problem is that she had not thought about the money aspect. How much would she want to make each year? Is it possible to make that out of her business? Would she have to have multiple locations to meet her financial goals?

One thing that handcuffs a lot of entrepreneurs to a business is a business that is successful but does not meet their personal financial goals. They choose an industry where even if they were the biggest dog in the area, they would not have the financial freedom a lot of entrepreneurs want.

I have a process, it starts with writing a business plan with financial projections. Now divide the financial top line numbers by two. How do these numbers make you feel, what is the chance of success. Sleep on it for a couple nights, ask some friends and decide how much passion you have for the particular business. I picture myself six months into the new business, what will I be doing? For me, I need to remain creative and fluid. Is this in line with what you feel the requirements are for the business at this point?

At some point, after all the excitement of starting the business is over you have to get to work. Is this the work that you want to do? Is it going to pay you enough to be happy? Can you get a job that will provide you with less responsibility and a more stable life? There are no sure things when starting a business. It's either in you or not. But you need to begin with the financial end in mind!

Cheers,
Mike