And no it does not mean micromanaging as you would have no idea what the world would be in five years. We could have another few waves of coronavirus or something worse.
But you can plan for how you will be profitable in your first five years so that you won’t lose a lot of money and won’t have to shut up shop. Same as your life. You should plan for this now just in case something unexpected happens.
For example I would want to earn about $20000 in the next year. Due to the Coronavirus people won’t have a lot of money left and some people will have no job. I also want to save about $10000 from my current earnings and Job Keeper to buy shares. I aim to buy about 5-10 shares this year. But I don’t know what the economy will look like and whether or not the share market would collapse. To do that I would need to do some research on shares and that will take a while.
In the second year I would like to buy even more shares. In the second year I hope to be invited to some of the world’s most prestigious health things. I would love to run Boston if I can but I would need a really good qualifying time. But I would need to train really hard and run a few races to get there. And I would also need about $50000 for Boston (for airfares, accomodation, food, race entry not to mention other things). That would mean that I would need to sell a few memberships on my blog and earn enough money from my shares.
Its the finer details of your plan that would make it a success. And then you would have to think about how you would make that goal happen. Be specific. Be accountable for yourself. You could also assign someone to hold you accountable for that goal.