Using Goals to Exand your New Franchise Launch

Written by Daniel Cargille Friday, 15 April 2011 06:23

Whether you're opening your own business or you're buying into a franchise, it's important to know what your overall goals are. By building out goals you can understand some of the most important aspects of a business such as what your exit strategy ultimately is. Why are you seeking to buy into a franchise? Do you want money? Fame? Freedom? Guaranteed Retirement? If someone were to ask you why you wanted to start a franchise, what would you say?

Whether you're opening your own business or you're buying into a franchise, it's important to know what your overall goals are. By building out goals you can understand some of the most important aspects of a business such as what your exit strategy ultimately is. Why are you seeking to buy into a franchise? Do you want money? Fame? Freedom? Guaranteed Retirement? If someone were to ask you why you wanted to start a franchise, what would you say?

Developing Goals

Goals are a great way to lay out what you might or should expect from your franchise. It also helps you define your overall desires and where you want your business to take you in the near future as well as the long term. Most goals can be grouped into one of three categories.

Economic goals - This covers many entrepreneurs as they're looking to improve their financial position now while also securing their financial future. This can be a powerful motivator when it comes to getting a business concept or a franchise off the ground.

Personal Goals - Personal goals can carry a person a long way and sometimes all it takes for success is for you to push yourself. A personal challenge or goal can get you running along a trail of milestones to reach a long-term goal. A personal goal may not be quantifiable like an economic goal but they're just as important when it comes to getting a franchise off the ground. The opportunity to finally do it for themselves drives many entrepreneurs to set simple personal goals to keep them on track.

Retirement Goals - This can fall into the economic category but it's more of a mix between personal and economic. The current economy is making it difficult for folks to secure their retirement. As a franchise owner you can create a long-term exit strategy that relies on retirement as a major goal. One day you can sell your business to secure retirement but only if it grows appropriately and becomes saleable. The right goals can make you work harder to ensure that happens.

Any of these three categories can give you great long-term goals to help you run your business in the long-term but you also need to focus on setting those short-term goals that are hyper-focused and easy to achieve. Realistic short-term goals allow you to measure your success while working toward the long-term goals.

These short term goals can be as simple as getting your permits, finding good vendors, establishing good credit for your business or a business credit line, hitting a certain customer or profit milestone, etc. Ultimately, the short-term goals give a large psychological boost to you once you get your franchise open. Knocking bullets off a check list can be extremely satisfying and just the kind of motivation you need to continue to set new short term goals and strive for those long-term victories.