Goal Setting

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Why is it that you want to start a small business?  Money?  Fame?  Personal freedom?  Ego gratification?  Retirement income?  Inability to get rehired or retrained? Discomfort with larger organizations? If someone were to ask you why you're going into business for yourself, what would you say?

For many people, it helps to translate their expectations and desires into concrete terms by setting goals. We've organized these into three broad categories:

• Economic Goals - For many entrepreneurs, this is a strong inducement. The opportunity to increase personal earnings and achieve their financial potential is often a powerful motivation in starting a business.
• Personal Goals - Unlike money, many of these factors can't be quantified but are important nevertheless. For many people, the chance to build something of their own, according to their own vision drives them to start a business.
• Retirement Goals - It's vital for everyone, employee and entrepreneur alike, to recognize there'll come a time when you want to kick back and enjoy the fruits of your labor. In this time of growing concern over the continued viability of the Social Security system, any goal-setting you do should involve consideration of your needs after you've built and run your business.

Short-term goals. You should also remember that while it's good to have long-term goals, such as getting the business off the ground and helping it grow, you also need to set short-term goals. Your short-term goals should be realistic and achievable.

It'll be important psychologically in those chaotic first months to be able to feel that you're making some progress. Short-term goals can help you achieve those small but crucial victories.

Why Goals Are Important

Goals are important because they will affect just about everything you do as you plan and operate your business. Goals are not
just the destination you're driving toward, they're also the painted white lines that keep you on the road.

How to Quantify Your Goals

Quantifying your goals can be a long process. You'll have to gather a lot more information before you're ready to set specific
targets. Eventually, you'll probably want to put those goals together in the form of a business plan.

But before we move on to the process of getting that information, let's take a look at some of the guidelines you should follow when quantifying your goals:

• Be specific — establish targets that can be easily measured, and use numbers as targets whenever possible. For example, you may set a goal of selling your goods or services across a particular number of counties or states, having a certain number of employees, or reaching a particular level of sales. Tie those numbers to specific time frames (within six months, within two years, within 10 years, etc.).
• Be realistic — having high expectations is great, but make sure that you establish targets that are reasonable and potentially achievable. If you're opening a fast-food restaurant, to say that you want to be bigger than McDonald's within six months is not realistic.
• Be aggressive — you can be realistic and still aim high. Don't set goals that are too easily achieved; also, set both short-term and long-term goals. If, after six months in business, you accomplish all of your goals, then what? Don't sell yourself short; if you want to be bigger than McDonald's within 20 years, go for it.
• Be consistent — Beware of inadvertently setting inconsistent goals. For example, a goal of growing fast enough to have three employees within two years might be inconsistent with a goal of earning a particular amount of money if the cost of adding the employees ends up temporarily reducing your income below the target level. There is nothing wrong with having both goals. Just be aware that the potential conflict exists, and establish priorities among your goals so that you'll know which ones are most important to you.

Start with a Simple one. Some people have a hard time setting goals because they just don't know where to start. If that applies to you, try this exercise. Start with an easily quantifiable goal. Start with the amount of money you'll need to earn in order to cover you’re living expenses since, no matter what, you'll need to make enough to make ends meet. Only when you have met that need can you begin to look to other goals.

• Fill out the Next Step form and I will provide you with additional information about the opportunity that is truly shaping my life and allowing me the freedom to live out my dreams without all of the headaches and costs of traditional business.

Success in business and in life is up to YOU… Take a chance. Make it happen.

Please feel free to contact me anytime. My team and I are here to assist you in any way we can with your Business Decision!

To Your Abundant Success and Happiness!

Best regards,

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