You have a business idea that you want to pursue. Running your own business is scary, thrilling, fulfilling and just plain hard work, but you need to know what you are getting into and you need to prepare.
The first part of that preparation is more about you than about the business. It's a very simple question: "What do you want to achieve?"
Many business owners start their businesses without really thinking about what they want their business to achieve and what they personally want to gain from their business in the long run. Having personal goals and business goals to accomplish will help you with planning and with deciding which paths to go down.
Here are some common personal goals:
- Have a comfortable lifestyle that supports you, your family and your staff well
- Become rich and famous
- Prepare for retirement
- Sell the business and make money
- Grow the business to a point where it is self-sufficient and does not need you to operate
- Reduce your hours and/or have good long holidays.
- Freedom to pursue ideas and projects
- Give back to the community
When you do not know what you want to achieve, it means that your business does not have the direction it needs to thrive and the chances are that what you accomplish will be quite different than the reason you went into business in the first place.
If you do not have set goals your business has a greater chance of failure. Even if it succeeds, without goals you are more likely to find your business personally unfulfilling.