Understanding what you want your life to look like in the future can be the key driver to your success as franchise business owner.
There are many reasons why people go into business. Some have an innate entrepreneurial spirit. Others feel working for someone else is stifling. What if you choose to go into business to meet your life’s goals, dreams and expectations? Did you ever think a business could do that for you? What if you looked at your business as the vehicle to carry you into your desired retirement lifestyle?
Well, I believe it should be the main reason to go into business for yourself. When making the decision to become an entrepreneur, our lifestyle goals can be attained when establishing and following a plan. Ideally, your plan and/or goals should be structured around your desired Income, Lifestyle, Wealth and Equity. We call this ILWE. In business ownership, your ILWE is the foundation for all decisions made. It remains in the forefront of your mind and should be the driver to get you to work harder, smarter and better.
ILWE goals can be set in interims of time and should be reviewed periodically for effectiveness. But how do we turn our ILWE goals into something measurable? If your business is the vehicle to get you to your goals, a business plan is the roadmap in which to follow. Writing a well thought-out and organized business plan dramatically increases your odds of succeeding as an entrepreneur. No matter what size your business is, a business plan becomes the foundation for all decisions made about the business.
If your eyes remain steadfast on your target, or on your ILWE goals, even in the challenging times, you’ll be able to make the right decision when you ask yourself, “How will the affect my long-term need for income, lifestyle, wealth and equity?”