Looking into franchise ownership? Know your goals.

By: The Franchise King®, Joel Libava, author of Become A Franchise Owner!

If you dream of one day becoming the owner of a franchise business, there’s something you can do right now that will help you get a head start on your path to success.

And, the best part of what I’m about to share with you is this; you’ve already done it in the past. I’m just going to show you a better way to do it…a better way to reach your goals.

Pen to Paper

One of the best lessons I ever learned about goal-setting came from my dad.
He said that the best way to increase my odds of reaching my goal was to write it down. He told me that stating a goal…whether doing so inside my head, or verbalizing it with someone else, wouldn’t work as well as the simple act of writing it down. It works.


The first part of any goal setting exercise needs to be about the, “Why.”
In the case of your interest in possibly becoming a franchise business owner, ask yourself these questions;

  1. Why are you willing to entertain the idea of going into business for yourself?
  2. Why are you willing to risk your money?
  3. What is your motivation?

Dig deep here.
And, then write down your answers.


The second part of goal-setting is about the prize. It’s about what you want to have happen. You probably wrote some of these things down when you answered the, “Why” above.
But, I want you to avoid the typical big-picture stuff that most of the people that I’ve worked with over the years tell me they have as their goals. Some examples;
“I want to have financial freedom.”
“I want to feel a sense of accomplishment.”
“I want to have more freedom and flexibility.”
While those are great goals to have, (I’m sure that you could easily add to them) they’re not specific enough to help you visualize them. And, if you can’t, “see” them, they’re going to be hard to achieve.


I hope that you still have your pen and paper close by, because you’re going to need to write a few more things down.
Actually, you’re going to want to write the next few things down. It’s time to get specific.
Most of the people I’ve met over the years, who want to become their own bosses, want to have financial freedom. But, their definitions of financial freedom are all different.
For example, when I think of what it would be like for me to have financial freedom as one of my goals, a few things come to mind:

  • Paying cash for my daughter’s college education
  • Paying off our house
  • Having $2 million dollars stashed for retirement
  • Having a winter home in Florida with a place to fish in my backyard
  • Helping other family members, financially
  • Donating thousands of dollars to charities of my choice

Do you “see” how that works?

Visualize your Franchise Goals

The goals I wrote down above are really specific, right?
Now, pretend that you and I have those same exact goals. Can you easily visualize them?
Visualization is a powerful technique. Lots of very successful people use it.
If you like the idea of visualizing things, there’s something else you can do that may help you visualize your goals even better. It’s a technique called, “Treasure Mapping.” I’ve never used this technique myself, but it looks interesting. You can find out more about it on MindTools.com
To summarize, if you’re thinking of becoming the owner of a franchise, write down your reasons why, and include some very specific goals that you would like to achieve as an owner.
Then go after them.

(The Franchise King®, Joel Libava, is the author of Become A Franchise Owner! He’s on a mission to create a new generation of super-successful franchise owners. He provides much-needed advice to individuals interested in franchise ownership with his top-notch franchise ownership advisory services and to the masses via his award-winning franchise blog. He’s on Twitter constantly @FranchiseKing.
For more information on becoming a franchise owner and opening a The UPS Store visit our The UPS Store franchise website and learn how to open a center for yourself and meet your own goals. )