OVERVIEW:
This section of Buying An Existing Business deals with goal setting. It suggest several critical questions you should ask yourself before  sitting out on your journey to being your own boss.

What is the definition of a business goal?
Your business goal should be defined as a "specific and measurable result that you want to achieve within a given time frame". Setting goals will move you forward to your objective  or the desired results you want from your business.

All of your goals should be SMART, this is an acronym for:
          S pecific
          M easurable
          A ttainable
          R elevant
          T imed

Visualization:
To keep your goal real and in perspective you should condition yourself to VISUALIZE the end result.

Visualize your products and services, the size of  your business, your markets, the people you will hire, why will customers purchase your products, visualize your company and what your role will be?

You need to visualize your dream and that dream should be for the long term. You must look well beyond just one year.  You must process a passion and unwavering faith in your vision. Such a passion is the way to persuade others to believe in you.

Ask yourself what you ultimately hope to get  from your own business. Will you want to eventually sell it? Perhaps you will want to  arrange for a family member to take over. Here again you should visualize what will happen in the future and write it down.

Why should you have goals?  Goals provide you with a direction and help keep you focused. They allow you to translate your dreams into reality."

When you set your goals you should think of what you are attempting to accomplish. Think also of how you will feel when you achieve your goals.

Remember always write your goals down. Research has shown that only 3% of people write their goals down, and on average these people earn 10 times those who don´t have written goals.

Remember, also that your first business goal is getting a GREAT business at a GREAT price!

Here are a few suggestion for you think about:

        Why do you want  your own business?

        What do you hope to get from your business?

        What are your reasons for going into business?

        What level of profit do you need to meet your financial responsibilities?

Of the many reasons one may have for owning a business—enjoyment  of the  daily
affairs of ownership counts most towards sustaining a balance of pleasure and profit.
        

Will the business you are getting into provide you a sense of joy?  If you can not answer "yes" to this question, then you need to rethink your plan? If you enjoy your business and what you're doing it will be much easier to succeed than a person who is not enjoying their work.

Conclusion:
In conclusion, I hope you are beginning to get a picture of  what your plan will accomplish.

It is important that you understand the concepts in this section because they effect  how you will plan and build your business.

About the Author:
Bob Macek is a business consultant specializing in small mid-size businesses. He has been a Professional Business Broker since 1982.
If you have questions regarding the purchase or sale of small, mid-size companies. Contact Bob at: bob@probizusa.com