When you start your company, it helps to have a goal in mind.
It seems obvious. Isn’t the goal to make money?
However, you need something a little more if you want your company to succeed — especially if you want to succeed in the way you hope.
Before you move forward, it’s a good idea to consider your expectations for your company.
What’s the End Game for Your Company?
As you start your company, look forward to the end game.
What are your plans for the end game? Some potential endgames include:
- Setting up the business to run on systems so it can support you
- Being acquired by a bigger player
- Passing the company on to your posterity
- Growing into a self-sustaining behemoth
These are just some of the endgames for you to consider. However, it’s important to understand the goal.
If you’re most interested in being a solopreneur with a lifestyle business that provides you with freedom and flexibility, your approach to your company will be different from someone who wants to create the next major corporate player.
Figuring out your startup goals is an important part of moving forward so that you end up with the success you want.
Create a Plan for Your New Business
As you start your company, lay out a business plan that reflects your startup goals. If you know you want to be acquired, the steps you take to build your marketing plan, grow your business, and move forward will be very specific.
You’ll want to research growing areas and identify companies that are potentially interested in expanding into those areas. Be the best in your niche, growing your business in a way that means that a larger company who wants to get into that area finds it easier to just acquire you rather than compete with you.
On the other hand, if you want to preserve your company for your posterity, and you hope that it will become a legacy company, you’ll take different steps to grow your company, put systems into place, and groom your children and grandchildren to take things over.
There are different approaches based on the purpose of your company and what you see as your exit strategy.
Know Your Purpose Now
Understanding your purpose now, as you start your company, can help you get ready for what’s next. It can also help you better make decisions about the best course of action for your company.
Even though there are some things any business owner needs to do in order to succeed, the reality is that you might want to make specific tweaks, based on your desired end game. Research the trajectory of companies that have successfully done what you want to do — and adapt your own startup plan to match what they’ve done.
Understanding your startup goals is a big part of your long-term success. Carefully think about what you hope to accomplish with your business, how (and if) you plan to exit your business, and what steps you need to take to make your dream a reality.
Republished by permission. Original here.
Image via Due.com
This article, “Do You Need a Goal for Your Startup?” was first published on Small Business Trends