The Power of Goal Setting for Success
Setting clear, actionable goals is one of the most effective ways to achieve success in business and life. A famous study of Harvard MBA graduates between 1979 and 1989 revealed a striking pattern: only 3% of graduates had written goals, and they earned
10 times more than the remaining 97% combined. Clearly, writing down your goals makes a measurable difference.
Why Writing Goals Matters
It’s not enough to think about your goals mentally or type them into a device. Writing goals with pen and paper reinforces commitment and clarity. Written goals create a tangible roadmap that keeps you focused and motivated.
The S.M.A.R.T. System
To set effective goals, follow the S.M.A.R.T. framework:
- Specific: Define clear targets. Instead of “make more money,” aim for “earn $250,000 this year.”
- Measurable: Track progress regularly. For instance, check that you’ve reached $125,000 by mid-year.
- Attainable: Set goals that are challenging but realistic. Overly ambitious targets can demotivate you.
- Realistic Timetable: Give yourself deadlines. Goals without timelines rarely inspire action.
End Goals vs. Means Goals
- End Goals: Your ultimate objectives, such as reaching a revenue target or launching a business milestone.
- Means Goals: Smaller, actionable steps that help you achieve your end goals, like daily sales calls or weekly client meetings.
Writing down both types of goals, along with how achieving (or missing) them will feel, helps you leverage motivation and stay accountable.
The Expert Consensus
Top business experts—Anthony Robbins, Zig Ziglar, Steven Covey, Brian Tracy, and others—consistently highlight goal setting as a core driver of success. Regardless of industry or experience, committing your goals to paper and actively tracking them is a proven strategy.
Action Tip: Grab a notebook and a pen today. Write down your goals, break them into steps, and track your progress. This simple practice can dramatically transform your personal and professional life.
The Real Power in Franchise Validation
Franchise validation is a critical step in choosing the right business opportunity. Speaking with current—and even past—franchisees helps you determine overall satisfaction, financial performance, and whether a franchise is truly viable for you.
What Is Validation?
Validation is the process of contacting franchisees to confirm if the franchisor delivers on promises, supports its owners, and offers a profitable opportunity. The Franchise Disclosure Document (FDD) provides a full contact list of franchisees, not just the top performers. Speak with a range of franchisees, including newcomers, long-term owners, and struggling operators, to get a well-rounded perspective.
Questions to Ask Franchisees
Financial Questions
Financial insights vary depending on the franchisee’s stage and business style. Key questions include:
- Expected revenue in years one through three
- Gross sales of top and lower performers
- Break-even timelines
- Accuracy of the franchisor’s financial projections
- Typical costs, labor, and margins
Filtering Responses
Don’t get hung up on negative feedback—no franchise has 100% satisfaction. Look for trends and patterns to assess overall franchisee satisfaction.
Reading Between the Lines
Consider if you identify with the franchisees you speak with. Similar values, strengths, and work habits can indicate a good fit. Conversely, if you align more with underperformers, that franchise may not be the best choice. Choose opportunities that leverage your strengths and mitigate weaknesses.
Top-Down vs. Bottom-Up Franchises: Choosing a Proven Business Model
With thousands of franchise options available, finding the right opportunity can feel overwhelming. One critical factor to consider is whether a franchise follows a
top-down or
bottom-up model, which can significantly impact your chances of success.
Bottom-Up Franchises
Bottom-up franchises begin as successful independent businesses before expanding through franchising. This approach ensures the core business model is proven, even for the first franchisee. These franchises have refined operations, customer experience, and product/service delivery over time. Examples include McDonald’s, KFC, and Subway—all started as small independent businesses before growing into global franchises.
Top-Down Franchises
Top-down franchises are often created by franchising experts who launch a brand without extensive experience operating the core business. While some top-down franchises succeed, many rely on new franchisees to test the business model. This increases risk, as the franchisor has limited operational experience to guide franchisees to success.
Evaluating a Franchise Opportunity
When researching franchises, consider the timeline:
- How long was the business established before franchising?
- Was the business fully operational and profitable for at least 3–5 years?
- Does the franchise have proven systems to support new owners?
Understanding whether a franchise is top-down or bottom-up can help you identify opportunities with a
proven business model and reduce risk. A strong history of independent success is often a predictor of long-term franchise success.
Understanding the Value of Franchise Fees
Many new franchisees wonder why they must pay a franchise fee. While the concept may seem confusing or even overwhelming, the fee often provides significant value when choosing a reputable franchise.
What Is a Franchise Fee?
A franchise fee is a one-time payment made when signing a franchise agreement. Fees range from a few thousand dollars to over $50,000, with the industry average around $30,000. For strong franchise systems, the fee is rarely a profit center—it covers the support and resources needed to start your business successfully.
Evaluating a Franchise Marketing Machine
A key factor in franchise success is its marketing system. While training and operations are important, acquiring and retaining customers often determines whether a business thrives. A strong marketing machine sets top franchises apart from independent businesses.
Why Marketing Matters
Even with the best product or service, ineffective marketing can sink a business. Trial-and-error marketing is costly and inefficient, and industry-specific approaches may vary. A proven franchise marketing system ensures you attract and retain the right customers while minimizing mistakes.
Questions to Ask Franchisors and Franchisees
When assessing a franchise’s marketing capabilities, consider these questions:
- Brand Building—How does the franchisor enhance brand awareness to give you a competitive edge?
- Customer Acquisition—What systems are in place to help you attract customers efficiently and cost-effectively?
- Acquiring the Right Customers—Does the franchise focus on profitable, long-term customers instead of costly short-term leads?
- Customer Retention—What strategies exist to retain clients, encourage repeat business, and boost revenue through up-sells?
The Bottom Line
A world-class marketing machine is a critical asset. Franchises that deliver consistent, effective marketing help you grow faster, avoid costly mistakes, and increase your chance of long-term success. Always validate marketing claims by speaking with existing franchisees and reviewing real-world results.
