Starting Your Small Business - Goals of Small Businesses

"Wages earn you a living - profits make you a fortune."
This post is part of an power packed information series Starting Your Small Business.


Businesses, large or small, exist to generate a profit for their owners. Business owners—whether shareholders in the case of large incorporated ventures or owner-operators in the case of small businesses—use these profits as a means of supporting themselves and others for whom they are responsible. Thus, the primary raison d’être for all businesses is to earn a livelihood for their respective owners.

If you already do, or think you would like to, run your own small business, you may have various reasons for choosing self-employment as a strategy for earning a living. Maybe you lost your job as a result of downsizing, reorganization, or merger, and chose running your own business as the best choice for generating an income. Perhaps you find it too confining being an employee in an organization whose way of doing things is inconsistent and even irreconcilable with yours. More independence? Higher earning capability? Whatever. Regardless of an individual’s stated reason for choosing to run a small business, the bottom line is always the same: Small businesses exist primarily to allow their owners to earn a living.

Small businesses can be—and usually are—vehicles by which their owners can experience satisfaction, recognition, and joy, things that we all need if we are to live healthy lives. In practice, this means that as well as existing to allow their owners to earn a living, small businesses also help their owners achieve personal, non financial goals. Essentially these goals represent results or desired outcomes that the individual owners would like to achieve. Examples of goals that can be achieved through running one’s own business include the following:

➤ Earning specific awards or peer recognition;
➤ Showcasing your abilities;
➤ Doing what you love doing;
➤ Making a difference in the community;
➤ Maintaining an enriching relationship with spouse and family;
➤ Meeting new people;
➤ Improving the quality of service to clients;
➤ Developing new ways of doing things.

If you currently run your own business, think about why you started it. If you are thinking about starting your own business, what goals do you hope to achieve?

And do you know why business goals very important in starting your small business? Having clear cut business goals will determine the direction of your business - from strategies to marketing plan - all will rely on your business goals.

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