Your first year as a franchisee is filled with exciting opportunities, but it can also bring some uncertainty that comes with new responsibilities. You are past the initial training stage, but developing a solid game plan that you can rely on as you move forward can be crucial.

One approach is establishing clear goals for yourself, your business, and your team. Consider what you aim to achieve in your first year. Are you focused on customer growth and building relationships within your community? Hiring, training, and growing your team? Generating engagement on your social media platforms to help get the word out about the products/services you offer?

This article aims to help set things in motion by guiding you on how to set goals in your first year. We’ll review:

WHY IS IT IMPORTANT TO SET GOALS AS A FRANCHISEE?

Whether you are new to franchising or already have a diverse portfolio, setting goals with any new business investment can be a strategic way to navigate the initial stages. Your first year can be all about familiarizing yourself with the franchise brand and standards, building and training your team, establishing a local presence, managing daily operations, and more in between.

Establishing a roadmap with pre-determined milestones can be a great way to see your franchise grow over time and determine which areas require more focused attention. In addition to providing a sense of clear direction, goal setting can offer motivation to keep going and offer a sense of purpose for you and your team.

While you might consider goals as long-term targets to hit, small daily or weekly goals can also be effective. In fact, completing small tasks can increase motivation and feelings of satisfaction, so goal setting can offer personal benefits, including boosting morale, while also being beneficial to your business.

USING THE SMART FRAMEWORK TO SET GOALS

SMART is an acronym that has been a part of goal-setting discussions for quite some time. It’s widely recognized as an effective strategy to help you initially narrow your focus on specific goals instead of making vague statements and simply hoping to achieve them.

SMART stands for:

  • Specific: The goal should be clearly defined, making it easy to understand your intention. It should be laid out in a way that allows you to answer yes or no whether it was achieved or not.
  • Measurable: The goal needs to be trackable using specific criteria or data to monitor progress.
  • Achievable: Consider whether the goal is something that can realistically be accomplished given your time, resources, and available support.
  • Relevant: Ensure the goal is aligned with the franchise brand and makes sense for your business objectives
  • Time-bound: Establish a realistic timeframe for the goal. Setting a deadline can create urgency and motivation to take the necessary steps to achieve it.

The SMART framework can seem like a rigid strategy due to the conditions that need to be met in each step, which is why it is important to remain malleable and see what works best for you. For example, don’t discredit the steps you achieve along the way, even if a goal can’t fully reach over the finish line. Goals can adjust at any point, so while the SMART framework can offer key elements for setting solid objectives, it’s important to remain flexible throughout the journey of achieving them.

As a franchisee, you likely have many responsibilities and wear multiple hats, so it’s essential to factor in your availability and determine if you need to acquire new skills, hire someone to assist you, or provide training for your team to reach your goals.

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START WITH A BROAD GOAL, THEN NARROW IT DOWN

You may have several goals that you’d like to achieve in your first year as a franchisee, so put some time aside to write them out. From there, tap into the “achievable” portion of the SMART framework and ask if this is something that can be achieved in the short term or if it will require several years. If it is the latter, see how you can adjust the goal to fit into what can be achieved in a year. From there, you can begin implementing the SMART framework.

Are the goals you have written down vague? See how you can make them more specific and measurable. For example, instead of setting a goal to increase your presence in your community and engage with current and potential customers, you could aim to “participate in at least five local events and partner with two local charities or organizations for cross-promotion by the end of the year.” This goal is clear, measurable, and can help your franchise business in the long run. Also, be sure to communicate with your franchisor and see if their support can assist you in reaching your business goals.

CREATE A GAME PLAN FOR HOW YOU’LL ACHIEVE YOUR GOALS

Your specific goals are in place, and now it’s time to implement them. But before you can begin, you need a game plan. A good starting point is to write down your goals and describe them in detail. Research has shown that those who vividly describe their goals or can visualize them are more likely to achieve them.

Describing your goals can help you see the bigger picture and identify where to start and what you need to get going. For instance, if you first require support or resources from your franchisor, that can get the ball rolling toward achieving the goal. If you aim to establish a strong team, you may need to start with a job posting and conduct interviews.

Goal setting can be like any strategic sports game. There’s often a coach telling the players the game plan as to what they should be doing and where they should move to win. As a franchisee, you are your own coach! Developing a step-by-step game plan will help you stay on track so you don’t get caught up in the day-to-day tasks that can come with the role. It can also provide the direction or “moves” you need to achieve your goals. You can accomplish this by:

  • Creating multiple timelines: Determine what needs to be completed in the first 30 days, 90 days, mid-year, and so on to help you reach long-term goals and adjust the timeline for short-term goals.
  • Checking what you need to get started: Although franchising involves following a proven business model, it is still important to determine what’s needed to make your business successful in your community. When it comes to goal setting, identify what tools you need to carry out tasks in each phase that will help get you to where you need to be.
  • Identifying priority tasks: What tasks need your attention early on to help reach your goals? Once established, your timeline can help make sure you’re putting time aside to hire or train a team, for example, so your efforts are more focused.
  • Assigning responsibilities: Determine who is accountable for specific tasks that will help you achieve your goals. Delegating responsibilities can be essential, especially when you have a busy schedule.

DETERMINE HOW YOU WILL TRACK YOUR PROGRESS

Tracking your progress can be incredibly important when setting goals for your franchise business. For instance, if you’re setting financial goals, monitoring your ongoing revenue or comparing profit vs. expenses can offer insight and be used as supplemental evidence that you’re heading in the right direction.

Goal-tracking apps and websites are popular options, including tools powered by artificial intelligence that you can leverage to track your progress. Find a medium that works best for you.

Establishing checkpoints where you can assess how things are going and where you can adjust (if needed) is also important. Individual and monthly check-ins with yourself and/or your team can help maintain transparency and boost effective communication, particularly with your team, as it can help get everyone involved and add purpose.

DON’T FORGET TO REMAIN FLEXIBLE

This is the first year in your role—there’s going to be an adjustment period and learning curve. Consider this as you set your goals and be willing to revise your game plan where needed as you go.

Your goals should also factor in unexpected events that could impact them timeline, such as supply chain issues, shifts in the market or customer demand, etc. While a timeline can help keep you and your team accountable, it should be flexible enough to have a plan B when things don’t go as expected.

FRANCHISING WITH DOGTOPIA

Interested in becoming a Dogtopia franchise owner? Check out our franchisee testimonials to hear firsthand what the franchising experience is like. If you have questions about this opportunity, please visit our detailed FAQ page. Meet our franchisee requirements and want to learn more? We have an online inquiry form.

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