Now that we have summarized the Personal Foundation and what it is all about in Part 1 of this blog lets talk about how to actually set up your own Personal Foundation.
Create a worksheet, or use our template that can be found in the first book in our FREE Startup Toolkit e-book series The Startup Roadmap. If you still dont have The Startup Toolkit Series then sign up on the right hand side of this page.
Using the worksheet, there are some very basic, yet pertinent questions that you need to ask yourself.
- What is/was the primary reason for starting your business?
- How many hours do you envision working on average per week?
- How many weeks do you envision taking for vacation each year?
- What resources are you willing to contribute to the business?
- What goals would need to be accomplished in your personal life to consider your business successful?
- How would your business need to impact the world for you to be successful?
- What are your expectations for the business?
After you have answered those questions about personal goals, it is then time to look at what your financial goals for your business are. This part is important in order to determine if your business idea can meet your financial goals. These questions include but are not limited to:
- How much money do you envision yourself taking in salary and/or distributions out of the business to live the lifestyle you would like living? (Create a fake budget to help, if needed.)
- When would you envision working zero hours?
- What exit strategy do you envision? (Sale, Succession, No Exit, Other)
Now that you have a really solid idea of what you want from your business both personally and financially you can plan out your business accordingly, never losing sight of your personal and financial goals.
For Part 1 of this blog post, click here.