Do you truly know who you are? Surprisingly, many people struggle to answer this fundamental question. But here's the thing: developing a personal vision statement is crucial for achieving success in both your personal and professional life.
Imagine having a clear roadmap for your personal success, guiding you to align your personal and professional visions seamlessly.
Sounds enticing, right?
Well, buckle up, because in this article, we'll explore why you need a personal vision statement and show you how to write one that truly reflects your values and goals.
What is a Personal Vision Statement?
A personal vision statement is a brief summary of your ultimate career goal.
A vision statement helps you stay focused on your goals, values, and passions, guiding you through life's decisions and challenges. Components include short- and long-term goals, values, interests, skills, and the difference you hope to make.
How to Write Your Own Personal Vision Statement
Picture a life where you have the clarity to say "yes" or "no" based on your personal vision, allowing you to avoid distractions and hazards while staying focused on your objectives.
Remember Your Old Ambitions
Remember when you were a child, brimming with enthusiasm and lofty aspirations? Maybe you imagined yourself as a superhero, a scientist, or an explorer.
Those dreams were bold, thrilling, and full of purpose.
As we age, we lose touch with grand visions. We replace them with more down-to-earth goals.
It's time to reconnect with your inner dreamer and create an awe-inspiring vision for your future.
Plan Your Vision Statement
Follow these steps to create an effective personal vision statement:
1. Identify your strengths
List your skills and determine which ones are most important to your field and the job market.
Ask:
- What am I good at?
- What unique skills do I bring to the table?
- What are my limitations?
- What brings me joy?
2. Reflect on your values
Determine your core values to establish a career direction.
Ask:
- What am I most proud of?
- What do I care most about?
- What kind of person do I want to become?
3. Get a different point of view
Consult with friends, family, or take an online values test to gain a wider perspective of your values.
Ask:
- What is important to my family?
- What do the people closest to me think will make me feel fulfilled?
5. Select your desired opportunity
Now, choose a specific career goal or business opportunity and set a role-specific goal.
Ask:
- How do I want others to see me?
- What do I want to be remembered for?
Write Your Vision Statement
Now put pen to paper and write your vision.
Keep your vision concise, just 3-5 sentences. Simply state your life, business and career goals and the reasons behind these goals.
The purpose of this vision is to keep you focused on your objectives, and to serve as an anchor point for your team, family, and friends.
Your vision is yours to create. Don't let the notion of the "ideal" career or franchise opportunity take control of your dreams. Your vision should direct your choice of business, not vice versa.
A vision statement will be your compass, helping you steer through difficult times and stay the course.
By identifying your goals, you'll be able to craft a vision that is both exhilarating and attainable.
Let's reignite your passion for dreaming big!
Put Your Vision Statement into Action
Keep your personal vision statement in a prominent place where you can see it daily or weekly. This is important since your vision should inform what you strive for on a daily basis.
Share your vision with the important people in your life – whether that’s your employer, spouse, or close friends. I think you'll be astounded by the support and motivation you'll receive.
Consider your vision as your desired destination. The franchise you choose is the vehicle that will transport you there.
Choose the Right Path
The next step is to figure out the most effective way to get to your destination. Selecting the ideal path and vehicle greatly boosts your chances of turning your vision into reality.
Picture yourself planning a roadtrip from New York City to Los Angeles. There are countless routes and means of transportation, based on your preferences and requirements. Your choice is essential when you're working with specific constraints, like needing to arrive in time for an event with only a limited window for travel. In this scenario, you need to select the most direct route and the fastest mode of transport – most likely a flight.
On the other hand, if you have plenty of time to spare and you want to visit various landmarks on the way, your options increase. You could opt to drive a convertible along picturesque highways, trading speed for the opportunity to sightsee and create lasting memories.
As in our roadtrip analogy, there are different ways you can approach reaching your destination (achieving your vision). Your path might be long or slow, straight or scenic, smooth or bumpy.
Assess Options to Achieve Your Financial Goals
There are a number of options you can take to reach financial freedom and achieve your other life goals.
Your choice will depend on your age, career stage, work-from-home preference, and personal aspirations.
The essential options are:
- Traditional employment
- Self-employment
- Business ownership
- Investment in real estate and/or stocks
- A combination of approaches
Let’s take a look at these strategies one by one.
Traditional Employment
If you hold a high-ranking position at a respected company, you may benefit from perks like bonuses, health insurance, and retirement packages.
However, as you age, your employability diminishes.
To consider the stability of your long-term employment, ask yourself these questions:
- Am I on track to reach my personal financial targets and achieve my vision?
- If not, what advancements are necessary? How confident am I about achieving them?
- Is my industry secure in the face of the artificial intelligence revolution, outsourcing, political instability, and climate change?
- Is my company reliable?
- What is my risk profile? If I lose my job at 55, can I find another job with the same salary and benefits?
Because few jobs are forever, you may need to consider other paths to attain your goals beyond your most employable years.
Self-Employment
Many people who become unemployed – by choice or circumstance – view self-employment as a feasible option. This often encompasses independent coaching or consulting.
Self-employment involves minimal investment, a work-from-home setup, and appealing tax benefits. However, it typically demands more marketing and sales efforts than people expect, and the resale value of your business is often minimal.
Business Ownership
Owning a business can be daunting. But for many, the thrill, control over your future, and potential returns are exhilarating.
A thriving business should scale over time, with employees managing most of the work. The resale value of your business should increase as well, providing a significant return should you decide to sell.
Investments
People often mistake real estate and stocks for businesses. Remember, they’re investments. Even after years of success in markets, investments can turn around and wipe out years of returns.
Becoming a professional investor is achievable once you have enough assets. Start educating yourself early and remain involved in your investments so you can learn and make informed decisions.
I recommend making it easy on yourself and buying a low-cost ETF that maps to the SP-500, like Vanguard S&P 500 ETF (VOO). These types of investments are proven to outperform the majority of hedge funds. In addition, simplifying your investment strategy like this allows you to focus your energy on value-generating activities.
Merging Strategies
These financial strategies are not mutually exclusive. Most people blend two or more strategies for long-term success.
For instance, your spouse could maintain a job while you launch a business. Your family can buy an investment property for rental income, all while saving for retirement each month with index funds.
The key is to have a clear game plan, and then commit to it with consistency and determination over the long haul.
Set Checkpoints
Once you've locked onto your destination, break it down into smaller checkpoints. This will help you monitor your progress and maintain enthusiasm as you work towards your objectives.
Setting specific and achievable milestones allows you to celebrate small victories along the way, making the journey more manageable and enjoyable.
Imagine your ultimate goal is to own and operate a successful fitness franchise with multiple locations. Instead of focusing solely on the end goal, create a series of checkpoints to guide your progress:
- Research and select the ideal fitness franchise.
- Secure the necessary funding.
- Hire a capable manager and a strong team.
- Launch your first location and achieve a predetermined level of sign-ups.
- Reach a specific revenue or profit target in your first year.
- Scout for potential locations for a second franchise unit.
- Open the second location and replicate the success of the first.
- Expand your franchise network, with each new location serving as a new checkpoint.
Breaking your ultimate goal into actionable checkpoints will make your path to success clearer. It will also create opportunities for you to reassess and adjust your strategy as needed.
As you reach each checkpoint, take the time to evaluate your progress, celebrate your achievements, and use the momentum to propel you towards the next milestone on your journey.
Harness the Strength of Conviction
Don’t Underestimate Vision
Some people might be quick to dismiss the idea of vision due to their past experiences with failed corporate visioning exercises. However, for entrepreneurs, vision is essential, genuine, and practical.
Your vision is the driving force behind your actions, decisions, and goals. It helps you maintain focus, provides motivation during challenging times, and inspires you to push yourself to your limits. Without a well-defined vision, it's easy to lose sight of the bigger picture and get bogged down in day-to-day minutiae.
As the architect of your future, you are responsible for crafting your vision and relentlessly pursuing it.
The Power of Unshakable Conviction
Conviction has a real impact on how your brain thinks about a problem.
Imagine playing a computer game where you know for certain that every puzzle has a solution. If you care about the game enough, when you get stuck, you’ll likely keep trying new things. You persist in seeking a solution because you know a solution exists.
This principle applies to your personal vision as well. If you believe in your vision, you'll be more inclined to overcome obstacles and bring it to fruition.
This phenomenon seems to be what Think and Grow Rich author Napoleon Hill had in mind when he wrote, "Anything the mind of man can conceive of and believe in, it can achieve."
Percy Spencer is an excellent example. Spencer was an engineer working on radar technology during World War II when a chocolate bar in his pocket melted during a microwave experiment. Despite widespread skepticism, Spencer became convinced that his discovery could revolutionize cooking and make people's lives easier.
Spencer continued to develop and refine his idea. His conviction paid off when he created the first microwave oven in 1947. Every microwave around the world is, in some way, a testament to the power of Spencer’s unshakable conviction.
Did I Succeed?
Goals are the cornerstone of success for entrepreneurs, but they can have flaws.
What happens when life gets in the way? As we climb our mountains, will we ever celebrate the stations we reach even if we never summit?
Nick Leighton proposed the idea of champagne moments to address the limitations of goals.
According to Leighton, goals can be limiting, stifle creativity, create a fear of failure, and cause you to lose sight of your passion.
A vision shouldn’t just be about an end goal. It should be about a direction. As you head in your chosen direction, there should be many markers along the way that you can celebrate.
Unlike traditional goals, champagne moments are personal milestones that inspire you and drive you forward. They focus on what you really want – the ultimate achievements that will make you pop open a bottle of champagne and celebrate.
Not sure what your champagne moments are?
Reflect on your personal vision. Revisit your bucket list. Or simply dream up a new idea.
A champagne moment could be writing a book or going to a major sporting event that your income allowed you to enjoy – anything that is meaningful to you.
For many of my clients, the grand opening of a franchise business that they dreamed up is one of those champagne moments. They get to see members of their community enjoying the location that they willed into being. As they see their business creating jobs and producing cash flow, they can also see their legacy and their financial freedom take shape.
Once you've identified your champagne moment, write it down, pin it up, and let it fuel your entrepreneurial spirit.
Ignite Your Vision Today
With a vivid vision and well-defined checkpoints, you're ready to delve into a financial plan that works for you. Now it's time to take action.
If you choose to evaluate franchise opportunities, you can now use your vision as a quick way to filter what opportunities could be right for you.
If you're a professional looking to find your ideal franchise business to replace or supplement your income, I'm here to help.
Schedule a free strategy session with me today, and let's work together to ignite your vision and achieve the future you've always dreamed of.