The Entrepreneur’s Source Franchise Provides 3 Tips for Identifying Your I.L.W.E.
The Entrepreneur’s Source business coaching program is founded upon giving prospective franchisees the tools and guidance to help them identify their Possibilities, Options and Dreams (POD), with the ultimate goal of becoming self-sufficient. Oftentimes the only thing standing in the way of a prospective franchisee realizing one’s POD is preconceived notions about himself or herself. Because of this, an individual’s readiness to discover and outline personal Goals, Needs and Expectations is one of the main components of forming a successful relationship between a prospective franchisee and an alternative career coach.
Career coaches at The Entrepreneur’s Source franchise take each of their clients through, a Discovery Process, a proven process aimed at helping people gain clarity into what they want their life to look like and identifying the vehicle that can get them there.
What Encompasses One’s I.L.W.E.?
One of the approaches that alternative career coaches at The Entrepreneur’s Source are trained to employ in defining one’s ultimate end goal is first determining one’s Income, Lifestyle, Wealth and Equity (I.L.W.E.) Goals. Defining your I.L.W.E. Goals will help individuals looking for an alternative career path look at franchise concepts that most closely align with what they are trying to accomplish. Each of the components that comprise I.L.W.E. can be defined as:
- Income: An individual’s shorter-term earnings goals. The effects of one’s income are immediately seen in an increased influx of money and growing bank account balances.
- Lifestyle: A style of living that echoes one’s desire for the freedom and flexibility they are seeking. Lifestyle goals are seen as short term and immediate.
- Wealth: The state of being prosperous in the long-term. Wealth is about taking income and growing it through investments, assets or other diversifying tools.
- Equity: The ownership of assets after debts are paid off. This is the final piece of the puzzle and a strategy to develop once all of an individual’s assets are in place.
Establishing one’s I.L.W.E. Goals can help an individual discover what may motivate him or her along their journey.
The Entrepreneur’s Source Franchise 3 Tips to Follow When Identifying Your I.L.W.E.
Identifying one’s I.L.W.E. may seem like a simple process, but the opposite is true if an individual fails to have the proper mindset and guidance. Oftentimes fear of change, fear of self-employment, fear of success, finances, friends and family can hold an individual back from achieving a clear mindset, and it’s vital for an individual to have a clear mind when evaluating his or her future. For this reason, here The Entrepreneur’s Source identifies 3 tips for individuals questioning their careers to follow when identifying his or her I.L.W.E Goals.
- Identify potential setbacks: Obstacles are inevitable in any walk of life, but having the ability to recognize and identify future setbacks is what sets successful franchise owners apart. When looking to define one’s I.L.W.E., each individual should look ahead at one’s end goals and write down a list of possible obstacles that he or she may face in the act of entrepreneurship, and how they will overcome these. But be aware don’t let FEAR (false evidence appearing real) paralyze you. Separate facts from emotion, this will better prepare entrepreneurs in the investment process by having awareness of future problems that may hinder them in reaching their I.L.W.E.
- Separate long-term goals from short-term goals: When identifying one’s goals, there should be a good balance between short, medium and long-term goals. If an individual has too many long-term goals and not enough short-term goals, it can be hard for him or her to gauge if they are currently on the right track to achieve these goals. For this reason, it’s important to first establish a long-term goal, and then afterwards establish short-term goals to serve as periodical benchmarks to help this person meet the ultimate end goal of self-sufficiency.
- Consult with a coach: As we already outlined, establishing one’s I.L.W.E. isn’t always as simple as it sounds, and for this reason prospective franchisees should enlist the help of a coach to facilitate the process. Alternative career coaches at The Entrepreneur’s Source are trained professionals in guiding their clients through The Discovery Process, eventually leading them to define and successfully achieve their I.L.W.E.
Once people go through The Discovery Process and identify these goals, many factors come to the surface, positioning these individuals to reach a point of clarity about what they want their lives to look like and painting a clear picture of how they can get there. The Entrepreneur’s Source franchise provides the tools, but the clients ultimately find the solution.
For more information about how you can become self-sufficient through franchise ownership and discover a new business opportunity, contact an alternative career coach at The Entrepreneur’s Source franchise today http://www.entrepreneurssource.com/coaching.html.