With any new venture or investment, it is critical to set a range of goals that encompass both financial aspirations and quality of life goals, and with a franchise opportunity, this is no different.

Prior to beginning franchise research, individuals should make a list of three- and five- year goals that will help them determine what they want to accomplish from a franchise, Entrepreneur.com writes.

These goals should consider the financial aspects of a business, such as cash flow, savings and spendable income, whereas quality of life goals should determine what lifestyle factors are important, such as vacation time, family life and making a difference in the community.

While cash flow may seem like the most crucial aspect to business success, a franchisee who neglects things outside of business, like going to a son’s soccer game for example, is setting themselves up for disaster. Franchisees must develop a personal set of goals in addition to the franchisor’s baseline definition of success, the Web site writes.

The International Franchising Association counsels interested parties to ask themselves simple questions like, “Will you enjoy the franchise?” Too many people, the group writes, enter into franchising as a quick way to make a lot of money. However, franchises are at the very least a 10- to 15- year investment.

The Liberty Tax Service franchise opportunity is #9 on the fastest growing franchises list of the 2010 Entrepreneur “Franchise 500.” Our tax franchise is an affordable and viable business choice. Each office provides thorough, computerized tax preparation coupled with superior customer service. For the best small business opportunity in the income tax franchise industry, choose Liberty!