In general a tip goal is the amount of token/credits/gold/etc you publicly say you have to make before you do XYZ. XYZ being what ever the goal is set for. You do not always have to reach the goal before you do XYZ ,some model choose to just get close but the option is always yours.
As far as how you set it up, that depends on the site. Usually you would set your goal in the status box shown on your broadcast screen and using the @ symbol so @1500 would show your goal. Certain sites you actually have to set up a countdown or timer, But like I said that depends on the site, is there a specif site youre thinking of ?
Tip goal and an item from your tip menu can be the same,like @1500 insta-twerk show (IDK, lol) you could have that on your menu at all times should someone instantly want that show and doesnt want to have to wait for the power of team work.
All models are different, I would assume you ( or whomever) would be doing a show once you reach goal but your room,your rules and if a flash is what you want to do at goal,then thats what youre doing.