Set Specific Goals for your Business
You wouldn’t set off on a trip to visit Grandma without first knowing where she lives, would you? And even if she lives just across town you’ll plot at least a rudimentary course before you leave home. The same holds true for your business journey. How can you reach your goal if you don’t know what it is? And it’ll be a lot easier to get their if you map out each step.
Why You Need to Set Goals
Every diet guru will tell you if you want to be successful you need to set weight loss goals. If you just say to yourself, “I wanna lose some weight” you’re really not motivated to succeed. If you don’t know where you’re going you can’t gauge your progress. You’ll be easily distracted and stray off course.
Setting a definite sales goal gives you a distinct target to aim for. You may not hit it immediately, but you’ll be able to see yourself getting closer and closer, and being able to see and measure your progress will motivate you to push on.
Let’s say you made $100 last week and at the beginning of this week you started emailing one new customer a day. This week you’ve made $150 in sales so now you know it IS possible, with very little effort, to quickly boost your sales. Now you’re motivated more than ever to add something else to your daily routine to boost your sales even higher.
Set Small, Realistic Mini-Goals
The problem with setting goals is most people aren’t realistic. They’re making $100 a week now and they want to be making a $1 million a month by the end of the year. Setting goals you can’t possibly reach is self-defeating.
Think about it. If you tell yourself you want to lose 40 pounds in 2 weeks and after the first week you’ve only lost 5 pounds you’re going to do the math, realize you can’t possibly reach that goal in the next week, give up and go grab a milk shake.
Chances are, when you set that sales goal, it’s going to be a much larger number than what you’re making now. In fact, it may be so large that it seems impossible to reach it. And it probably is impossible to reach it – right now. It takes quite a bit of experience and knowledge to make $1 million a year, let alone in a month. It’s possible to do it, but give yourself time to get there.
Break your large goal down into smaller, more manageable goals. For example, let’s say you’re making $100 a week in sales right now and your long-range goal is to make $5,000 in sales every week. From where you sit now that seems like quite a daunting task.
But if you’re making $100 a week now, you can easily increase that to $150 a week with just a little extra work. And once you hit $150 goal you can aim for $200, and then $300, and then $500.
Each time you reach one of your smaller goals you will have learned something new that helped you increase your sales. As your knowledge and experience increases it becomes even easier to reach the next goal, and before you know it you’ll hit your $5,000-a-week goal.
Your Task for Today
Your task for today is to set your sales goal. You don’t want to just “double your sales”, you need to be specific.
Are you just trying to bring in an extra $500 a month to pay off a few bills or save up for a vacation? Or are you trying to replace the income from your full-time job? (If you are, some experts suggest you’ll need to bring in 4 times your annual income to cover things like health insurance, business expenses and taxes.)
I think a good mini-goal to start with is to imagine you’re an employee being paid to do a job. What hourly wage would you realistically be able to earn right now?
Next, think about how many hours you actually spend working your coupon clipping business.
Now, do the math. If you’re currently working about 20 hours a week at couponing and you’d realistically be able to get a job making $20 an hour, then your first goal should be to make $400 per week.
If you’re not already at that $400 mark, don’t worry. Follow this Challenge and we’ll help you get there.
If you are currently reaching that goal, then it’s easy to reach a next goal of $500 per week. All you have to do is take a look at your To-Do List and cut back on some of the time you spend on time-sucking activities and use that time to wash, rinse, and repeat the things you do that are already working.
You can also work backwards from your long-term goal. Let’s say, long-term, you’d like to be bringing in $5,000 per week. At $20 per hour, doing only what you’re doing right now, you’d have to work 250 hours – or 10.4 days – per week. Obviously, that’s not possible.
So, you know that if you want to hit that $5,000-a-week goal you’re going to have to change your business tactics. You may have to work more hours, but you’ll also have to gain some knowledge and work more efficiently.
Don’t worry. We’re going to help you gain that knowledge and efficiency during this Challenge. For now, though, set your long-term goal and your first short-term goal. Write them down on a Post It and stick it to your computer so you can see them every day!