Home Based Business Goals
4 Goals To Aim For
Congratulations on taking your business seriously and deciding to set some home based business goals for yourself. Kudos!
Did you know that 98% of all entrepreneurs in the home based business industry don’t set goals? These same 98% don’t achieve them either.
They talk a talk.
They say they want to achieve this or that, yet they never reduce that writing or put together a game plan for success. I find that amazing.
I’ll be sharing 4 different types of home based business goals in this blog:
- Income goals
- Productivity goals
- Skillset goals
- Personal Development goals
I WILL say this. Setting and achieving your goals can be simplified if you know WHAT you want to accomplish and use SMART goals as your formula.
I think I can hear you saying;
“Yeah, Debbie, sounds great…. I kinda get that but I really don’t know what’s reasonable or what kind of goals I should set.”
Okay, fair enough.
Here’s some ideas about working with your home based business goals.
Home Based Business Income Goals
This is a goal where you want to achieve a specific income within a specific time.
Nothing wrong with this as it gives you a game plan for a time line to be able to make plans to scale up your business, take that vacation, buy that house, afford that car, fund a retirement account or replace your job.
The way you determine how much money you need to achieve your income goals is to do the math and work into it backwards.
For example, if you want to reach $10K a month, take that amount and divide it by the commission you make on your product or service upon a sale. That’s how many sales you need each month.
Then break that down into how many sales that will be a week, or a day.
Then ask yourself how many prospects you need to talk to to get a sale.
This will tell you how many leads you need to generate.
After you do that, it’s time to get to work generating those leads.
If you have a network marketing/MLM business, I recommend you learn more about this attraction marketing system for lead generation.
In evaluating your income goals, take into consideration the commissions you receive on your products.
Do you have a marketing funnel where you generate monthly recurring income as well as one time commissions with low, medium and high ticket commissions? I’m asking because it does make a difference. Your multi-commission funnel will be important when it comes to you achieving your financial goals.
For example, I have recurring (subscriber rebills) products and services that which I earn $20 and $100 a month on. It only takes 10 customers to make $1,000 a month just with this alone.
I also have several products where I make one time commissions on products that range from $7 through $3,000 and everything in between.
So you can see it will take 430 sales at $7 a month to make $3,000 or I can make ONE sale and make the same $3000. It depends on how leveraged you want to be.
Your lifestyle income will be wrapped in the multi-commission business model.
Home Based Business Production Goals
This is a more tangible way to work towards your home based business goals and its something very measurable.
In referencing production goals, this is not a new concept for most people as they are used to going to a job where the boss has production requirements for employees.
This goal actually sets forth what you’ll do to produce. You don’t have to produce income with this goal, rather it’s marketing production.
If you have an internet marketing business, you must do the internet marketing part of your business.
Everyone will have difference ways to market. Some will do just video, some will blog, some will run solo ads, some will run Facebook ads, the list is long.
You decide what kind of marketing is right for you. Consider your interests, strengths and budget.
For example, you may set a goal that looks like this:
- Every week I will write and publish 5 blogs.
- I will syndicate each of those blog posts through social media.
- I will take 3 of these blogs posts and re-purpose the content.
- I will do this for the next 90 days.
The only way you can fail and not achieve your home based business goals with this style is if you’re lazy and just don’t do the work.
Home Based Business Skillset Goals
When you’re first getting started in your home based business, it’s easy to think you will be learning many new ways to market all at the same time. Be warned, if you attempt that, you’re going to crash head first into the ditch and quit.
This would be like enrolling into college and taking every course you have to take to graduate in one semester.
Who does that make sense to?
It doesn’t work like that.
What you want to do is choose one marketing strategy and master it.
A good goal would be to focus on this one strategy until you are getting results, then add one additional strategy and master that one.
You can attempt to put a time frame on yourself but be warned again, this could cause some frustration.
I found that you can’t just say, “Ok, I’m going to learn how to do Facebook Marketing and I’ll have it mastered in 10 days at which time I’ll add in solo ads.”
The time and budget you have will determine how fast you succeed. So play this one by ear.
Having said that, it’s still a good goal to know what the strategy is but be committed to keep on keeping on.
Show up every day in your business.
You’ll get there.
And it will have all been worth it!
Personal Development Goals
It’s critical to set home based business goals for personal development. The truth of the matter is that you’re business will grow as fast as you grow yourself.
YOU are your greatest asset!
I know first hand how easy it is to skip this. I know you get busy, get sidetracked, get pressed for time. I know what it’s like going down the “to do ” list and looking at the clock and saying, “well something has to give.. I won’t read today.”
Yet it’s this very reading that will keep you in the game, keep you growing as an entrepreneur and keep you filled so you can help yourself and others.
This is why it has to be a goal that you deliberately, and with full intention, work on.
Here’s some ways to help you accomplish your personal development goals if you’re a busy person.
Get up 20 minutes earlier or go to bed 20 minutes later.
Listen to audios while
- Showering and preparing for work.
- Driving, even with kids in the car… it’s great stuff for their brain download also.
- Working out at the gym or walking around the block
- Fixing dinner
- working in the yard
- working in your hobby
- cleaning the house
Keep a personal development book with you at all times.
How many times have you been delayed at the doctors office, a traffic jam, stuck in the office for lunch, waiting on someone? These moments can be turned into valuable brain food rather than stewing about your situation. Take advantage of it!
Set a goal to read at least 15 minutes a day and listen to audio for 15 minutes a day. Most people have a longer drive than 15 minutes to and from work so it’s quite possible that you can get in 30-45 minutes, if not an hour, each day, just driving to and from work, not to mention driving the kids around town.
I believe that if you are determined and committed, then finding the time and sticking with it will be a breeze.
Home Based Business Goals – Your Decision
The greatest thing about setting your home based business goals is this. YOU DECIDE whether you will reach them.
When you sit down to write your goals, put a time frame on them. Break them down into daily bite size pieces and then DECIDE you WILL achieve them. There’s power behind decisions.
If you need an accountability partner, find one. If you need a support, get it. If you need a running buddy (working buddy), find one.
Keep your end result in mind.
So for example, if you’re goal is to go on a production goal… why?
What do you want to accomplish?
And by accomplishing THAT, what is the reward?
I wish you much success in all your goals setting and I’m here to be your biggest cheerleader!
Are You Seeking a Home Based Business?
If you are thinking about starting a home based business but are not sure what you want to do, track me down on Facebook or fill out the contact me form on this blog and let’s have a quick chat about what you want. Maybe I can help or point you in a direction that will meet your home based business goals. Here’s what I’m up to.