?Day 2 – Set goals and targets
Goals and targets are an often overlooked task for building a successful online business. However, they are one of the most important. When you create goals and targets for your online business you can craft a plan to achieve them. This allows you to do focused work that will help you achieve your goals.
In this module you will learn how to set goals, targets, and then break down those goals and targets into smaller chunks and a daily plan. This will ensure you are doing focused work while building your business. By the time you finish this module you will have your goals in place and a daily plan to achieve them!
Goals
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The planning process starts with you goals. This will give you direction and you can build your entire online business plan around it.
How to set proper goals:
Goals should have meaning. Every goal that you set should have a purpose. For example: Maybe your income goal is to make $6,000 a month so you can replace your job income to become a full-time online business owner. That is a goal that has meaning and purpose.
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Make your goals a stretch but realistic. Your goals should be a challenge but at the same time they should be realistic. If it?s out of the realm of possibility that you can achieve that goal it is NOT a good goal. Your goals should push you to work hard but be attainable enough that you are motivated by the fact that you can achieve them.
Specific and measurable. Your goals need to be specific and measurable. This means that they are tied to an end result that you can track and measure against. A great example of this is our previous example of earning $6,000 a month. This can be easily tracked and measured against.
Are your goals inline with your mission? This is an important one. It’s easy to think about big numbers and exciting things when creating goals and get lost in the excitement. Remember to stay true to your vision for your online business when creating goals.
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Big goals
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Now it?s time to create your big goals. These will be the top 3 – 7 goals that you set for the year. For online business these are the common types of goals:
- How much income you will generate per year
- How many leads or subscribers you will get
- How much traffic your website will get
- How many customers you will help
Choose the top 3 – 7 goals you will pursue with your online business. Remember to follow the goal best practices we covered previously.
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Break down your goals
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Sometimes your big goals can feel overwhelming. It’s like your standing at the bottom of the mountain looking up at the peak. To overcome this you can break your goals down into smaller chunks.
So if your income goal is 100k for the year you can break that down into quarterly and monthly goals which is:
Quarterly: $25k
Monthly: $8,333
If you really want to break it down and measure deep you can break it down to weekly and daily segments. Do this for each of your goals.
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KPI?s (Key Performance Indicators)
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Now you want to identify the key things you should track to hit your goals. These are known as KPI?s or key performance indicators. These activities are the things you MUST do to hit your goals.
For example:
To generate 100k per year you may need to launch 3 products. To generate a certain amount of leads or traffic you may need to create a certain amount of YouTube videos or Podcast episodes.
One thing to remember is this is not an exact science. It is only an educated guess at this point. As you run your business over the course of the upcoming months and years you will get a better understanding of your numbers. This will allow you to make better assumptions on what your key performance indicators should be to hit your desired results. For now, make your best guess.
Make a list of KPI?s that are directly in line with achieving your goals. Next breakdown your KPI?s into smaller segments just like you did your goals.
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Math
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This step may come later on after you perform some of the other steps in this program. But the idea here is to know your numbers. For example:
If your goal is to earn $5k per month and the course or offer you?re selling is $500 then you know that you need to sell 10 courses each month to hit your goal. So once you know what your offer is and how much you?re selling it for you can do the math to find out your numbers.
Daily Plan
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The last part of your planning process is creating your daily plan. You have now broken down your goals and created KPI?s that will help you achieve those goals. Now you can layout a daily plan to make sure you hit your KPI?s.
One of your KPI?s might be release 2 YouTube Videos a week.
Well now you can build a daily plan around that like this:
Monday – Video research to come up with 2 video topics.
Tuesday – Prepare notes for my 2 videos.
Wednesday – Record and post video 1
Thursday – Record and post video 2
Friday – Promote videos on all social media channels
After you have done this for all of your KPI?s you will have a daily plan in place to make sure you achieve your goals! This is so important to running a successful online business.
Action Steps:
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- Choose the top 3 – 7 goals you will pursue with your online business.
- Break your goals down into quarterly and monthly goals.
- Make a list of KPI?s that are directly in line with achieving your goals.
- Next breakdown your KPI?s into smaller segments just like you did your goals.
- Do the math on your goals and product price points to know your sales targets.
- Create your daily plan.
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In the next lesson you will be picking the domain name for your online business.
