LESSON #14: Setting Goals for Your Business

By | July 18, 2008

In the previous lesson, we talked about getting a vision for your business.

A vision is the big picture of where you want to go. You need to have a vision, otherwise you won’t be motivated, and you won’t have a clear direction for your business.

However, a vision needs goals and plans to go along with it…

(Watch this video…)

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Main points:

  • Vision vs. Goals. A vision is the big picture of where you want to go; a goal is a specific milestone that helps you get closer to your vision.

  • Important requirements for goals:

    1) they should be specific (measurable)
    2) they should be serious, but attainable
    3) they should have a deadline

  • For example: a goal may be to earn $10,000 of net profit before December 31st.

  • VERY IMPORTANT: Write your goals down, and keep them in sight.

  • (Story about the Harvard MBA graduates…) Those with written goals made 10X the income of everyone else combined.

  • I use a whiteboard… but a piece of paper is fine too.

  • You can have short term goals, long term goals, and everything in between.

  • Re-evaluate your goals periodically.

  • When you reach a goal, be sure to celebrate for a few minutes before setting the next goal.

    Action steps:

    1) Write down one goal, and put it somewhere near your computer.

    (Also please post it in the comments below)

    It should be specific, attainable, and it should have a deadline.

    Keep in mind that you will need to keep setting new goals for yourself as you build your business. As you continue with these lessons, it will become more apparent what your goals should be, so write them down frequently as you go through the process.

    Now you will need to develop a plan for reaching your goals, and I’ll be talking about that in the next lesson.

    As always, you are welcome to post your questions and comments below.

    Have a great day!

  • 878 thoughts on “LESSON #14: Setting Goals for Your Business

    1. Eric Post author

      Dude that looks awesome. I really wish I could go. Why is it called tweetfest? Makes it sound like a twitter event…

      and the video is not loading for me…

      Reply
    2. Karen

      Goal:
      Create at least one new income stream by July 31, 2008 that I hope makes at least $5 daily.

      Reply
    3. Eric Post author

      I think that’s on target because I’m definitely hoping to have them all done this year (ok… it’s my goal 😉 ).

      As far as whether it’s achievable following just my lessons… I’m going to avoid making income claims. One of the main reasons is because, like any “schooling”, what you get out of it largely depends on the effort you put into it, and I can make no guarantees of anyone’s success.

      But I will say that your goal certainly seems reasonable.

      Reply
    4. Eric Post author

      Sounds good Paul. In the next couple of lessons we’ll focus on some things that may help you, which are within your control 😉

      Reply
    5. Eric Post author

      I will be covering both of those topics (niche selection and list building), but you might need to stretch your goal date a bit later if you’re planning on learning everything from these lessons.

      Reply
    6. Halina

      My goal is to be consistently earning a min of $2000 online by Sept 31st 2008 to be completely independent from social services and from my sons.
      I trust in you, Eric
      Thanks a lot

      Reply
    7. Adrian Fine

      Setting Goals
      My goal is to have a site up and running and bringing in earnings of £10,000 monthly by the end of the year

      Reply
    8. Nik Nasruddin

      Dear Eric,
      I’m practicing this kind of goal reminding. I stated my plan and goal in a piece of paper and put in my wallet. Everyday I’ll look into it until I achieve my goal. Try to practice it…I guarantee you will achieve your goal too!

      Nik
      http://www.easyartscraftstips.com

      Reply
    9. Shane Hale

      Vision:
      To create a successful million dollar online business and invest the residual income into bigger assests.

      Reply
    10. April

      Hi Eric,

      VISION: to be financially independent for the purpose of both personal and ministry opportunity.

      GOALS:
      1. To have a $1 million net worth by 2014.
      2. To have $1 million in liquid assets by 2016.
      3. Go live with my planned eCommerce store by Jan 1st 2009.
      4. Have that store double its PROFIT every year for the first 5 years, making $1 million dollars by 2014.
      5. Have 2-3 “Affiliate” type sites built by the end of the year; each positioned to produce $24,000 annually by Dec. ’09.
      6. Have all credit card debt paid off by 2012 as a result of above efforts.
      7. Be able to rent out our current home as income property (currently upside down) by 2012 as a result of a miracle.

      April

      Reply
    11. Canopy Fast Track to Success Video!

      Oh the video engine was undergoing maintenance, it should be working fine now. The video explains the concept and it is a Social Media MasterMind Event. So I am marketing word of mouth (Tweet to Tweet) to marketers using Twitter. Hence TweetFest! No-One has done it YET, and Twitter has become THE Social Marketing Tool, because of it’s micro-blog realtime capabilities. It has become a REAL Marketing Movement, I know you weren’t into Twitter a while back… but remember you said SOMETIMES you need to reassess!
      Also, this link above is a Video of what I will be doing to help people Conquer their fear of Success! Talk about stop victimizing:)

      Reply
    12. Ioan

      Hi Eric!
      My goal is to have a site up and running and bringing in earnings of $2000 monthly by the end of the year

      Reply
    13. Ron Galuska

      Eric,

      My goal since I started with internet marketing about 7 months ago, was to create a successful income producing website for each of my children. They are 28,27 and 20. I have had tragic set back the last two days as my 20 year old daughter was killed in an outstate auto accident on Thursday while on vacation. The wake is tomorrow and funeral on Wednesday. She was my heart as we did so many things together. I am hoping I will be able to focus again in the coming days, however, my priorities have drastically changed. Just taking one day at a time is probably my short term goal. Please keep my daughter Kara in your prayers.

      Ron
      http://www.GemStarGifts.com

      Reply
    14. Bob Farley

      Eric…
      My prayer, dream, goal, vision…name it what you will, is to:

      1. Find the key to make my internet empire produce enough income to provide for my wife and I, even if we have to go into an assisted living facility…..

      2. Have enough left over to be financially independent….

      3. Be able to replace the motorhome and airplane I had to give up….

      4. Know the satisfaction of making this work when so many think I am wasting my time….

      5. Be in a position to buy new clothes, trade cars, eat out any time we want, and able to do whatever our hearts desire for our kids, grand- kids and great-grandkids.

      This may sound extremely ambitious for a guy who has over 125 sites up and running, but I totally believe there is a key that will open the income floodgates. That is what keeps me going month after month.

      Bob

      Reply
    15. Neal

      I am going to be agressive with my goals:

      – At least one website online by July 31
      – $1000 by August 30 from one or more websites
      – Consistent $1000 per month by October 1
      – Consistent $3000 per month by Dec 31

      Pretty agressive I know but like a few of the above students, I am 49, just a hair away from 50 and it looks like my retirement investments are not going to pan out the way I want. So, rather than beg the government to take care of me, I’m going to take care of myself.

      More than that, this is new to me and looks like a challenge and fun.
      Times a wastin’

      Reply
    16. Bob Farley

      Went back to read my submission a second time. Left out a few words…should read:

      This many sound extremely ambitions for a guy who has over 125 sites up and running…but still is not making ANY money with them…but I totally believe there is a key that will open the income floodgates.

      This will make that statement clearer.

      Bob

      Reply
    17. Pingback: Need some “Tips”? Eric has ‘em! | Internet Marketing for the Masses

    18. Colin Noden

      Hi Eric,
      Whew, thanks for these lessons, they sure make me focus on things I would have preferred to avoid.
      My one goal homework for this lesson is to open up my aweber account and begin listbuilding by the end of July, and have it paying for itself in three months.

      This may seem like a small goal, but I`m realizing that each goal carries a bunch of smaller goals. Open account. Choose name. Build a bonus for signup. Write a squeeze page. Figure out the technical aspects of setting up a download page. Do market research for relevant topics. Write a stack of articles for reserve copy. Select good products to promote. Put signup forms in websites. Promote list.

      All this from one little goal!

      Thanks for the nudge and support,
      Colin

      Reply
    19. John

      The written goals are important, but equal to this is the feeling and emotion put into experiencing those goals or outcomes in the *now*.
      Feel as if the goals have already been accomplished or accept them as completed, and it will remove the neediness or *just-out-of-reach* trap that can sabotage your success.
      My own fav saying is “Believing its a done deal will seal the deal”, you just go out and close it 🙂

      Reply
    20. Julius P

      Hi Eric,

      Once again you cleared a “FUNDAMENTAL” logic missed by most of us.

      Goals:
      0. Identify a niche market, which I m going to enjoy working on.
      1.Need to Create 25 Websites by August 2008
      2.Understand how to get traffic to the site & generate sales.
      3.Make a minimum of $3000 per month on each site.
      4.FOCUS, on What I can do, rather than I want to do.

      Thanks
      Eric

      Reply
    21. Rob

      Hi Eric, Thanks for the lessons! I know I am a couple days behind, but today I will catch up. My goal is to make $3000 online by August 30th, 2008. I have the time because I just had to close my offline business. I also will lose 20 lbs by the same August 30th. Looking forward to the remaining lessons!
      Rob

      Reply
    22. Mark

      introduce myself to 10 strangersand get their mames by the end of today.
      I am naturally shy so this is a challenge!

      Reply
    23. Susan O'Connor

      Really good, helpful info Eric. Very well thought out. You’re a very smart, generous young man. Thanks from Granny. Just kidding…but I am going to be 62 next month, and intend to have my first web site up and running by the end of this year. Susan

      Reply
    24. yulanda

      My goals are two build at least 2 websites a month and have heavy traffic. I also want to have an income of $8,000 a month by jan 1st 2009. Eric, could you check out my website and tell me what you think, please?

      thanks

      Reply
    25. Brett

      My short term goal is to generate $500 profit from the internet in the month of August.

      Reply
    26. Chris

      Eric,
      The one thing I have always struggled with when coming up with goals is what is “realistic”? I agree with everything you have said, but without some basis on which to base “reality”, I don’t know if my goal is too low like you said, or too pie in the sky. Could you provide some feedback?
      Thanks,
      Chris

      Reply
    27. Eric Post author

      It’s really relative depending on the individual. What may be a realistic goal for you might not be for someone else.

      Part of the answer to your question is found in the next lesson: planning.

      If you have a reasonable plan to achieve the goal, then it’s probably realistic.

      I suggest setting a goal that you think you can hit in 30-90 days.

      After 30 days of working toward the goal, via your plan, you should have an idea whether the goal was reasonable or not, and if not, you can adjust it accordingly.

      If you’re a newbie ot online biz, and just want a ballpark figure… I’d say a reasonable first goal would be in the range of $500-$1000/month. Then when you hit that, raise it by $1k, and repeat…

      Reply
    28. Laura

      Hi Eric,

      1. Our short-term goal is identify and research 25 niches, by 8/28/08, to be consider in the launching of our business.

      2. Our monetary goal is to be generating $1000 per month by 12/31/08.

      Thanks again,
      Laura

      Reply
    29. john mark

      i want a laptop computer right away, to create my websites and roll the cashhhhhhhhhhhhhhhhh into my pocket.

      Reply
    30. Mike Wong

      Hi Eric,
      I really enjoy going through your lessons. My
      short term goal is to complete your lessons first,then plan to start building my online
      marketing business.

      To your success,
      Mike Wong

      Reply
    31. mike

      Hi Eric,

      My goal is to have one workable website

      by the end of this month (august)

      Thanks for the great info

      Reply
    32. jacque

      My short term goal are;
      1. Get $500 Adsense profit by the end of this month.
      2. Reach the min paid out for at least one of affiliate project.
      3. Win a lottery by end of this month. Ohhh yeah….

      🙂 Thanks Eric!

      Reply
    33. Daniel Malone

      Hey Everyone,

      Goal number one. Stay up to date with Eric’s Tips.
      By definition this is specific, attainable and has a definite schedule.

      Goal number two. Complete all supplemental research and education by October 1st. This relates to my computer savvy as apposed to real knowledge. I actually went to school for computer science over 25 years ago, but my current experience is limited to the systems I use at work.

      By the way, to that point, we are considering a laptop because we would like to expand our flexibility so as not to be so “landlocked” with our work. Any advice or recommendations would be greatly appreciated. All I think I know for sure is that we want one with a nice large screen and integral camera?

      Thanks all,

      Big Dan

      Reply
    34. Joe

      Hey everyone,
      I’ve gotten behind,so I doubt any will see this.
      My Goals are to generate $500/ month by the end of September.
      $1000/month by the end of 08.
      $3000/month by end of 6/09 and
      $5000/month by the end of 2009.
      Reassess and create new goals for 2010!!

      Reply

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