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. Janet

      Eric, I am a firm believer in written goals but that Harvard study you cited has been debunked as using fraudulent data. The author, Srully Blotnick, made up the results (just Google his name to read the history). It is too bad because the study has been mentioned in book after book after book even though it isn’t true.

      Reply
    2. Isabel

      My vision is to earn $200k by 31st Dec 2010.
      My goal to reach this destination is to make
      $20,000 per month starting March 2010.

      Reply
    3. alfred

      Hi Eric
      My Goal is to have my website up and running by the end of march and start earning $2000 a month and by the end of the year $2500 a month
      Alfred

      Reply
    4. Dan

      Have 5 websites up and running by June 1/2010
      $5000.00/month net income from combined websites by Dec 1 2010

      Reply
    5. Barbara

      Dear Eric great info thanks.
      My vision to create financional stability by the end of 2010 making $100,000 by Dec. 31st 2010 to be able to take vacation in comfort and have money coming in wile I am sleeping.
      My 1st goals create my first blog and ezing article by the end of this coming week by February 14th.

      Reply
    6. Cynthia

      My Goal is to go through all of your lessons by? whenever they end. I would like to have something up and running a little faster and be able to have a date as to when…but I really don’t feel I’ve got the knowledge yet to do that. I love how your video’s give you just a little each day…but I’m sort of in a hurry, is there anyway I could receive more than one per day?

      Reply
    7. Victor

      Hi Erik,
      Great info, My vision for this year is to earn $100,000.
      My 1st goal is to launch my membership site by March 1st.

      Reply
    8. kone abou

      Hi Eric, thank you so much for your guidance and council.

      Business Vision

      My vision is of an online business that I will enjoy working on every day at home with my familly; to be be debt-free, travel in a beautiful diesel powered hammer with my family visiting the the sights of our great nation. Maintaining our house and five acres, while my online business brings in an average of one million dollars per year.but i can begun with a healthy living making minimum of 50 to 200 thousand $ a month in online marketing and to help others build this kind of income. Travel all around the world with my family and use part of the income contributing in charities and community.
      kone learn new things each day to move

      Reply
    9. Frank

      Hi Eric,

      I would like to list my first two main goals.

      Goal #1. Build my web sit and have it up and running by march 15th , 2010.
      Goal #2. Be earning $500.00 a month by may 31st 2010 from my online activity.

      I will be inserting some short term goals of activities that need to be accomplished as I move along to reach these first two main goals.

      I don’t have a white board yet so I have these goals written down on white paper posted in my work area by my computer.

      Eric, your tips have been very helpful . This is really important to me. You see I have been retired due to health reasons for the past two years and my wife is semi-retired. I need to succeed at this so that she can quit her day job and that we will still have enough to meet our needs and fulfill our Vision.

      Thanks once again Eric,

      Frank

      Reply
    10. Margaret

      Hi Eric,
      By 1 March 2010, I will have earned AUD$5000.00.
      Margaret (Sydney)

      Reply
    11. Sam K

      I love to set out goals and know and have experienced that writing them down increases the magical quality of them
      actually manifesting themselves!
      I would also like to mention that finding an incredible internet mentor who explains fully and in understandable bite size lessons was one of my goals that has manifested by finding Erics Tips. You are awesome Eric!!!
      Well my first goal is to have watched and understood to real conceptual and tangible understanding
      all the data from Erics Tips and some of the other internet data I am learning by 15/4/10.
      I need to have made my first £100 on line by 30th April 2010. By 31st May I will
      have made £200 and by 30th June have made £400 on line. I will then consistantly increase my earnings from
      this point and write up new goals as I go along.

      Reply
    12. Jeannette

      Hi, Eric,

      Although I have been an entrepreneur for the last 30 years, your tips have served me as a constant reminder to move on to the next step in my internet start up. In this way, you are my faithful personal coach and manager. Thank you very much.
      I brought your program because I wanted to learn how to make money on the internet; but going through your lessons I have created my business vision for bringing forth a sustainable world. Twenty five years ago, I was with an organization that sprung over 300 start-up companies in two years, I was astonished to find then that people had solutions for the problems we face today. Most of these ideas did not find a place in the market. The concept of finding niches sparked my idea for how to make this work. I envisioned a list of businesses as conduits to attract and spread workable ideas and/or products around the world.
      My first goal is to learn how to be an internet marketing expert. I plan to have my first web site up by the end of the month. I will learn marketing strategies one by one until I am well verse in what works this year by producing a million dollar income with three web sites.
      I am grateful for your contribution to the purpose of my life.
      Jeannette

      Reply
    13. Mark

      Was wondering weather I should put that up as it’s a bit high but what can i do? , this is what I want. better to shoot for the moon and end up in the stars….

      Reply
    14. David Hight

      Short term GOAL is my 1st on line sale 03/16/10
      Medium term Goal is my 1st $1,000.00 wk 04/15/10
      Long term GOAL on 05/31/10 I say good by to my boss. And build from there!

      Reply
    15. Joseph Lawson

      What are my specific goals? First I will read and finish the book you suggested, “Cashflow Quadrant” by the end of next week. (March 12th)
      Also I will listen and complete at least 3 video lessons by the same date.

      Reply
    16. Freddy Lizardi

      Hi eric, My Goal is:

      To be earning U.S. $ 5,000 per month by December 31st.

      I was wondering, is it to high or it can be achieved with hard work and your guidence?

      Reply
    17. Eric Post author

      I make absolutely no claims or guarantees. But based on my experience, it is a realistic goal for this business.

      Reply
    18. L.Gluck

      Hi Eric,
      Thank you so much for your lessons about Internet Marketing,
      I’m so excited to get started this very new to me business and have a big hope for making money online, which would help my family a lot.
      Well, I’m in Colorado, as you are and just heard the news tonight that they passed the law about an internet sales tax. Sounds too scary to me as a future IMr, how bad can it turn for a Colorado affiliate? I’m not sure if I understand it correctly, just minor complication or a major thing? Please give your opinion. Thank you

      Reply
    19. Eric Post author

      As you may know I am in Colorado too. I do think it’s an annoyance, but I do not think it will be too bad.

      On the bad side, Amazon already closed my affiliate account which really stinks. If other companies follow suit, it could get worse. If that happens though, there will be a revolt. Affiliates will start registering their businesses in other states, or SOMETHING. (I think that is what Amazon is hoping. Their excuse that it’s too complicated to collect tax is BS. They are one of the most technological companies in the world. They are trying to send a message… at the expense of their CO affiliates)

      But I don’t think it will come to that. Most companies (including Clickbank) are willing to comply with the law, and we will probably see more states pass similar laws in the future.

      And from what I understand, the burden is really on the vendor to collect the sales tax, so technically it does not affect how we run our business as an affiliate.

      Reply
    20. Ed. H

      My Business Goals
      With Set Dates

      1) 5/1/2010 Create the actual concept of the type of business to be marketed. Inclusive of test web site.
      2) 5/15/2010 Have all the smaller details of this concept ironed out & ready for the uploading process for test run on line. Include potential clientele evaluation of concept as well as their input and suggestions for improvement.
      3) 5/16/2010 Upload & run test.
      4) 6/15/2010 After monitoring concept test run for one month, evaluate results, modify as necessary, rerun for second test run with modifications.
      5) 7/1/2010 After second test run of one half the preceding period, monitoring, evaluating, modifying as the test is running, have the concept ready for marketing on line with the ability to add to the product line, modifying as it runs for best results.
      6) 9/1/2010 Create and evaluate second concept line for testing as with first, inclusive of time line.
      7) 9/1/2010 Also, at same time begin work on affiliate program concept and initiation into first marketing program.
      8] 9/15/2010 Initiate second marketing program concept.
      9) 9/15/2010 Initiate first affiliate program.
      10) 9/15/2010 Initiate second marketing concept program, installing second affiliate program simultaneously.
      11) 9/30/2010 Evaluate both first marketing program and results of newly installed affiliate program.
      12) 10/15/2010 Evaluate both first and second marketing programs, including affiliate programs, add and modify as necessary. Prepare to repeat process with additional lines to add to existing programs, or to branch out and develop new product lines, testing concepts as with first programs.
      13) 12/15/2010 results from both first and second programs should reach projected goal of $40,000 to $60,000 on the conservative estimate, and $60,000 to $150,000 on the desired side.
      14) 12/25/2010 Christmas will be good either way. I will have begun my new adventure, celebration is in store!
      15) 1/1/2011 Begin a new adventure. Using the established formula, create new lines, programs, and goals. Using this base, establish long term business goals for on coming year, three year, five year, and ten year periods. Re-evaluate periodically, adjusting & modifying as necessary.

      Ed. H.

      Reply
    21. Nelson

      One of my goals.

      PROFIT FROM MY ON LINE BUSINESS WILL BE $1000.00 FOR THE MONTH OF DECEMBER 2010.

      Nelson

      Reply
    22. Ron P.

      Hi Eric
      My long term goal is to have my online business up and making enough money to have paid off my credit cards in one year.
      My short term goal is complete your lessons and have my website operational by June.
      I will modify my goals as I go .
      Ron P.

      Reply
    23. Wendy

      Well, I have already purchased my domains, set up my hosting, and done research necessary for traffic for my niches–maybe getting ahead of myself. But it is a good idea to plan out your traffic and linking strategies ahead of time. It can help build your sites/blogs better, right?

      My first medium short-range goal is to get busy and get all of my sites up and running so I can start slowly adding content to them. I have several I want to get up and running, but for my immediate short-term goal, the one that I think is the most targeted should come first. I would like to have that site designed, up and running, and in Google’s 1st page of organic results for the keyword phrase by June 15, 2010 so I can enjoy some summer activities with my daughter during summer break. Even if I only get up a simple site that I can improve on after the deadline, it will be a worth while target.

      In the meantime, I am going to simultaneously investigate blogging for money and writing copy for people for some immediate cash flow–since I have a talent for writing.

      Oh! (how easily I become distracted) I also am an affiliate for a guy that has a GREAT product that I love using. Another immediate short term goal I will set is this: For that product, I will do some keyword research and then buy a domain–hopefully using the keywords. For this particular niche, keyword research is going to take a lot of digging. So I will set my target date to: April 15, 2010

      Eric, thanks again for all you are doing to help all of us. 🙂

      Reply
    24. Jeff

      Goal
      My initial goal is to have a clear plan mapped out in creating websites, squeeze pages, sales pages, opt ins, email sales letters, auto responder, and know where and how I will market Trading Pro Systems. I will have this completed by May 30th 2010.

      Reply
    25. Will

      Goal setting. Short term. By seven days from today (that is, by April 11 2010) I will have that HostGator account which I have been putting off getting – for no good reason – and BE ACTIVE in creating web-pages, hitherto a mystery. I already bought several domain names but have not “followed up”. No more excuses.

      Reply
    26. Will

      What I wrote before (Hostgator account within seven days) I now realise is an ACTION STEP, not properly speaking a goal. Right… still as a newbie:
      # By MAY 31 this year I will have continued taking in the information from Eric’s Tips. Thanks!
      # … and IMPLEMENTING the advice.
      # I will have posted articles to article sites. Develop affiliate links.
      # I will reach a functional understanding of constructing and maintaining monetized sites.
      # By September 30 I will have net on-line income to my PayPal account of $100 a week.
      # By December 31 I will be able to say that there is a viable business producing $1,000 a month.
      # WE BUILD IT FROM THERE. Set well-informed goals. 2011, 2012 … 2015

      Reply
    27. Cheryl

      Goals….By April 31st have 1 website up and running, complete. By June 30th have income from internet business of $500. By Dec 31st will have 100 websites monetized and income of $5000 per month.

      Reply
    28. Simone

      Hi Eric, my goal is to complete 2 of your lessons per day and have completed them all by 7 May 2010

      Reply
    29. Victor

      Hello Eric, once again I would like to thank you for these amazing lessons, they are AWESOME! I have written down goals before, and I have even bought a course from Zig Ziglar, but when I do write them down, I forget to keep looking at them and then I don’t achieve them, but this time I will write them down and make sure that I look at them. I also will write them on a 3×5 card and also put them into my blackberry phone.

      Anyway, my goal is to have accumulated $5k by May 21, 2010, so I can have enough money to buy plane tickets for my Son to come up here to Pa to visit with his Grandma and I. To achieve this goal, I will learn everything I need to know to get my Internet business up and running by April 20, 2010, and to also start to build a targeted list of prospects in whatever niche that I choose to pursue, but that is my main goal for now, but I know that their will be many more in the near future.:-)

      Thanks again Eric, take care and God Bless,

      Victor

      Reply
    30. Paul

      I will define all mile-stone goals and all initial start-up goals by May 1, 2010.

      Reply
    31. Gary

      Thanks Eric, I wasn’t sure at first that I could do this, but your step by step course is exactly what I need to help me focus and get things done.
      My goal: by April 20, 2010 I will research internet companies that exist and are similar to my future company.

      Reply
    32. Brian

      I agree with Gary, you have helped me refocus on what is important and stop reading all the offer emails hitting my inbox.
      I have built about 10 adsense sites which are starting to trickle some income, but my goal is to build 10 per month until year end, providing a minimum of $2,000 per month. While also following your lessons to create an information business – targets for that will become clearer as we proceed.

      Reply
    33. Wendy

      Thank you so much for another great lesson. I agree that if you write your goals down and make some of them long and short goals, it does something to your head. It focuses you. Very interesting

      Reply
    34. Murray J

      My goal is to have completed Eric’s Lessons (remaining 85 of them) by 30th May 2010. I have already set a daily schedule for the next three weeks – no movies and no going out!

      As I don’t know yet when I can be expecting any monetary returns, it’s too early for me to be setting that sort of a goal. My short term/long term goal is to be earning $6,000 per month through Internet Marketing by 29 October 2010 so I can give up my day job on that day.

      Reply
    35. Jaime

      1. My Goal is to generate US$2,000 per month by September 30, 2010 by selling other peoples info products and promoting different offers through affiliate marketing on CPA networks
      2. My Goal is to be generating near US$4,000 per month by September 30, 2010 with stock market trading over the internet.
      3. My Goal is to be able to open a bank account by September 30, 2010 in a US bank in order to deposit all my earnings from both resources and reduce the commissions that I would have to pay today in order for the money to get back to my country

      Reply
    36. Mike

      Hi Eric and Everyone

      Sorry to be a party pooper but the Harvard (also often quoted as being done at Yale) study never existed. It was fabricated and has been regurgitated many times, even by Tony Robbins I believe and other top people.

      However finding the right Goal Setting method is very important. The success keys I learned from qualifying in Hypnotherapy and NLP are: Decide on your goal, really get associated with the pain of not realising them and the pleasure of getting them (pain is our greatest driving force), ACT ON THEM, keep checking if you are on target, and keep correcting your actions until you get there.
      Be careful of the “realistic goals” limitation. Your goals have to be big enough to really inspire you, especially to overcome the inevitable obstacles on the way. Go after your goals with passion and make sure they align with your core values and include an element of greater good of others in them.

      One useful technique is to create a “dreamboard” of pictures of whatever your goal is: the car you want, the house of your dreams, or whatever it is. Cut these out, and pin them on a board in front of your computer so your sub-conscious is continually seeing them and embedding them in your mind – it can then continue to work in the background to find ways of achieving what it is seeing.

      Reply

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