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. Polina

      Hi Eric!! Thanks a lot for you education and inspiration!
      My goal is to have a cash flow of 300$ from on-line business by December, 31 2010

      Reply
    2. Albin

      to be debt free of the 25000 dollars over my head. Using what i learn from you.

      Reply
    3. Jim

      Earn 1000 dollars by January 1st 2011
      Be earning 1000 dollars a month by April 1 2011

      Reply
    4. James

      My goal is to have my internet business up and running by the end of the year 2010.

      Reply
    5. Michael

      OK (gulp). My goal is:
      1) First internet sale by December 31, 2010
      2) $1,000 in January 2011
      3) $5,000 in February 2011
      4) $10,000 per month by August 31, 2011

      Reply
    6. Les

      My short term goal is to have working/sellable prototypes of my product made, by the 31st December 2010.

      I must agree with Viola, your lessons are a breath of fresh air, clearing out the smoke and mirrors of the other Gurus.

      Thank you very much, Eric.

      Reply
    7. Mickey

      My Long Term goal is to make 5 million dollars (gross) in Internet Marketing by 3/1/2016.

      Reply
    8. Lloyd Hrdlichka

      My short term goal is to learn the marketing methodology via Internet, and start affiliate marketing good products, with a cash flow of at least $1000.00/month by April 30th, 2011!!!…Expanding from there, and doubling that amount by June 30th, 2011…I know there are many other variables that go into the equation, but this looks like a viable goal for me!!…Friends, Lloyd.

      Reply
    9. Jeanine

      I already have a website and a physical business. My goal is to tie in that business with my IM biz and get the ball rolling on my fitness and weightloss info.products by April 2011 and get a cashflow of 1,000 and climb each month until I reach 10,000 + then I will make another tough yet achievable goal.

      Reply
    10. Scott

      Eric,

      Thanks for these great lessons. I only wish that I had stumbled on them sooner! I find your style very refreshing!

      Here is my goal:

      I would like to double my current income by Thanksgiving 2011. Without stating what that income is…I will just say that this is a serious but attainable goal!

      Cheers!
      Scott

      Reply
    11. Kurt Mattsson

      Hi Eric,
      A simple goal
      I will sell something before the 1st of February. A lot of lessons to come through before that!
      Yeah!
      Kurt

      Reply
    12. Kurt Mattsson

      Provided by http://www.EricsTips.com
      Online Business Plan Basic Outline
      Name of business:
      Kurt EJ Mattsson___________________________________________________
      Vision for the business:
      Become the No One Thrustable Source of Reliable Independent Health Information
      ___________________________________________________________________
      ___________________________________________________________________
      Who is the target market? All those who strive for a long healthy life _____________________________________________________
      What will we sell? (be specific)
      The Best Available Information in Our Own Knowledge packaged hopefully with dropsell products from sources nearby to customers_________________________________________________
      ___________________________________________________________________
      What makes us different from the competition? The whole concept___________________________________
      ___________________________________________________________________
      ___________________________________________________________________
      Marketing strategies: Give away attractive products, build lists, sell value________________________________________________________
      ___________________________________________________________________
      ___________________________________________________________________
      Goals for building and growing the business (specific events/milestones, including financial
      goals, with deadlines):
      Sell something before end of February, repeat what worked again, again, again!_________________________________________________________________________
      __________________________________________________________________________
      __________________________________________________________________________
      __________________________________________________________________________
      Plan of action to achieve goals:
      Learn and act_________________________________________________________________
      ___________________________________________________________________
      ___________________________________________________________________
      ___________________________________________________________________

      Reply
    13. KENNETH BURFORD

      My immediate goal is to be making $ 8,000.00 per month by March 31, 2012.

      Reply
    14. Daniel Harrington

      My goal is to buy a bigger home with some of the extra I earn online and I hope to do this by the end of December 2011

      Reply
    15. Nancy

      My Goals:
      1. To have a website that is up, running and functioning income wise in 3 weeks (11 Feb 2011). Because our new grandbaby is due at in March and I need to be there to help.
      2. To have $3000 in the bank as “play” money by Feb. 28, 2011.

      Reply
    16. Anthony Murphy

      My short term goal is to fully understand how to use store and un-zip files

      Reply
    17. Carolyn

      My goal is to have a successful e commerce merchant account business up and running by Februarry 28/1I. It will provide products that people are searching for with reasonable pricing. By April I bring in $3000 in sales,July $5000, and December $10,000.
      In 2012 I willhave a second website sponsoring affiliate links that deal with personal growth and development, healthy lifestyles and spirituality with a focus on Christianity.
      Until the end of 2011 I will continue my contract job in nursing working with veterans.
      In July my lifeling stress regarding money willl no longer exist as it is losing its hold on me day by day as I daily read my goals which puts me in mind of my vision.
      In 2012 I will have more freedom time and resources to help my neices mores so. Also to be an inspirational and a good positive role model to these 3 girls. Their parents are both uneducated and unemployed.I believe that charity begins at home. I help my neices now and would like to help them more.
      My other goal is to purchase my own home as I have rented my entire life.

      Reply
    18. Ken M.

      I have too many goals to list so here are just a couople.
      One of my goals is to pay off medical expenses for my wife and myself (by 12-31-2011).
      Another goal is to create an income-generating website by January 31st, 2011 – and proceed from there.

      Reply
    19. Ray

      I want to have at least one income stream operating by Easter. At least $10,000 steady income by Oct 1, and to be debt free by Dec 31. The following year, to insure that my wife and family are financially protected.

      Reply
    20. Will Donnelly

      My vision is to be able to successfully rearrange my photography business from working directly with fashion clients mostly in my studio, to taking my biz online and selling fine art prints then to expand to travelwriting and travel workshops on photography preferably on cruise ships to great locations.I am a member of the Royal British Phothgraphy Society and and working on a Charity idea of selling portrait photos of world famous people who have done good in the world to finance a project to bring underpriviledged kids from different cultures together for art and music workshops to learn their similarities instead of the difference in culture, religion etc. Its called ” Signa Bona” (Good Signs). Its a dream now and Im not sure of all the steps in between to get there, but your video about Visions/Goals was a great help. My goals are first to eliminate the financial debt Ive accumulated by Dec31,2011 thru the successful transition to online, and build a social media network (list) of fans and followers who are avid buyers so that I can reach my next goal of an online income of $10,000 a month by the end of the year. Any specific tips about how I can achieve this with grants or other means would be gratefully appreciated.

      Reply
    21. Laura

      My first goal is to get a website on the internet that is producing an income stream

      Reply
    22. David

      My goal is to be making $5000 a month from my Internet business within 90 days

      Reply
    23. Bob McCormack

      hi Eric,
      My first goal is to have 10,000.00in a new Business Account being opened specifically for this goal. I will open the account on Monday AM the 31 Jan2011.

      Reply
    24. Adrian

      Merge info and develop sites with the ability to make more than a few bob by the end of Feb.

      Inabit

      Reply
    25. Scott C

      My first goal is to develop an e-biz that earns at least $100 per week by April 10, 2011.

      Reply
    26. Jacqui

      My first goal is to master online marketing. Start making a decent income and pay off all my credit cards. I’d like to have all my accounts in the black. Then, pay off all my mortgages. And buy a house to live in, near where I live now (as I’m renting). Also I need to reinvest some of this income to get traffic and sponser kids sports activities to incourage them to get more active. Then I’ll make some more goals…

      Reply
    27. Michael McCallum

      My goal is to have a web site up and running by March 15th 2011. And to be making affiliate commissions by April 2011.

      Reply
    28. leland

      Thanks Eric so far just exactly what I need and no fluff.
      You mentined you want us to post this so here goes.
      My VISION
      To start an internet business that will allow me to get us some things we do not have right now {house,many automobiles etc.} also to be able to help my family and friends to do the same. I want to make enough to be able to make a significant impact in the lives of those less fortunate than Canadains.
      My goals
      2 weeks website ready
      set up traffic and whatever else is needed to achieve the next goal
      3-6 months my wife and I leave our JOBS

      Reply
    29. Mel

      Hi Eric

      My Goals.
      1. The reciev R50 000 by 28 Feb 2011
      2. To be debt free by June 2011
      3. To be financially free by the Dec 2011
      4. To concentrate on helping people realise their potential.

      Regards and GBU. Mel

      Reply
    30. Cameron

      Hi Eric,

      My goal is to view your lessons and daily follow the action steps and earn $5000 in the next 30 days. I will earn $5000 by 3-18-2011

      Reply
    31. Rosemarie Turner

      My goal is to start an internet business and to quit my day job. Be able to do this by june of 2011.

      Reply
    32. Nicolette

      Hi All,

      Just to share you my basic goal thusfar, this is probably a short term goal but you have to start somewhere 🙂
      * pay off my credit card debt before 1st August 2011.

      Not sure if 6 months will be a feasible time frame because I start from scratch and still have to decide which route I have to follow.
      I don’t want to set an impossible goal.
      I am sure more goals will follow when I follow Eric’s Tips.

      Reply
    33. iain

      my goal is to say my affirmations in the morning and in the evening and even through the day as I think about it. Now Eric please here is my question.
      In the past setting goals with a time limit has not inspired me to achieve it. In other words I have ignored the time limit, even though I set it. Currently I’m still relisting the same goals month after month. Obviously I’m a lazy man, but I don’t want to be lazy..how can i set a time limit and motivate myself to do it on time??? Love your opinion, iain

      Reply
    34. Philip Shiltz

      Finish Eric’s Tips by the end of the month.
      Set up a Prayer Blog Site by 4-7.
      Test Market and Launch the site by 4-15

      Reply
    35. Pat M

      My short term goal is to build a internet based business that generates $400.00/month in PROFITS by June 30, 2011 and $1,000.00/month PROFITS by December 31, 2011!

      Reply

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