Setting up a business is no joke, and like any other serious ventures, any investor will ask you about your objectives. That seems to be the hardest thing to figure out when starting out a business. Yes, you want to earn money. That is a valid objective, but that requires a concrete plan of action. Therefore, before figuring out how much you will earn at the end of the month or year, it is necessary to set up a more concrete objective.
- One great way is to divide your objectives between personal and business centric options. On your personal objectives, write down as many options as you want. Some of them may be self serving and some of them may not make sense and you will be able to filter out what matters now and what can be carried out when the main objectives are fulfilled. On your business objectives, you need to have a solid idea of what you want. Let us say you want to get 3 stockists for your products at the end of the year. And you might also want to start market research for a campaign. Lastly, your goal is to break even within the next 12 months.
- Conflicts will happen and this is where the personal and business aspects may clash. It is important to weigh what is more ideal for the situation and how you can eventually make the whole thing work and focus on the business while keeping personal goals in check.
- Most of these goals are general so it is necessary to subdivide them and make sure that you have a concrete idea of how the objective will be implemented and the time frame for each smaller objective.
- If you are doing the business on your own, one way to keep yourself motivated to doing the main goals is to keep it as part of your mantra. By focusing on a couple of goals that you can manage hand in hand, it becomes easier to handle the job and ensure that at the end of the year, you will see that the results are coming to fruition. And remember, baby steps first before making strides.