Congratulations, you’ve made it to another year! After the insane adventure you experienced in 2020, this new year may seem like a breath of fresh air, and you can use this as an opportunity to get back on track. While setting new year’s resolutions seem a bit cliche, setting quarterly goals to get back on track is a great and effective way for you to achieve your long term goals.
So if you are still rattled by the events that took place last year and are looking to take smaller steps as opposed to big decisions, then here are a few tips that you can put to use.
Set The Mother of All Goals
Before you can even consider making smaller goals, you need to figure out what the end result is and then set your goals based on that. Whether it’s expanding your company, hitting one million in sales, or starting a new company, it needs to be a big goal but still realistic. One important thing to note is that you should take your time when figuring out which plan you wish to set; therefore, if it takes some time, there’s no need to worry; it means you’re cautious!
Once you have set a goal, then you can start setting smaller goals that will contribute to the larger goal that you are attempting to achieve.
Re-evaluate Your Niche
One of the most challenging things to do as an aspiring entrepreneur is figuring out what your niche is. It’s one thing to do something you love, but you want to make sure you expand into something that’s profitable. During this first quarter, take some time to figure out what your niche is.
Once you have done that, it’s time to do some research, this is the not so fun part. You’ll need to figure out if this market is oversaturated, if it’s profitable, and if this is something you can do long term. As soon as you have the answers to those questions, then you can begin a business based on that niche. Most importantly, make sure it’s something you enjoy; as the saying goes, if you do something you love, then you’ll never have to work a day in your life.
Figure Out Your Finances
Great, so now that you have a long term goal and a niche, it’s to get your finances in check before you decide to invest in starting your own business. Take some time on a slow Saturday afternoon and lay all your financials on the kitchen table. Figure out what you need to cut back on, whether it’s dining out or going shopping; come up with a plan to bring down debts so that you can start investing your money in your business correctly.
Once you have figured out your finances, you can make an executive decision and determine whether you want to invest in your business with your own money or if you want to seek funding from a bank. By figuring out your finances and paying off any personal debts then you can improve your credit, which will look good on your funding application.
Think About Your Online Presence
Starting a business can be challenging, but establishing an online presence is much more difficult. This is why you should take some time and plan how you want to build your company on social media. Let’s face it, social media is the best way for you to expand your business and reach more people. The key is to come up with a plan so that you can push out engaging content for your followers, but don’t worry, once you have your niche, then pushing out your social media content will be much easier.
Also, don’t worry if you do not have a large following right after you start your social media account, just focus on making engaging content.
Re-visit Your Business Plan
This is the final goal for this quarter and by far one of the most important goals for you to set. It’s time to revisit your business plan, this will be the foundation of your business, and should be used as a means for you to set other small goals throughout the year. By drafting a well-written business plan, you can set yourself up to achieve every milestone. Here are just a few things you can add to your business plan.
- Figure out what your target market will be. When doing this, you’ll need to balance between your niche and your target market. You’ll need to determine how your product will benefit them, how you wish to target them, and if this product or benefit will benefit them long-term.
- Establishing your business’ purpose. When writing out this part of your business plan, you need to ask yourself what the purpose of your business is. How this benefits your customers or clients and how this purpose can serve long term.
- Determine what your business name will be and the legal structure. This is the fun and not so fun part since research is required. When making a name, you will need to choose something that stands out and stays true to your niche. As for the legal structure, you will need to determine if you want to be a Limited Liability Company (LLC) or an S-Corp. Make sure you do research or consult with an attorney before making this decision.
These are just some of the crucial things that should be included in your business plan. However, these points will help you determine if you can shape out a great business.
If you start your year off by laying out these goals, then you will be on a great path to starting off a business. Remember, if you want to have a great year business-wise, then you will need to make sure that you start your year off on the right foot. So here’s to a great first quarter!