Welcome back to Passive Income Bootcamp. At this point you have chosen your market and started your branding journey (which is never ending really!) and now you should be focused on laying out your business goals.
Goal setting is a critical aspect to any business and keeps you hyper focused. It also gives you a clear vision on things you need to work towards to keep growing. I have created a short video that goes through all of this information or you can read through the walkthrough below.
(VIDEO COMING SOON)
Before you begin setting your business goals you have to remember why you started or are starting this journey. This is also known as your “WHY”. Personally for me, my “why” is my three children. I want to be able to show them that anything is possible when you set your mind to it and you can turn your passion into something fruitful. I want to show them that a single mom living paycheck to paycheck can make anything happen and provide financially for them when they need it. I want to show them that when you set your mind on something you CAN make it happen. My children are my “why” and what drives me to continue on this journey every day.
Setting goals will also make your growth palpable.
MAKING MONEY OVERNIGHT WILL NOT HAPPEN
A lot of people have this fallacy that they can upload some digital work online and the money will start streaming in but that is FAR from the truth. I see growth every month, but I put as much time into it as my schedule permits, without it being overwhelming. Goal setting gives you the ability to take a breath and relax for a day or two once you reach a milestone.
For 2019 my goal was to make $500 a month consistently and build a website to support my designs and also to create tutorials. I hit my income goal mid year (and am CRUSHING IT) and am now reaching towards some of my long term goals.
The point is, once you reach a goal on your list, set another one. Develop yourself and keep going. Before setting ANY goals make sure you use the following technique. It is called using “SMART” actions which stands for Specific, Measurable, Achievable, Realistic, Timely.
For example, my goal to reach $500 a month consistently by the end of the year is a SMART goal. The goal is something specific that can be tracked via sales every month, has a timeline set and is realistic. Now that the goal has been reached, I can safely set a second goal in a reasonable time frame.
So where do you begin? Start small. You want to build up some listings/items before you get your store front open. You want good branding to make your name stand out. Maybe you want your first sale within the first two weeks. These things can be measured and that’s exactly what you want to do!
I generally set goals short term as I like to achieve things to keep me motivated. Here were my goals starting at the beginning of the year
- Hit 500 listings by July
- Have $500 months consistently (measured by 3 $500 months)
- Revamp branding by March
- Start a website by the end of the year
- Have 1000 sales
So far I have achieved over 600 listings, reached my $500 month, rebranded, started my website and have had 950 sales (and growing). I have since adjusted my goals
- Have 1000 listings by March 2020
- Have $800 months consistently by March 2020
- Have 100 YouTube subscribers by March 2020
Once I hit 1000 sales I will shoot for a bigger goal. As you mark things off of your list CELEBRATE. This shows all of your hard work is paying off and you can continue to grow as you reach for higher successes.
I generally monitor my goals throughout the month, but really focus on them the last day of the month and check and adjust as needed. So just remember, set SMART goals you can work towards and keep on growing your list as you succeed.
Hopefully you learned something from this third bootcamp lesson. Stick around for Lesson 4 which is centered around Effective Time Management.
In the meantime comment below what your goals are! I’m interested in hearing them and more than happy to give you any feedback.
Again Join my Facebook Group for updates and also Subscribe to my YouTube channel for real time updates. Comment below for any assistance and enjoy getting your journey off of the ground. You can do this!