What does that mean to you? How will you achieve it? And how will you monitor your path?
These are all great questions to ask yourself and ultimately define. After all if you don’t know what your reaching for you will never get there.
As we mentioned in the last post success can be defined in several ways, monetarily or through accomplishments and ultimate happiness. Your idea of success may be to make a million dollars per year, that’s a great goal and would help with a number of things in life. Consider though that you made that amount per year, yet had o time to enjoy it. No that wouldn’t be a very successful life in the opinion of some. Some value relationships and the ability to build stronger and more meaningful relationships, which takes time. Don’t get me wrong having an abundance of money can give you the free time needed to foster these types of relationships.
Take just these two examples and you can see how “grey” the definition of success can be.
The first thing everyone should do as they start on their entrepreneurial journey is define what their idea of success is. Define what they want to gain from their journey and how that will look 1 year, 2 years and even 3 years down the road. Now where starting to make a roadmap that can lead you to your defined destination.
I suggest looking 5 years down the road and setting each year up to the fifth as a milestone. During the first two years, you may break them up as this part of the journey is crucial, so maybe 6mo, 1yr 18mo and 2 years. For instance, if your monetary goal is to have 250,000 in sales by year two how will that look on month 6? Maybe it’s only 50K, then at 1 year its 125k and so on. Each milestone gives you something to gauge your journey against.
In this example if your 5-year goal is 1,000,000 in revenue you can easily plot out the milestones that will lead you to your destination.
This is fairly basic goal setting techniques but we highly suggest writing this stuff out and holding yourself accountable to it.
You can and should go a little more micro with your planning as you develop your product or service. It might look something like this if you sell a widget. Knowing you make $5 profit per widget and your 6-month goal is $50,000 you know you need to sell 10,000 widgets. If your average order size is 100 then you will need 100 orders. On a weekly basis, you would need to make 4 sales and each sale takes 100 phone calls to get a “yes”, then you had better plan on calling 400 prospects per week or more.
You can see how easy this process is once you know a few variables and you can literally plan down to the hour how many phone calls you need to make.
So, as you begin your entrepreneurial journey be sure to set your goals and plan accordingly. As a wise man once told me “Plan your day and work your Plan”, it’s that simple. My mentor is now one of the Boise area’s top towing companies, Tow Boise, and has ran many successful businesses and sales teams.
Another key element in my success and that of any other business owner is they had mentors. Someone willing to help answer questions and teach them the “ropes” if you will. I would highly recommend finding a mentor. It can be someone you know or possibly another business owner in compatible industries.
Thanks for checking out this post and we will be posting again shortly….