Catapult Your Business Idea In the New Year: 4 Goals Every Startup Should Prioritize
The New Year is upon us and that lucrative business idea that you have been toying with is now ready for its debut. However, while you’re thinking about your business logo, brand colours, target market and social media pages to create the buzz, there is one fundamental exercise you must do before you get started. It’s called Goal Setting! Having a business idea is the first step, but how does one move from concept to reality? There are several factors to consider when setting goals for your business idea: Here are four goals you need to set to catapult your business idea in the short term.
Learning Goals
While acquiring capital maybe at the top of your list, as a first time entrepreneur you should set time to read and acquire all the knowledge about your business idea as you can.
Hearing from experts is beneficial because you learn how to avoid pitfalls and acquire the know how to run your business. Read as many books as possible that falls within your niche whether it’s a chapter or two a day.
Have a goal in mind when you would like to complete your learning. The Art of the Start by business guru Guy Kawasaki is an example of book that gives great business advice in turning a brilliant idea into a viable business. Heneka Watkis-Porter’s 15 Hints to Entrepreneurial Success: Lessons From a Caribbean Business Woman is another excellent choice for you to learn some of the things that will be necessary for success in business.
Lifestyle Goals
When setting your startup goals for your business idea, be as practical as possible. Think about your life in a 360 cycle. From the time you get up in the mornings, to the time you get to bed.
Consider the following questions: Will my business require me to travel to different locations? In what way will my personal assets be affected? How many hours am I willing to work? How will my family be affected?
All these questions must be explored and answered and broken down into simple steps and be in line with your business idea.
Financial Goals
Many entrepreneurs start their own business to achieve financial security. However, you should consider the amount of money you would like to invest as well as earn for at least the first 5 years of operating. Funding your business idea is dependent on the financial goals that you set for your business.
There are a ton of easy to use apps that are available for startups. For example Mint pulls information from your bank and credit accounts to give you weekly reports and track your spending.
You can set up certain budgets and goals—only spend US$200 a week on restaurants, for example—and Mint will analyze your bank statements to see whether you’ve succeeded or failed, and by how much money you spent. Connect your business bank account to see if you’re spending too much.
Productivity Goals
Don’t fall in the trap that so many entrepreneurs get caught in so many times – dashing out the gate with a business idea without giving proper thought about the daily operations of the business.
For example consider, if I am working from home, do I have a dedicated working space with internet access, printing capabilities and telephone access? As an entrepreneur it’s important that your working environment from home enables you to be as productive as possible. Ensure that your work space reduces/eliminates distractions. Put plans in place to achieve this.
We want to hear from you. What other goals are you setting for your business?
