Many small business owners didn’t get much of a break for the holidays. As friends and family get time off work, many of us were still scrounging for every spare moment — between travel, parties, and family gatherings — to work a few extra hours.
And I’d venture to guess that most of us wouldn’t trade the constant hustle of entrepreneurship for the world.
That said, it’s easy to lose sight of your destination when you’re simply trying to stay afloat or keep up with the growing demand. When’s the last time you set clear goals for your home business?
A new year is a great time for reflection. While friends prepared personal resolutions, you got to make projections and set goals about where your business is headed in 2019.
When my partner and I planned for the new year, we focused on the following categories to set smart business goals:
1. Choose a lean, focused marketing strategy
Good marketing doesn’t have to be new, shiny, or even that original. For many small businesses, the best marketing practices are also the simplest and most focused.
If a campaign works, reinvest. If a marketing channel drives affordable leads, double down. It’s tempting to move away from the basics in exchange for something that’s trending on all the marketing blogs. Remember that an on-point marketing campaign across one or two mediums will outperform a thin marketing strategy that’s spread across too many channels.
Apply greater resources to fewer marketing channels. Get really good at one or two things, and ignore the temptation to be in all places at once.
If your message is for everyone, then it is actually for no one. If you use every marketing tool and channel, you will use none of them effectively.
2. Look at your quarterly — not just annual — earnings to set 2019 financial goals
How much did your business improve quarter upon quarter in 2018? Use those metrics to challenge yourself toward higher earnings than ever in 2019.
An annual financial summary doesn’t tell the whole story. For example: our Q1 income in 2018 was only about a third of our earnings in every other quarter. If we only used our yearly earnings to project for next year, we’d be aiming way too low.
Break down your 2019 goals into achievable quarterly, monthly, and weekly benchmarks. Start by asking: How much do I want to earn in 2019? Once you have that number, divide it by four to see your quarterly goals, twelve for monthly goals, and fifty for weekly goals.
This year, we’ve created a spreadsheet to help us track “Goal” versus “Actual” earnings. We expect the weekly earnings reminder will keep us accountable and on track. You may want to try the same.
3. Set dates for learning new technical skills
Small business owners are lifelong learners. Every new skill you gain is an investment in your business. The problem is, it’s hard to find extra time as a small business owner. There’s always some task that takes precedence over personal learning if learning is not given priority in your schedule.
Decide the skill you want to master in Q1. Put it on the calendar to be achieved by a certain day.
I decided to finally go through the free Google Analytics certification course. I have used this platform for years, and understand it fairly well, but I know that taking the courses will help me understand my website and customers even more. As for my partner, she’s studying UX writing and content design to add a whole new suite of skills to offer our customers.
4. Focus on game-changing projects
We all have those dream projects and clients that feel almost untouchable. Make a practice of writing these down as you think of them. These untouchable projects and unapproachable clients are your goals for 2019.
It’s important to set goals by project type, especially if certain projects intimidate you. The reason we dream of these intimidating projects is because we know they’re game changers.
Get a contract with one Fortune 500 company, and it’s much easier to get the next. Get one article published, and it’s easier to land another.
5. Start tracking new metrics
The best way to improve your processes every year is to improve the lens through which you see your business. This year, choose one or two new metrics to measure. By the end of 2019, you should understand yourself and your customers better than you do now.
I already mentioned that I’ll be taking the Google Analytics course. In addition, I recently (and finally) signed up for Hubspot’s free CRM platform. As soon as I installed it, I regretted not having done so sooner. Installing a reliable customer relationship management (CRM) tool can help you understand your clients, stay ahead of tasks, and get organized.
Another key metric to measure is your business finances. We’ve discussed setting financial goals, but knowing how to track income and expenses is equally important. Staying organized saves you time and money.
6. Establish a new stream of income
Multiple income streams and steady cash flow can transform a home business, making it easier to achieve the lifestyle that inspired you to work from home in the first place. Choose to create a new stream of income this year in addition to your existing business.
Many entrepreneurs have heard that the average millionaire has 7 income streams. Home-based entrepreneurs should remember this figure as they continue working in the new year.
Even if you couldn’t care less about generating seven figures, multiple streams of income make work more exciting. It also relieves some of your financial burden to give you more independence.
Here are some common examples of at-home side income streams:
- Teach online courses on Udemy or Skillshare
- Sell advertising space on your blog
- Invest in real estate
- Offer consulting services
- Speak at conferences
- Create a product to sell on Amazon or on your website
- Build an information brand around something you love
- Offer new digital services
7. Step way out of your comfort zone
Day-to-day changes in your business may feel granular, but a business can transform over the course of a year. Don’t be afraid to make sharp pivots if you don’t like a certain aspect of your work.
Challenge yourself. Set goals that scare you. One way to rule out the fear of failure is to include failure in the goal itself.
As a writer, the greatest factor holding me back from pitching articles to huge publications is the fear of rejection. Throughout 2018 I was inspired by a handful of fellow writers who tweeted about their goal to receive 100 rejection letters from publications this year.
This type of goal setting flips fear on its head, making bigger goals more attainable by factoring failure in from the beginning. As you take on 2019, choose to step way out of your comfort zone. This may just be your best year yet.
What goals do you have for 2019?
