Stop Wasting Time And Start Setting Your Online Business Goals

Here is a list of the previous articles from this series:

Part 1 – [ULTIMATE PRODUCT SELECTION GUIDE] How To Find The Best Product To Sell Online in 2017 - The Latest Approach

Part 2 – [ULTIMATE PRODUCT SELECTION GUIDE] 3 Crucial Product Criteria That Will Boost Your Sales

Part 3 – How to Select a Product with High Demand – Part 1/2

Part 4 – How to Select a Product with High Demand – Part 2/2

Part 5 – Stop Wasting Time And Start Setting Your Online Business Goals - [You are here]

Part 6 – How To Smash The Competition With Better Quality Products And Low Prices

Part 7 – 3 Ways To Find Products That You Can Sell Online Like Hot Cakes

After extensive experience working with our clients, we have identified a critical issue that many of them tend to overlook, and it could potentially lead to disastrous consequences for their entire business. The problem at hand is the lack of well-defined goals. If you're solely focused on making quick money with your online business and neglect the importance of long-term objectives, your venture is unlikely to stand the test of time.

Choosing to pursue only immediate financial gains will leave you vulnerable to uncertainties, relying heavily on luck rather than making informed decisions. On the other hand, setting personal goals acts as a powerful driving force, motivating you to push harder and achieve success in your online endeavors. It serves as an essential prerequisite for running a prosperous online business.

In this article, we will explore the concept of filtering your personal goals and its profound significance. Pay close attention, as this insight may not be readily available elsewhere. Reflect on what you truly want a product to accomplish for you. Is it essential for it to be a multi-million dollar product, or could it start by providing you with some extra vacation money?

Money possesses an interesting aspect—it becomes easier to generate once you have an established flow. Let's delve into an illustrative example:

Lets say for example that you make $10 net

In this example, consider a scenario where you make a net profit of $10 per unit after accounting for all expenses. This means that after sourcing, selling, and covering various fees, you have $10 remaining as profit for each product sold. Let's illustrate this further with a hypothetical product:

Suppose your product has a selling price of $30, and it costs you $10 to purchase it from the supplier. Additionally, you spend $10 on advertising to promote the product. When you sell the product for $30, you end up with $10 as net profit after all deductions.

Now, if your goal is to reach a million dollars in revenue, you would need to sell 100,000 units, considering each unit generates $10 in net profit.

To achieve this million-dollar target within one year, you'd have to sell approximately 274 units per day, assuming you are solely focused on selling this particular product.

In summary, to make a million dollars, you'd have to sell 100,000 units at $10 net profit per unit. To accomplish this goal in one year, you should aim to sell around 274 units per day, focusing on this specific product.

Now if you want to break it up and you want to sell five products then you have to sell 55 units per day for each product that have $10 net profit. The conclusion that you probably come to is that you need products that have super high demand so that you need to sell 274 units every single day.

WHAT ABOUT VACATION MONEY?

If your goal is to have extra vacation money, let's say you want to fund five holidays in a year, with each holiday costing around $5,000, you would need to make $25,000 in total. To reach this amount, you'd have to sell approximately 2,500 units of your product, as each unit generates $10 in net profit, as we discussed earlier.

Selling 2,500 units might seem more achievable since it would require selling about seven products per day. This attainable target means you could focus on finding simple products with moderate demand, making it easier to achieve your vacation funding goal. While most of our clients fall somewhere between the aspiration for vacation money and aiming for a million-dollar business, creating a well-thought-out plan is crucial.

Unfortunately, only a small fraction of entrepreneurs, less than 100 out of the ones we've spoken to, dedicate this level of attention to detail and planning. Yet, it is precisely this kind of thoughtful planning that leads to success. Clearly defining your goals is essential. Writing down your specific objectives, just as we did in this example, is essential to give your aspirations clarity and direction.

When it comes to vacation money, you have some flexibility in choosing a product, but it's essential to conduct research, including checking bestseller lists and assessing the competition and their products, as we mentioned in our previous articles. Starting somewhere and having a precise goal in mind are crucial steps. Write down your aim, like funding five extra vacations this year, and use the information and insights we provide to help you achieve this objective successfully.

TYPICAL PROGRESSION

The typical progression that we see in our clients is:

* 1 Fully realized product = incremental lifestyle upgrade

When we refer to a "fully realized product," we mean a product that has successfully gone through all the necessary stages of development and marketing. It starts with finding the product, sourcing it, and pushing it to the market with initial advertisements and exposure. As a result of this effort, the product begins to generate consistent sales over time.

The significance of having a fully realized product lies in the financial opportunities it opens up for you. With a product that continues to sell steadily, you can make significant lifestyle upgrades. This could mean buying a new car, moving into a bigger apartment, purchasing something you've always wanted, or even having the ability to donate to charitable causes, which you may not have considered feasible before.

* 2 fully realized products = incremental time leverage.

Having two fully realized products can significantly increase time leverage and grant you more freedom in how you choose to spend your time. With two successful products generating steady income, you gain the flexibility to reduce your daily working hours if you desire. This newfound independence allows you to have more control over your schedule and make decisions on how you allocate your time.

While you may initially consider working fewer hours due to the financial stability provided by these products, you might find that the success and enjoyment of your work motivate you to continue or even invest more time into the business. The key difference, however, is that the choice to work longer hours will be entirely yours. You won't feel compelled or forced into it due to financial constraints or job obligations.

* 3+ fully realized products = serious financial and lifestyle change.

Having 3 or more fully realized products can lead to a significant financial and lifestyle transformation, based on what we've observed among our students and clients. This level of success can enable you to enjoy a lifestyle where you have the financial means to travel first class or purchase a home based on your preferences rather than strict budget constraints.

For most people, the goal is not to own a lavish 10 million dollar mansion in Beverly Hills, but rather to afford a comfortable house with ample space for their family. With multiple successful products, you gain the freedom to choose where you want to live based on your desires, not just the financial aspect. This newfound financial independence allows you to make choices such as homeschooling your kids or traveling the world in first-class comfort.

This progression can be life-changing, but it's essential to align it with your own aspirations and goals for your business. Many people underestimate the incredible possibilities and benefits that come with a thriving online business. We've noticed that some neglect the potential of building a successful online venture.

To emphasize the value of a successful online business, let's take a look at one of our client's daily metrics. This example will illustrate the potential and show you how valuable it is to achieve success in the online business realm.

Total ordered items today: 274 | Total units ordered today: 293 | Total ordered product sales: $7,975.03 | Avg. Units/order item 1.34 | Avg. sales/order item $32.47

Understanding real-life metrics will reveal the true value of investing time in defining your business objectives. Without a clear vision of what you want and what you're doing, your long-term business prospects are likely to be unsuccessful. Without a driving force pushing you to hustle for your business, you may lack the motivation needed for success.

Entering the business world with the mindset of "this has to work for me, and it's all I have" can be detrimental. Operating a business with funds you cannot afford to lose leads to fear-driven decision-making, jeopardizing your venture's chances. Instead, approach the business with a willingness to invest in it, keeping in mind that reinvesting profits can accelerate growth.

Having a well-defined business goal is crucial, as it sets the tone for your entire venture. The initial product you choose will significantly impact the trajectory of your business. While there's no one-size-fits-all solution, your specific goal will determine your approach, whether you aim for a vacation money product or have different aspirations.

Take the time to understand your goal precisely and envision what your product can realistically achieve for you. This clarity will guide your decisions and actions, ensuring you make strategic choices that align with your vision. Whether it's selecting a less competitive market or pursuing other concepts, having a clear goal is paramount for building a successful business.