Goal Setting for Women Entrepreneurs

Goal Setting for Women Entrepreneurs

Most successful women create a set of goals that they strive to reach, which helps them stay on track as they work toward success. Without setting goals and applying effort to long-term improvement, you won’t get very far even if you do work hard.

This is especially true if you’re trying to balance maintaining a busy household with helping your young business flourish. Here are some tips that may be helpful to women entrepreneurs while setting goals for themselves and their businesses.

Consider Using Visual Aids

You may not think of visual aids like graphs or progress charts when it comes to forming a professional plan. But, these things are more effective motivators than you may think. Looking at a visual representation of the progress you’ve made can make a bigger impact than simply looking at the numbers.

Not only that, creating a fun graphical image also gives you something that you can display around your workplace to motivate your team members and to help the business accomplish the goals that you’ve laid out.

Be Optimistic, But Realistic

It’s important that the goals you set for yourself or your business be things that you can realistically accomplish. If you strive to do something that isn’t possible for you to do, you’re only setting yourself up for disappointment in the future.

If you can’t imagine yourself possibly achieving a goal, you may want to set your sights lower for the time being. However, it’s also important to challenge yourself with the goals that you create. If you set goals that are too easy to achieve, then it will create the illusion of success without motivating you to do everything that you can.

One Thing at a Time

Motivating yourself to complete a complicated project can be daunting. When you try to deal with every aspect of a problem at once, it’s very easy to become overwhelmed. Try to break each project up into as many smaller parts as you can in order to keep your short-term goals as simple as possible. This will give you something to feel accomplished about at every successful stage of the project, rather than only once everything is finished.

Keep Track of Your Progress

Once you’ve laid out your goals, you need to stick to the plan in order to make them happen. Make sure that you keep track of what you’re doing in order to achieve your goals, and see how much success you’ve had. Take some time each week or month to go over the progress you’ve made and adjust your goals according to your current needs.

You should always be comfortable with the goals you set. The process of setting goals doesn’t need to be an arduous task. Take time to think about what you really want to accomplish in the next year… five years… and even ten years. Don’t just scribble something down on paper for the sake of saying you have goals. You’ll rarely accomplish anything that way.

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Setting Realistic Expectations

Setting Realistic Expectations

Many people have been bitten by the entrepreneurial bug in recent years, thanks to the internet. Starting an online business is quick, easy, and fun. However, just because it is easy does not mean everyone should start their own online business. There is a lot of work involved and even then, no guarantee of success. The key is to set realistic expectations from the start.

Know Your Niche

One of the main mistakes new entrepreneurs make is in trying to be completely unique and come up with something that has never been seen before. In most cases, however, there’s really nothing new under the sun. A better tactic is to choose products that are in high demand. You can do this by focusing on a particular topic, commonly referred to as a niche, and researching it carefully to ensure that it is a paying market in which people regularly buy products and services.

A good example would be the pet niche, worth more than $65 billion annually in the US alone. Could you make money by getting a small share of this market? If the answer is yes, and you love pets, this could be the perfect niche for you.

Goal Setting

Once you’ve decided on a niche, it’s time to set your goals. Otherwise, you have no expectations, realistic or otherwise, and will just end up drifting. How much money do you want to make? Do you want a bit of extra money to save for a vacation, a part-time income, or replace your day job and work online full time? Depending on the goal, you will need to take different actions.

And while it is true that some people earn five or even six figures per year online, it is also true that it takes time to establish a business.

Monthly and Quarterly Evaluations

Whatever goal you set, you should be able to measure your progress in an organized way, such as emails sent, traffic at your site, and number of sales. Create an easy report you can use every month to just plug in your numbers to see if you are on track.

Track Your Progress

Track your progress at least once a week. If you have to make 100 sales to meet your goals but are only making 75, you will need to adjust your approach to try to pick up the pace.

Know Your Numbers

Even though you’ve started your business from scratch online, chances are you are leveraging a range of things you had already bought and paid for in order to run the business. These might include:

* Computer
* Printer
* Toner
* Paper
* Filing cabinet
* Desk
* Chair
* And so on

Then there are items you will have to buy especially for the business. But it is important to not let these costs get away from you. Yes, you can write them off as a business expense on your taxes, but you still have to pay for them upfront, so make sure they pull their weight.

Value Your Time

A lot of entrepreneurs don’t pay themselves and as a result, tend not to value what their time is really worth. If you’re not earning at least minimum wage, you’ve basically got a time-consuming hobby, not a business. As for minimum wage, you will never be able to earn $100 per hour if you are stuck doing $10 per hour chores. Outsource as needed to grow your business.

Having realistic expectations can make all the difference to the long-term success of your business.

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