Has someone ever asked you “what does success in your business 12 months from now look like?”
It is a powerful damn question.
Three years ago when I was first asked that question at the start of my business, I had no answer.
I realized that I had no idea what I wanted this business to be, no vision as to where it would end up, and no plan for how to get there.
That’s why for the past three years I have been addicted to setting goals, planning my actions, and kicking ass.
It wasn’t easy at first and over time you start to get better and better at knowing how to properly answer that question in a way that actually helps your business.
We are actually running a Free 5-Day Strategic Goal Mapping For Massive Clarity, Focus, And Momentum Challenge this month that you can click HERE to learn about and sign up for!
Before we start getting all giddy envisioning our success and writing it all out, let’s slow down and make sure we do this right. I am going to walk you through some important aspects of this and then use my own goal for 2018 as my example to help make it clear as possible!
First you have to understand something, there are multiple aspects we have to account for when detailing this long term goal.
The 8 Aspects of A Long Term Goal
Determine The Length of This Goal
– This is important in order to understand the amount of time we have in order to achieve this goal to be able to plan accordingly. When it comes to long term goals I always find it easiest to it on a year long basis as it allows us to really dig deep to identify what it is we want to achieve, have adequate time to work towards that goal, and add a layer of our plan in a month at a time.
Action: At the top of your paper write the start date and end date of this goal.
My Answer: This goal is starting as of October 2017 and will end at the end of 2018
What Value Will We Deliver To The Customer
– Here we want to identify all of the ways we will be adding value at the end of this goal to our audience and loyal customer base.
– Are you doing 1-on-1 coaching? Group Coaching? Selling physical products? Digital products? Do you have a private membership community? Are you selling products through different mediums (website, retailers, Amazon, etc.)? Are you using affiliate links? Doing JV’s? Podcast? Paid Speaking opportunities?
– Now, outside of the way we add value for the exchange of an investment on our customers half, what else are you doing to be adding value to your audience? This is all the ways that you interact with your target audience. Everything from content creation, email marketing, podcasts, fb live, guest blogging/podcasting, social media platforms, speaking opportunities, and so on.
Action: On the paper make two columns, one column label “Free Value” and the other “Paid Value”. Answer both questions above in a list form putting all of the value that generates income for you into the “Paid Value” column and all the value you deliver that doesn’t into the “Free Value” column.
Paid Value = Signature Courses, Mini Courses, 1-on-1 Coaching, Physical Products, and Membership Site
Free Value = Weekly Blog Post, Free Challenges, Daily FB Lives, Facebook Group, Free Ebooks, Content Upgrades, Podcasts
Know Your Role
– Not trying to sound super sassy here but trying focus on the fact that as we grow in our business, our role is able to change. As our income increases we gain the ability to bring people into our team, whether it be a VA, contracting a service out for things like social media, FB Ads, SEO, or whatever it is you can imagine. You may even be able to make your first hire for someone that is officially paid as an employee in your business!
– Having a vision of what it is exactly you are responsible for in your business a year from now is important as it allows us to also set mini goals of being able to hire our first VA, contract out for a service, or even bring on our first full fledged employee as a team member.
Action: Knowing all the ways you intend to add value to your customer base in 12 months, identify what roles in your business that if you were able to contract out or turn over to a new team member would allow for increased growth in your business that align with your overall goals.
My Answer: My goal would be able to hire 1-2 VA’s in 2018. One will specialize in FB Ads doing everything from landing pages, sales copy, running ads, and optimizing based upon the data collected and the other would help in administrative tasks that would come along with setting up a membership site, onboarding, tech, and everything within that.
Elevating Your Game Through Coaching/Courses/Conferences/Certifications
– Listen, it is damn important to include into our budget and plans for ways that we can uplevel our own skillsets, knowledge, and so on in order to continually be growing as an entrepreneur and as an individual.
– For example, this year I focused first on hiring my first coach to help me get started in intentional planning system in my business in the form of Anna Cragin and my second coach to help with understanding my target audience, positioning, and client acquisition in the form of Jason Van Orden.
– So what is it that you will need to level up over the next year?
Action: What are 2-3 areas of which you know you will need to either be coached in or learn about in-depth in order to take your business to the next level?
My Answer: The 3 areas for me would be in Money Mindset, Course Creation & Horizontal Development of Courses, and a Coaching Certification (Specific Certification is TBD)
The Monetary Goal
– I know, if you are like me, it doesn’t feel right being so concerned with money and profit BUT remember, without it, you don’t have a business to be able to continually deliver the value you are so passionate about. Also, as we increase our income we are then enabled to be able to deliver value in ways that we didn’t have as even a possibility previously!
– Setting this goal we want to be realistic but ALSO be willing to push the envelope into the area of being a little uncomfortable about it. We don’t want to set goals that allow us to settle but push us to achieve more than we thought we were originally capable of.
Action: Write down a monetary goal over the next year that you wish to take in through your business. Think about how it feels. Does it make you a little uncomfortable? If not, erase it and add another 5k-10k to it. Repeat the process until you get to a point where you feel a little uncomfortable. The point of this is to set a goal that is higher than we feel comfortable to try and push ourselves to achieve that higher goal so that in the worst case scenario, we make the amount we would of set originally but have the upswing of achieving much higher.
My Answer: The monetary goal by the end of 2017 is to make 10k. The monetary goal at the end of 2018 is to make 50k → not uncomfortable enough → 75k
– Alright, with all of these aspects out of the way and the action steps taken, we now have a clear idea as to what we want to offer as value to our audience, what will generate an income and what will not, how we want our role to shift, in what ways we want to improve through coaching or courses, and the amount of money we want to bring in through our business over this year.
– The next step is to start breaking down exactly how we plan to make this amount of money through the income generating value we deliver to our audience.
Identifying The Value Of Our Services
– First step here is to determine out of all of the “Paid Value” what the average price tag will be for them. With this price tag we will be able to then identify how much of each we will need to sell in a year to make our monetary goals.
– Now, remember, some of these aspects may not even be available yet in your business so we want to try and determine the best estimate of what the average price will be. In these circumstances, I like to drop the price a little bit in my estimates if I don’t know what the price will be yet. This way, we have a little bit higher of an expectation for ourselves at first and if our price tag ends up being a little higher than we estimate it all works out in the end.
– Also, take note of a general estimate as to when you will launch a new aspect of your “Paid Value” in order to properly calculate when you will be able to start generating revenue from that income stream.
Action: Identify the average price tag for every “Paid Value” we identified earlier. If you are planning on increasing prices (for example, coaching services) over time throughout the year then you can identify them as separate prices
I.E. Quarter 1 Coaching – X Dollars/Month
Quarter 2 coaching – Y Dollars/Month
Q1-Q4 Signature Courses – $279
Q1-Q4 Mini Courses – $37
Q1 & Q2 1-on-1 Coaching – $700/month (Ranges from 500-1000. Average = 750)
Q3 & Q4 1-on-1 Coaching – $1,000/month (Ranges from 750 – 1,500. Average = 1,125)
Q1-Q4 Physical Products (supplements) – $29.99
Q3 – Q4 Membership Site – $29.99 / Month
Setting Goals For Number of Sales / Month
– Now we want to identify what our goal is for sales of each paid value is / month and keep it based upon each quarter. So we will start with Q1 Sales / month then Q2 Sales / month and so on.
– I like to make a table for each paid value to have a lot more clarity on each individual paid value over the course of the area and subtract the price from the monetary goal from table to table. My answer will show you how to set this up for you as well!
Action: Identify the goal for the number of sales and total income based upon the average pricing we just set for each month based upon the quarter.
|Quarter||Price||# of Sales / Month||# of Sales / Quarter||Total|
|Subtract Total From Monetary Goal||75,000 – 38,700 = Remaining 36,300|
|Quarter||Price||# of Sales / Month||# of Sales / Quarter||Total|
|Subtract Total From Remaining Monetary Goal||36,300 – 17,577 = 18,723 Remaining|
– And then you continue on for each paid value product that you offer determining how many sales you will have each month, each quarter, multiplied by the price, and totaled together. Then subtract that total from the remaining monetary goal.
Wrapping It All Up
– Now it is time to make a summarized version of everything you plan to do over the course of the next year. Remember, this isn’t detailed planning, this is an overarching view and goal. To ensure you reach these goals you will need to start doing comprehensive planning which has been crucial in my clients reaching their goals and boosting their income in their business!
– For a summary allow a couple sentences explaining what you will be doing for each of the following categories:
Free Value: Over the course of the next 12 months I will create the following: Weekly Blog Post, Monthly Free Challenges, Daily FB Lives, Facebook Group, Free Ebooks, Content Upgrades, Podcasts in order to add value to my audience, build my brand visibility, my email list, and overall following.
Paid Value: I will reach my monetary goal of $75,000 over the next year through the income streams of 1-on-1 coaching, signature courses, mini courses, physical products in the form of supplements, and launching a private membership service. (See tables for detailed break down)
Coaching/Courses/Conferences/Certification: Over the course of the next year I will level up my skill set and expertise through the form of a money mindset coach, a course on building high caliber courses, and a coaching certification.
Role Shifting: Over the course of the next year I will outsource for 2 specific areas of my business. The first outsourcing will be for Facebook Ads and the second will be for administrative tasks, private membership set up, maintenance, and optimization.
AND YOU ARE GOOD TO GO! Listen, I know that was a lot but now, you have a very clear idea of what your overall goals are for you and your business over the course of the following year. The next steps are to start breaking this down into detailed, comprehensive planning in order to achieve these goals, and then take massive action!