Entrepreneurship is a journey that requires hard work, dedication, and commitment. While on this journey however, having goals gives entrepreneurs a sense of direction and purpose. Goals can help focus efforts on achieving specific outcomes, and give them something to work toward, which helps in decision-making while creating their business.
Having goals also helps entrepreneurs track and measure their progress, and determine whether they are on track to achieving desired outcomes. As a result, entrepreneurs can make adjustments to their strategies when necessary.
An important thing to remember as you set your goals is to ensure that they are achievable. The specific goals that an entrepreneur should have may depend on the industry they’re in and their personal aspirations but here are 10 common goals that many business owners aspire to as they’re starting their eCommerce journey:
1. Launch your first product
Launching your first product is a major milestone for any entrepreneur. After all, it is the first product that will begin to bring revenue to your business. It often takes many hours of preparation and work to create and put that first product up for sale. Decide what you want your first product to be, how much you plan to sell it for and how you’re going to sell it. Figure out how your product could solve a problem, satisfy a desire or improve someone’s quality of life.
2. Create a strong online presence
Regardless of the type of business you’re starting, an online presence allows you to reach more people. In today’s digital world, it is easy to create an online presence through websites, social media or online marketing strategies. A common goal for entrepreneurs is to establish an online presence early so that they can begin to attract a wider audience. If you haven’t already, you can also think about creating a website for your new business.
3. Achieve financial stability
An ideal goal for many entrepreneurs is to be able to run your business off of the revenue it is generating rather than using your savings. Developing a budget can help you find any holes in your spending and identify areas where you are overspending. Tracking all of your expenses will also show if there are places where you can cut back and reduce costs. Some other strategies to help you on your path to financial stability is by having an emergency fund saved up, paying off existing debt and avoid acquiring more, and operating your business below your means.
4. Delegate effectively
When you lead a business, you’ll be wearing many hats. It’s important to learn to delegate your responsibilities effectively. Many entrepreneurs take on too much responsibility and try to do too much themselves. By delegating tasks, you can improve the efficiency of your business and also ensure that your time is spent on things that are truly a priority for yourself and your business.
5. Connect with like-minded individuals
Make it a goal to develop a network with like-minded individuals. When you connect with peers, it gives you people to communicate with who also have a passion in building their own business. Second, you can receive feedback, advice and share experiences in this network, which can help to improve your new business. One of the best ways to learn and grow your business is by connecting with the people whose services complement yours and are the best at what they do.
6. Establish a brand identity
Building a strong brand can help entrepreneurs differentiate themselves from competitors and attract more customers. A strong brand has the ability to propel a business forward, creating connection and bridging the gap between a business and its customer. Everything your customers are going to see – from the logo on your store page to the product description copy on your eCommerce website are all part of your brand. Having a well-defined brand identity, which aligns with the company’s values, also helps build trust.
7. Implement a marketing strategy
Every new business needs a marketing strategy in order to grow and sell its products. There are many marketing strategies you can undertake. Whether it is optimizing your site for SEO, launching an email marketing campaign, creating a blog, or working with an influencer on social media advertising campaigns, effective marketing strategies can help put your brand in front of thousands of customers and is generally a significant milestone for a young company.
8. Find a healthy work-life balance
When first starting out, many entrepreneurs lack free time because they are spending most of it working on their business. Successful entrepreneurs however understand the importance of work-life balance. They learn prioritize their health, family, and personal life. Complete balance may be an unrealistic goal, but there are steps you can take to improve that balance such as establishing your priorities, better time management, and learning to say ‘no’ to things that might not be worth your time or energy.
9. Maintain steady business growth
Of course any entrepreneur wants to grow the sales and revenue for their business, but what’s a reasonable growth rate? Rather than shooting for rapid growth rates, work toward slow and steady increases in sales that allow you to grow along with your business.
A steady business growth, rather than large fluctuations from month to month help you to prevent burnout. When it comes to business, ‘slow and steady’ sometimes does win the race.
10. Achieving personal growth
Besides focusing on the growth of the business, some entrepreneurs also make it a goal to focus on personal growth. Learning a new skill, pursuing a passion or obtaining a new professional certification can do wonders for you personally, as well as for your business.
Setting goals for yourself and your business is incredibly important. It provides a clear path to follow and the motivation to reach a predetermined destination. Having and achieving goals can also give entrepreneurs a sense of accomplishment and satisfaction for entrepreneurs. This can help you to take on new challenges, and realize the steps needed to turn your dreams into reality.
