How to Define Your Business Goals - How Much Money and Free Time Do You Want?

As many people in business will tell you, the first step to becoming sucessfull is knowing where you are going, and your reason WHY?

Identifying your target has to be more specific than saying, “I want success in business” or “I want more money”. You have to be as specific as possible.

Not only do you have to specific with your goals and target, you have to put a timeframe on when you want to do it by. Most people are simply brought up thinking that 65 is the norm for retirement but there is no reason this has to be the case. Of course I know there are some people who would work their whole lives if they could, but you don’t meet too many of them.

Psychologists tell us that when we write something down we are more likely to commit to it. That’s why you are required in a contract to place your signature on the dotted line. This gives you motivation and a reason for you to keep your end of the bargain.

Every person should have a goal to which they are aspiring. What do you truly desire in life? Exactly how much money do you need or want, and by what date? And exactly what are you going to do to earn that money? Be precise and be realistic, and use short-term goals to get to your long term vision.

Aiming for Nothing = Getting Nothing

If what you truly want in life requires you to get to a recurring income of $10,000 per month then you should set smaller goals on your way there. For example aim for $3,000 per month after the first year, then $6,500 per month after the second year and finally $10,000 per month by the third year.

Looks simple, but most people don’t do this kind of calculation and so they run their businesses with blind expectations, and eventually fail.

If you know where you are going it is much easier to figure out how to get there!

There are several ways to change variables in your income formula to get what you truly want in the timeframe you want it. All you do is tweak one or two of the variables I mentioned in the hub Earn Extra Cash With Recurring Income.

For example some ways to do this are:

a) Increase your cash flow by increasing the money made per hour by demanding a raise,
b) Increase your cash flow by the amount of years you work or hours per week you work,
c) Introduce an infinite variable like an investment in:
• A new business component or a new home business that can help leverage your time and give a potential for infinite results.
• A new form of recurring, or residual income, and continue to increase its value by working on it or investing in it when you have time or money.

Click Here for the Top 3 Recurring Income Opportunities

To some, investments mean investing money, to others it means investing time and effort into something that can produce money. If you don’t have a lot of money to invest than you need to find ways to invest time and effort into something that can make you a lot of money, and there are many ways to do this.

If you have an infinite variable in your formula, anything is possible, and your options are never limited to a simple income formula.

Have you ever asked why some people with no high school education have everything they desire in life, while others still wake up every morning and travel to work with a master’s degree in business and live pay check to pay check barely covering the bills?

Is it because they are smarter than the business major? No. It’s not because people are smarter, or that they have a secret that they are not telling everyone.

The simple answer is they had a vision of what they wanted in life, they new they needed to change something to get it, they saw a good business idea or an opportunity to increase their income potential, and they took ACTION.

By now you should have a clear idea as to what you want and whether it is possible to get it when you want it. I would assume it is as soon as possible, but it helps to put a time frame and set a goal. It does not matter what you want. There are ways to get it. Right now!

If you are in a business or a job that can give you everything you want in the timeframe you want that is excellent. But in all reality, most people are not. If you truly feel a change is needed then you may want consider looking for additional income sources or ways to improve your existing income source.

Investments can be defined as laying out money or capital in an enterprise with the expectation of profit or the commitment of something other than money (time, energy, or effort) to a project with the expectation of some worthwhile result.

When we hear investment we often think financial investment like the stock market, mutual funds, savings accounts, RRSP, and the list goes on…

So what if I have no money, how can I invest in my future? Well one way to do this is by committing something other than money into a venture that does not require a lot of start up cost but can yield high income depending on your commitment.

Let’s discuss briefly an example of this…

In a traditional job you get paid for your time, and the only way you can make more money is either investing more hours or telling your boss you want a raise. Simply building a business with employees is not much different. It still requires you to go and manage your employees, so in fact you are simply building a job for yourself that will consume a lot of time.

You will always be tied to working on it in order to get paid. If you don’t show up for a few weeks or months, will the business you created still run itself or will your boss still pay you?

Business models which focus on time leveraging, and recurring income can free you from such problems, and allow you to continue working on your day job as you continue to invest effort into building one long term sustainable income source.

By building a business like this properly you can introduce an exponential variable into your income formula as described in my hubs, without ever risking your current situation, or leaving your job.

You don’t need to reinvent the wheel to build a successful home business model like this. There are several business models that use this concept, and they already exist and work.

The key to rapid growth is not about deviating away from what has proven to already work in the past. The key is to take action do research, and use additional non conventional methods to build your business smarter, like the internet or ideas from a personal mentor.

Click Here to See the Next Hub In the Series Called the Top 8 Qualities Your Home Business Needs - Chossing the Right Home Business For You!