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First Goals for New Home-Based Business Owners

Posted by Stephanie Valentine on September 24, 2009 in Small Business Leadership, Small Business Strategy |

With the economic uncertainty swirling around us all the time, many people are turning to home-based businesses as a way to create an alternate stream of income in their lives, even if they are currently employed.

If you are a new home-based business owner, then you are probably up to your eyeballs in getting your new business off the ground. In the midst of all of this activity, though, one important step that will really help your business grow is to define some initial goals for your new business.

The Importance of First Goals for Home-Based Businesses
While it may seem obvious that every home-based business should have goals, you’d be surprised at how many new small business owners jump from the starting line to the “millionaire” goal. They skip all the steps in between when setting goals for their business, including very short terms goals that make a huge difference.

Having achievable goals in the near future for your new home-based business is psychologically important. Starting a new business consumes a lot of time and energy (especially if you still have a day job), and as a new business owner you need have goals to show you that you are making progress. Achieving goals gives you the encouragement to keep going in difficult times.

Examples of First Goals for Home-Based Business Owners
First goals are like baby steps. They aren’t very far away from the starting line, and they are something that you can definitely achieve. They are also causes for celebration. Here are a few examples to get you thinking. Your short term goals might include:

– completion of your business incorporation and getting a tax ID number
– completion of your company’s website
– the hiring of your first employee or contract worker
– the first inquiry about your products or services
– the first sale
– the first referral from someone in your network
– the first $1,000 in revenue

Are you starting the get the picture? The first goals for your business are ones that you can definitely see and achieve from where you stand today. They are small goals that will give you a huge sense of accomplishment. It’s important to acknowledge these steps along the way toward the “millionaire” goal. If you don’t, you’ll wear yourself out before you’ve gotten very far from the starting line.

Creating a small business that generates a steady alternative stream of income is no sprint. It’s more like a marathon. So pace yourself, celebrate the small but important accomplishments along the way, and enjoy the journey.

What are you waiting for? Turn on your computer and start making a list of first goals for your small business. If you have already got a small business going, what first goals have been useful for you? Which goals do you wish you would have celebrated but didn’t? Drop me a line … I’m a veritable sponge when it comes to stuff like this!

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