3 Tips for Setting Financial Goals When You’re Just Starting Out
Whether you’ve launched your side hustle or have recently gone full-time with your business it can be hard to “predict” revenue let alone down right uncomfortable, which can actually lead to procrastination resulting in NO revenue goals ever set.
Exhibit A. Yours truly.
For a majority time of my solopreneur world when it came to consulting that is, projects and gigs flowed to me and I never felt I needed to keep track because projects just came to me.
Now transitioning to running She Did It Her Way full-time it is a bit different. I no longer want my business to be just me. I’m building a business that requires more than just one person and it is a chance to take everything I learned (didn’t do or did do) from the past 5 years and apply it to the current scenario.
The whole process seemed to be a bit overwhelming so I sat down with close friend of mine who had spent years coaching large companies on their business and helped me actually set a plan in place.
Before you start on any of the follow, first identify how much money you want to make in a year. This will help you benchmark as you work your way through.
Here are the 3 key takeaways for anyone who is just starting out...
1. Identify Revenue Streams
Write down all the things that produce revenue in your business. It could be affiliate, product, services, events, speaking, anything that brings in revenue for you and your business.
Then identify how much it is currently bringing in per month (no matter how much - write it down). Times that number by 12 (for months in a year) and then add up all the potential revenue streams.
Depending on how much you want to make in a year this shows you where you may need to add additional revenue streams or increase prices. But ultimately it provides more information so you can take action.
2. Be Conservative
If there are some categories that you’re unsure of or you just launched, be conservative. Meaning under estimate the revenue vs overestimating and falling short of actual revenue later on.
3. Identify behaviors
Once you’ve identified your revenue streams, then go back to each stream and identify what the behaviors are to help you reach your goal. Schedule that behavior in your planner, calendar of even Asana. Megan Minns has a great Youtube Video on how to make Asana work for you.
Happy Wednesday friends! If you have any other topics or questions, please suggest them below!