Are you continually trying in the hope of earning the level of income you want from your Internet business activities? Is discouragement starting to creep into your thinking? Most people keep on trying in the hope of one day succeeding. However, you won’t succeed unless you address these two key factors.
The first factor is "keep on trying". Some people do the same thing over and over again and never learn from the experience. It’s like continually running into a brick wall in the hope of eventually breaking through. Alternatively, they constantly join new affiliate programs or network marketing companies in the belief that this is the magic one to bring them riches. However, they never devote enough effort or attention to any one program to succeed in it.
The second factor is "hope". For some people, they almost have a blind faith that they will succeed. Yet, they don’t understand what is involved in being successful. It’s almost as if they expect that one day circumstances will change and orders will flow in great abundance along with the profits.
For me, the key to "trying until I succeed" is based on testing and tracking. It is like a circular process whereby an idea is implemented, the results are tracked and then evaluated, the idea is refined or modified based on what has been learnt, and the process starts all over again.
If you aren’t earning what you want from your business, you have nothing to lose by applying this concept. First, look at what you are doing to promote your business. Are you using the same advertising you have always used? Do you know if it is working? Test a new headline and track the results. Test a new offer and see what happens to your sales.
Only test one thing at a time so that you know what is causing any changes in your results. Once you have a good performing ad, use it as your benchmark against which all future tests are measured.
The same concept can be applied to all your processes and procedures within your business. Make some changes and test whether they enable you to perform more efficiently and have more time to do the really important activities that generate revenue.
Now let’s look at the second factor, "hope". I once read that genius is 1 percent inspiration and 99 percent perspiration. The same can be said of success. The 1 percent is in setting the goal and the 99 percent is working hard to achieve it. Success doesn’t just happen, it is created by sustained effort and continual learning.
Hope certainly helps to sustain the effort required to succeed, but hope without effort is wasted. Success is based on many small wins that eventually lead to the big win. This understanding of what success really is helps the achievers do what needs to be done.
It is applied to business through goal setting and planning. You set your goal and then determine what you need to do to achieve it. Most successful businesses utilize budgets and business plans as a formalized process of mapping out what is required to achieve the targets they have set.
They then measure their results against these plans so that they know how well they are doing. This enables them to fine tune their plans to take into account new things they have learnt about their market-place and business. It also enables them to take corrective action before it is too late.
To have the success you want in your business, plan how you are going to achieve it. Test the ideas you have and track the results. Use the knowledge gained to improve all aspects of your business. Be opening to learning opportunities so that you can adapt and modify your approach as circumstances change.
Continually Trying But Still Falling Short Of Your Business Goals?
3 Reasons Why Most People Fail To Achieve Their Business Goals
New Year's resolutions are launched with good intentions by the tens of millions every December. And somewhere along the way - usually in January - most of them become an afterthought. The mere topic of New Year's resolutions only gets pulled up again in December, when planning (yet again) for the next year.
But a business goal is a horse of a different color.
Because business goals directly tie-in to one's finances - which in turn affects how we live - we pursue them more aggressively. That's the good news.
However in that pursuit lies several pitfalls. Pitfalls that are well hidden from the naked eye. Pitfalls that only reveal themselves once we begin our business goal achievement quest.
What are those pitfalls exactly? Here are three that strike most entrepreneurs at the least favorable moments:
1) You fell for the infamous "You are LIMITLESS" mantra.
Bestselling spiritual/self-help author Wayne Dyer often reminds his followers, "We are spiritual beings having a human experience."
And even though the soul may be free as vast as the universe - we are still confined to an overcoat of skin and bones and gravity. And it is this temporary overcoat that causes very real limitations.
I mean let's face it, there can only be one American Idol in 2008 (or Canadian Idol or whatever Idol for the part of the world you live in). There's one President, one Queen, one gold medalist slalom skier, one winner of the Best Actor on Academy Awards night.
And even though you may deeply yearn, affirm and visualize holding one these positions, you might not ever end up there.
A good friend of mine had an uncle who owned a horse ranch. He was a masterful rider and dreamt of becoming a famous jockey. But at the age of 16 he was almost 6 feet tall. Which is apparently too tall to become a jockey.
We - as human beings - all have limits. Limits caused by financial circumstances, family obligations, time constraints, lack of knowledge, lack of skill, age restrictions, height restrictions, and so on.
The thing is, limitations should never be viewed as stop signs. On the contrary, they allow us to confidently move in directions that work with our natural talents, abilities and lifestyles. Limitations allow us to see how we can improve ourselves.
So acknowledge your limitations. (It's okay!) And if you can't beat 'em, be confident and wise enough to work around 'em.
2) You didn't anticipate the potential problems along the way - or the residuals of success.
As I write this article the jackpot for the New York state lottery is at $115 million dollars. Manhattan office workers file into the deli's during their lunch hour to stand on those lottery lines, and fantasize amongst each other about winning.
From the middle class viewpoint, a big lottery win looks absolutely delicious. But Dr. Steven J. Danish, professor of psychology at Virginia Commonwealth University in Richmond, paints a very different picture.
According to "Windfall not always a blessing, psychologists say,"
"Danish has counseled lottery winners for more than 12 years, and almost all his patients have had serious problems after collecting their winnings. After the initial shock passes, a sense of guilt often arrives, along with the hoards of people asking for money. Giving or leaving money to family -- including mysterious, long-lost relatives -- is often the biggest source of stress, he said."
But this phenomena isn't limited to lottery winners. It happens to entrepreneurs as well.
Yes, your eyes always have to be peeled for the potholes in the road. But you must also consider the problems that come with extreme success.
For example, will you have enough inventory if a positive review of your product generates a flood of 10,000 orders? How will you manage your time fulfilling orders? Do you have a babysitter lined up for business emergencies?
Don't focus on failure. Do create a mindset of preparedness.
3) You focus a lot of energy on past mistakes, instead of learning from them and moving on.
A very dear friend whom I've known for 15 years has been wanting to start his own business for as long as I've known him. Early in our friendship he and his sister-in-law decided to do some kind of venture together. The venture flopped. He lost $4K, while she lost almost nothing.
Over a decade later, he still talks about how much he wants to go into business for himself. But the memory of losing that $4K re-plays itself over and over in his mind. It's the reason why he commutes to a government job every day, instead of taking the plunge and starting his own business.
Sadly enough, he rationalizes his inability to move forward by saying that he'd rather be 100% sure that he's doing the right thing, instead of going in with a half-baked idea.
My outlook as a seasoned entrepreneur is a little different. Nothing in life is 100% guaranteed. The best-laid plans can be thwarted in the blink of an eye. The best you can do is learn from the past (not LIVE in the past) and move on.
Business Goals and Following Through
What do you want to achieve this year? More new customers per week? Higher average order amounts? Better customer service ratings? No matter what it is you are shooting for, goal setting is one of the most important things that you will do in the New Year. I’ve got a few tips to help you get there.
1. Keep it Challenging but Realistic.
Any goal that you set for your company should be challenging but don’t over do it. For example, if you had an average order amount of $700 last year, you wouldn’t want to set your goal for this year at $3000 per order. Unless you make drastic changes in how your company runs or what you are selling, that goal is just not realistic. You know best what you may be able to achieve in your particular industry, so be honest with yourself and set your goals accordingly.
2. Write All Your Goals Down.
You may say to yourself on January 1, "I want to get 20 more new customers per week this year." A few months later you will be saying "Did I say I wanted 20 or 30?" Or more realistically, you have forgotten that you even made that goal. If you have all of your goals written down you will be able to not only go back and check them, you will also be able to go down the list every few months and check to see how many of them you have completed.
3. Assess Your Current Situation.
To set goals you have to know where you are at right now. In 2003 I wanted to assess our customer service rating so we sent out a survey to all of our customers on which they could rate us in each department of our operation. That helped us establish our base. Now we send the survey to every customer after every order. This way we can keep track of how we are doing and if there is ever a hiccup we can fix it quickly. Don’t assume anything. Always assess the current situation before setting a new goal.
It's Only Going to Hurt A Little...
Now, in financial goal setting for your business, one invariably comes to the question: How do I decide on a budget when starting a marketing plan?
This is obviously the first question that you have to answer in order to get started on your new campaign. And in order to reach the income goals you have set for yourself.
So how do you figure out what your budget should be? Here is an easy method to help you find a number that is going to work for you and your business. Some might say that it is a good rule of thumb, but I personally judge things on whether or not they work and get results. That’s all.
Moving on... Start with the amount of income that your company generated last month and multiply it by .14 (or 14%). That means that if you had $50,000 in Gross Income last month you should budget to spend $7000 on marketing in the next month. Wait... I know, it sounds painful but it is just like a shot at the doctor. It might hurt for a minute (or in this case a month) but down the road you are going to be glad that you went through it. Putting that much toward the right marketing will bump up your income the next month and start you on a cycle of steady growth.
I know that some businesses run tighter than others and it is possible that you won't be comfortable with that amount in the beginning. Don't misunderstand me, any marketing is better than no marketing. Don't get discouraged if your budget is lower than 14%. But use 14% as the ideal to strive for because, for me as well as many other growing businesses, it has proven to give the best rate of growth possible. How do I know, you ask? My company has expanded 400% in the past 2 years. Now picture your business at 4 times its current size... There's that smile I was looking for!
The growth of your business is based on three factors; quality products, great customer service and the proper amount of marketing. If you know you have the first two taken care and you still aren't experiencing healthy growth then you need to take a serious look at your marketing budget.
So sharpen your pencils, start calculating and decide how rapidly you want your business to grow.
Investing Basics – What Are Your Investment Goals
When it comes to investing, many first time investors want to jump right in with both feet. Unfortunately, very few of those investors are successful. Investing in anything requires some degree of skill. It is important to remember that few investments are a sure thing – there is the risk of losing your money!
Before you jump right in, it is better to not only find out more about investing and how it all works, but also to determine what your goals are. What do you hope to achieve with your investments? Will you be funding a college education? Buying a home? Retiring? Before you invest a single penny, really think about what you hope to achieve with that investment. Knowing what your goal is will help you make smarter investment decisions along the way!
Too often, people invest money with dreams of becoming rich overnight. This is possible – but it is also rare. It is usually a very bad idea to start investing with hopes of becoming rich overnight. It is safer to invest your money in such a way that it will grow slowly over time, and be used for retirement or a child’s education. However, if your investment goal is to get rich quick, you should learn as much about high-yield, short term investing as you possibly can before you invest.
You should strongly consider talking to a financial planner before making any investments. Your financial planner can help you determine what type of investing you must do to reach the financial goals that you have set. He or she can give you realistic information as to what kind of returns you can expect and how long it will take to reach your specific goals.
Again, remember that investing requires more than calling a broker and telling them that you want to buy stocks or bonds. It takes a certain amount of research and knowledge about the market if you hope to invest successfully.
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Investing Basics – What Are Your Investment Goals
When it comes to investing, many first time investors want to jump right in with both feet. Unfortunately, very few of those investors are successful. Investing in anything requires some degree of skill. It is important to remember that few investments are a sure thing – there is the risk of losing your money!
Before you jump right in, it is better to not only find out more about investing and how it all works, but also to determine what your goals are. What do you hope to achieve with your investments? Will you be funding a college education? Buying a home? Retiring? Before you invest a single penny, really think about what you hope to achieve with that investment. Knowing what your goal is will help you make smarter investment decisions along the way!
Too often, people invest money with dreams of becoming rich overnight. This is possible – but it is also rare. It is usually a very bad idea to start investing with hopes of becoming rich overnight. It is safer to invest your money in such a way that it will grow slowly over time, and be used for retirement or a child’s education. However, if your investment goal is to get rich quick, you should learn as much about high-yield, short term investing as you possibly can before you invest.
You should strongly consider talking to a financial planner before making any investments. Your financial planner can help you determine what type of investing you must do to reach the financial goals that you have set. He or she can give you realistic information as to what kind of returns you can expect and how long it will take to reach your specific goals.
Again, remember that investing requires more than calling a broker and telling them that you want to buy stocks or bonds. It takes a certain amount of research and knowledge about the market if you hope to invest successfully.
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