Some first year business goals to help you stay focused and motivated
One of the biggest challenges new business owners face is what to focus on or what goals to go after. With so many things to do, it’s easy to see why that is a real problem.
In this post, I will share some new business goals that you can easily achieve in the first year of business. These goals will help you stay focused and motivated while you figure out how to grow your business.
If you are confused about the best path to follow or where you should spend your time or energy, this post will help you gain clarity.
If you are ready to move your business forward, here are some new business goals you can go after.
Please note that this post may contain affiliate links. You can read my full disclosure at the top of the page.
1. ESTABLISH CREDIBILITY
As a new business owner, one of your first goals should be to get your name out there. The reason why this is important is that if your potential customers don’t know you exist or have a solution for their problem, your business won’t generate any revenue.
Now, attracting your customers’ attention is only one piece of the pie. After you attract their attention, you have to make them like and trust you. This is where establishing credibility comes into play.
Customers are getting savvier and savvier and a lot of them are skeptical of new businesses, so it is up to you to show them that you are a credible business and can be trusted.
So how do you establish credibility as a new business owner? How will you convince your potential customers to give you a chance?
Here are some easy ways to establish credibility as a new business.
1. LOOK AND SOUND PROFESSIONAL
Whether you like it or not, there’s no denying that appearance matters. People will judge you and your business based on how you present yourself. So that’s something you have to recognize and be ready for.
Now, being professional doesn’t mean you should be too formal or too serious. It simply means you should put your best foot forward. It also means you should present yourself as a serious business.
As an example, if you have a business website, it should have some key information you’d expect from a real business. For instance, things like your business name, an about you page, contact information, what you do, a list of your products and services and their prices, and things of that nature. Your website should have all the information that will make someone believe you are a real business.
And, no, you don’t have to spend thousands of dollars trying to look professional. All you need is some time to organize things and make them appealing.
First impressions matter a lot, so you should always strive to give a good first impression of your business.
2. DELIVER ON YOUR PROMISE
Another easy way to build credibility is to deliver on your promise.
Don’t hype up a product or service unless you can back up your claim. It’s always better to surprise your customers than to disappoint them.
Personally, I don’t like feeling let down so I try to keep my expectations low, however, every now and then, I read a product description and get sucked in only to end up disappointed after I made the purchase.
Don’t be that guy!
Keep things real and simple. Your product descriptions and sales pages should be an accurate reflection of what you are offering.
Spell out what your customers will get with their purchases. If possible, also spell out what is not included. For example, if you sell a “how to start a blog course” and it doesn’t include how to actually set up your blog or website, you should mention that because a lot of potential customers will expect a “how to start a blog course” will include the tech aspect. The same applies to an SEO course or resource that doesn’t include keyword research.
When you help your customers make the best buying decisions, they will appreciate you for it. Additionally, this can turn them into loyal customers and cheerleaders. You can get a lot of new business from referrals, so always try to keep your customers happy.
3. BE KNOWLEDGEABLE ABOUT WHAT YOU DO
One of the best businesses to start is a business where you are part of the target audience. Another good alternative is having industry knowledge.
When you have walked in the shoes of your potential customers, it is easy to understand their pain points and help them find solutions. Having personal experience of a problem is a great way to become knowledgeable about that problem.
If you want to build credibility as a new business owner, you have to learn everything you can about your business, industry, and customers.
You will be better able to serve your customers the more knowledgeable you are. You can offer products to meet their needs, come up with new product ideas and offer recommendations for other products or businesses.
If you started a business on a whim, it is not too late to do some research. Keep learning about your market or industry, and use that knowledge to provide excellent customer service. This is how you build credibility.
2. MARKET YOUR BUSINESS CONSISTENTLY
Your number one task as a new business owner is to market your business. This is one new business goal that you can easily achieve.
Make a decision to market your business or do one marketing task every single day. You can’t grow your business if you don’t have customers, so that’s your number one priority. In fact, marketing your business should be your main priority throughout the life of your business. You have to keep generating leads so you can keep moving people through your sales funnels.
But the thing about marketing is that there are so many marketing tasks you could be doing. You will need to be smart on where to focus your time and energy.
As a new business owner, you don’t have to be everywhere at once. Pick a few platforms and focus your time and resources on mastering them.
Whether it is cold calling potential customers, writing new content for your website, sending cold emails, or following up on leads, do one marketing task every day.
Your effort will pay off eventually if you are strategic and know what you are doing.
If you need help creating a marketing strategy or marketing plan, or coming up with the right strategies for your business, check out the New Business Success Kit. This set of printables has everything you need to start and grow your business. You can get it at the intro price for a limited time. Check it out below!
3. UNDERSTAND AND TRACK YOUR BUSINESS FINANCES
If you want to grow your business, you will need a solid grasp of your business finances.
Without a solid grasp of your business finances, you will find it hard to make good financial decisions or keep your business cash flow positive.
Yes, I know some of you are just “bloggers, solopreneurs, or small business owners.” It doesn’t matter how you describe yourself. If you are in charge of anything where money flows into or out of, then you need to understand how things work.
One of your new business goals should be to keep your expenses lower than your income and to make some profit. And, the only way to achieve this goal is to understand your business finances.
You will have a better grasp of business finances if you get into the habit of tracking your finances. Like I always say, “Know your numbers.”
Some things you should consider tracking in your business include:
- Your sources of income
- All your expenses
- Your bestselling products or services
- Where most of your leads come from or the marketing activities with the highest return on investment
- Cost of production (especially if you manufacture goods)
- Your prices
- Wages (if you have employees or independent contractors)
There are a few other things you could possibly track, however, if you can track some of the things listed above, you will find it easy to ascertain the financial health of your business and manage your business finances.
4. SPEND MORE TIME ON TASKS WITH A HIGH RETURN ON INVESTMENT
The eternal dilemma for small business owners is where they should spend their time. No wonder time management is such a big challenge for many.
As a new business owner, you should focus on tasks with a high return on investment. With so many things to do and so little time, you need to spend your energy on things that will move your business forward.
So how do you know where to spend your time? Well, you can follow this simple process.
- Start with your goals. What are your business goals?
- Identify the tasks that will help you achieve those goals
Everything you do should revolve around achieving your goals. For example, let’s say one of your goals is to drive traffic to your website. There are a few ways you can go about this. You can write and publish more content, drive traffic via social media or some other platform. You can also spend time on search engine optimization.
These tasks would be considered as having a high return on investment if they actually produce the desired outcome.
So, let me boil this down to one thing. Find out where your results are coming from (or will come from), and spend more time on those things.
5. GAIN CLARITY TO MOVE YOUR BUSINESS FORWARD
As a new business owner, you are going to spend your time trying to find the best strategies for your business.
Your new business goals must include gaining clarity and finding the best strategies for your business. Lack of clarity is a big problem for many small business owners. They have lots of ideas but they can’t quite figure out what to do with these ideas or the right ones for their business.
To grow your business, you have to know the right strategies. For example, if you are an online business owner and you are trying to figure out the best monetization strategy for your business, there are quite a lot of options to choose from. However, you have to choose the best fit for your business. This is why gaining clarity is so important.
Don’t just copy what others are doing. The fact something is working for one business owner doesn’t mean it will work for you. You have to analyze your business to know what is working and which direction to go.
Sometimes things aren’t as clear-cut as they seem. It’s up to you to understand your business data and make informed and smart decisions.
6. STAY FOCUSED AND COMMITTED
The first year of business is one of the hardest, so your first-year business goals must include staying motivated and committed.
For many new business owners, the first year is not as productive or profitable as they’d like. In fact, many would be happy to break even! Lots of new businesses operate at a loss in the first year. You can see why it is so easy to lose motivation.
You can lose some steam after months of working on your business with little to show for it. But the problem is you can’t afford to lose your motivation or give up. You have to stay committed if you want to see some real and lasting progress.
So my advice to you is to find ways to stay motivated. Look for inspiration from others. Remind yourself that growing a business takes time. And more importantly, have a positive mindset and be consistent.
Consistency will take you a long way in your business, and it shows commitment.
Final words on 6 New Business Goals You Can Easily Achieve
For many new business owners, goal setting can be challenging. How do you know what goals to pursue right now or ignore?
While there’s no magic formula to goal setting, there are lots of ways you can go about picking the best goals for your business.
In this post, I have shared six goals new businesses can go after. These goals are easy to achieve and they have the added benefit of helping you grow your business.
Start with one goal or two, create a plan, and track your performance. You can always tweak a goal to suit your need.
Are you a new business owner? What are some of your business goals?