Business

How to Set Realistic Goals for your New Business

Goals business

Even those with underdeveloped business ideas are too eager to get started and cannot stop discussing their business plan and marketing needs with others. They are too quick to decide what they will sell and also try to understand who would form their target audience without first identifying the aspects in which they will set themselves apart from their competition.

Following are some ways in which businesses can set goals that are realistic this year.

Trying to be the next big thing

Many businesses out there are just trying to emulate the geniuses who made it big and took the business world by a storm by employing superior technology and some out of the box thinking. But more than how they did it, it is what they did that made them as successful as they have became.

For instance, people have always faced problems with finding the right and affordable accommodation on their travels. Airbnb came forward with a solution which helped people generate a source of income and solved the accommodation woes of travellers. The result is that it has become the fastest growing hospitality service application in the market.

Another example of a good business idea that struck an instant chord with people is Uber. It offered passengers a way to commute at lower tariffs along with other services that made it a fresh concept.

The above examples tell us that coming up with new and innovative ideas that address the basic needs of people can be quite rewarding. But it is also not possible that every new business can have a groundbreaking business model.

Create Key Messages

The claim to be different is perhaps the most abused technique of sounding credible. But do people really believe a business to be different if the branding and product itself says otherwise.

The only way you can have the much needed edge in the business world is if you are able to figure out what makes your product and service truly different from the rest of the competition.

You should come up with a few lines that clearly spell out how you are different from your competitors. Taking these small efforts can make the whole difference when it comes to positioning your business for success.

The pricing must be right

If people enquire the price of your product and find your answer to be flaky they may lose confidence in your business. The pricing must be specific and it is also quite important that you select the number that feels right.

A common fear is that a high price will be quoted and it will put off the customers. This situation can be easily averted if you are able to identify three numbers.

The first would be the lowest amount that you can charge for the product or service. The second number would be the price that feels right for you and one that you find fair for the amount of efforts that you have put in. The third number is the price that you believe your competitors will quote for your product.

In this way you have three benchmarks to get started with and you will be in a better position to assess what is right for you. You should ideally start somewhere around the second number that you deduced and gradually move towards the higher price structure as your reputation grows.

Plan that takes note of your time

Thinking big is great. But not every person who thinks big makes it big. It can happen as a result of severely underestimating the head space and time that they will have to put in to achieve the big thing that they have planned. The plan which is most likely to work is the one that take realistic calculations of time and effort that can be invested by the budding entrepreneur.

List down what you intend to do and also what you don’t

There will be something or the other that you will not be able to achieve. But the reason behind failing to achieve them may not always be lack of time or unrealistic goal setting.

It may be because the time that you would have invested in doing that particular task was eaten up by some other unnecessary obligation which you simply couldn’t say no to.

Learning to say ‘no’ to things is what can help you to eliminate the tasks that do not help you to reach your goals but eat up a lot of your time in a day.

As important as it is to set the right goals for your business, it is equally important for you to secure your future and you can get started by learning how to make a Will.

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