Setting Business Goals
6 October 2014 Leave a comment
Unfortunately I’m slacking with my blog posts as I didn’t get around to posting one for September, as I was unwell for the last week in September. So I didn’t get around to writing about the setting of business goals post I had planned. So on to discussing business goals.
When I originally started Purple Wyvern Jewels I had some goals I was aiming to achieve. They were:
- Become profitable
- Reach 100 sales on Etsy
- Make approximately £x* profit per month
* Where £x = the amount I earnt in a part-time cleaning job over a decade ago working 10 hours a week. (So not a large sum of money but enough that I could view it as a regular income.)
I’ve already reached goals 1 and 2 quite some time ago, so I added another goal of reaching 1000 sales on Etsy. I hope to achieve that sales goal before the end of this year. Once I reach 1000 sales I get to have my Etsy shop listed on Craft Count, as they only list sellers on Etsy who have reached 1000 sales. There are currently 260 UK shops that have reached 1000 sales, and 1160 shops that sell handmade jewellery (based anywhere in the world) that have reached 1000 sales. Today there are 665,746 (link) active shops (i.e. shops with items listed for sale). Therefore, it’s quite an achievement to reach over 1000 sales. Last month I finally hit goal 3 after 2.5 years, so I’ve changed that goal and I am now aiming for a profit per month figure to equal the last part-time job I had, working as an administrative assistant, which is a good 2.5 times larger in amount of money. I have no idea how long it will take me to achieve that profit per month goal, but it’s something to aim and work towards.
Whilst it’s good to have goals that are numbers of sales related in the early stages of your business as they are easier and quicker to meet, in the longer term, it’s best to have profit goals so that you aim to sustain your business in the long term.