When starting a memoir business, you need to set goals first. Working hard is not sufficient for business growth. Like most entrepreneurs, people who are launching a memoir business are sometimes prone to working harder and not necessarily smarter. One smart strategy to use to grow is to set goals for specific time periods: the year, the month, the week, the day, A company needs these goals to work toward if it is to grow.
Set Goals for Your Memoir Business
1. Your first goal must be an income goal. How much money do you want to earn in a year? This figure ought to include the income you need to earn plus the additional income you would like to earn because “it would be nice.” The “need” goal is your absolute minimum. It is the figure that should keep you in the office working. The “would be nice” income may or may not keep you in the office, but it is stimulating to have it in sight anyway. Not having an income goal is an unreasonable way to approach working solo and expecting to do well.
2. Include taxes and an estimate of your expenses in the figure you derive for your income goal. These will come off the top and, if not figured in, may leave you far from meeting your needs.
3. What conditions would like to have in your work? Like the income goals, these have to be broken down into “need” and “would be nice.” “Need” could include moving away from the corner of the family room into an office, while nice might include having your own photocopier–but valuations can differ and you might find that a photocopier is an essential need. Don’t forget to include time off in your goals.
4. What services and products do you wish to deliver in what lapse of time? These will not only contribute to your bottom line but also provide you with much satisfaction in the delivery. You need to have developed enough products to up-sell and cross-sell to customers. For starters, you ought to have at least three or four products or services. With time, you will develop additional products and services. Set a timeline for developing products and services and continue to do so until you have a profitable line.
Add to these four, your other goals, and work attentively towards them. You will be successful over time.
What other goals would you add to these as you launch your memoir business? Share them in the comments below!