I’ve never been one to set goals.
I’ve always had plans and things I’ve wanted to accomplish but rarely would write them down.
Part of this goal setting problem was that I couldn’t get specific about what I really wanted.
My thought process went something like this:
“I want to start a business”
“I want to make money online.”
That’s all great and dandy but how do you plan to achieve those goals without knowing what you’re actually trying to do?
It’s like trying to hit a moving target blindfolded—you know you’re trying to hit something but you have no idea where it is.
The Importance of Goal Setting
When I came out to Asia and I was surrounded by other driven entrepreneurs I started seeing most of them sitting down and writing specific and challenging goals.
But I kept putting it off.
It seemed that writing down all this stuff would just waste more time when I could be actually working.
Month after month went by and I felt like although I was working on stuff, I had no idea where I was headed.
In February of 2017, two of my friends and I met up to set our 6 months goals. Each of them had something very specific set out for what they wanted to accomplish.
Me on the other hand… Everything I was doing was so up in the air. I couldn’t write anything concrete and my mind felt like it was doing somersaults.
Six months later and I was twiddling my thumbs, trying to figure out what’s next after selling my dropshipping business.
That’s when I finally jumped into Amazon FBA and have since narrowed my focus…
Through the process of learning e-commerce, Facebook ads, and selling products in general, I fell in love with the process and have finally solidified a specific and definable goal.
Well, I want to be a millionaire by the time I’m 30 years old.
Okay, sure, so do millions of other people.
Lets get more specific then.
My goal is to create multiple e-commerce brands within Amazon USA and then grow and launch these brands on the other Amazon marketplaces (Europe, Canada, Japan, Australia). My goal is to generate roughly $300-$400k in profit per year and then sell the entire business for 7 figures.
Easier said than done, of course.
But the important thing here is that it’s a specific goal and I can break it down into smaller, actionable steps that will get me closer and closer everyday.
For example, in 6 months I want to have 3 private label products generating at least 10 sales per day and $7+ per profit. That equates to roughly (3 x 10 x $7) $210 per day or $6,300 per month.
In one year I’d hope to be able to double that. So 6 products with the same metrics would equate to $12,600 per month. And you guessed it… At year 2 I’d like to have 6 more products for a total of 12, which would equate to $25,200 per month in profit.
Right now the marketplace multiple for buying Amazon businesses is 3-4x yearly profit, depending on a number of factors. If we go the conservative route and say I could sell my business for 3.5 times yearly profit then we’re looking at ($25,200 x 12) $302,400 x 3.5 =
And this is what people are doing right now.
It’s not so simple, but it is possible. I have a clear, specified goal and a legitimate path to get there.
Now I need to pick up the tools, take action, and get to work.
It’s not always so easy to find these products that will get you these numbers—sometimes you sell less units for more profit and sometimes you sell more units with less profit. Sometimes you sell less units and less profit—there are endless variations on the profitability outcome. However, my plan is to launch as many as I can given my own financial constraints.
It might sound stupid, but this is the first time I’ve had a real challenging goal like this that I want to set out and achieve as well as a step by step plan to get there.
There is a reason why almost nearly every successful entrepreneur writes out their goals, and that’s because it works!
I encourage you to think hard about what you want to do and lay down the foundation for your next steps.
What are your goals?
What do you want to accomplish?
It doesn’t always have to be a monetary goal but it’s important to just get something down on paper so that you can look back and measure your progress.
I’m excited for the journey to hit $1 million and I’d love to hear what everyone else’s goals are.
Comment below and tell me what you are working to achieve in the near future!