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Setting Milestones For Business

Written by Monika Mundell  · April 28, 2008

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Online entrepreneurs have something in common. Our desire to succeed has made us take our financial destiny into our own hands with the idea of becoming financially successful one day.

While success can mean many things for each of us, a common measure of success is managing to become financially independent of an offline job and have the freedom of working from home. While working from home is generally associated with the American dream, many entrepreneurs fail to set proper milestones in their business to get ahead.

It is too easy to become complacent while things are going well, but not setting targets that help us to grow would be like committing business suicide.

The first step is always the hardest since it often involves a tremendous amount of courage, trust in our abilities and mojo to get even started.

Fear of failure holds back many would be entrepreneurs and unfortunately this common human trait will hold these folk back from ever experiencing the power of failure. Yes, that wasn’t a misprint since failure is ultimately responsible for our successes. Without failure we very rarely grow and without growth, there won’t be any success.

Depending on what business you are involved in, you will have to set different milestones on your journey to financial abundance. To give you an idea, I have listed the goals I achieved along the way so far and how I advanced my own business by striving to meet them step by step:

  • Starting my own freelancing business – check!
  • Earning $1,000 month – check!
  • Earning a full time income (minimum of $2,000/month) – check!
  • Becoming a pro-blogger – check!
  • Networking with other writers and webmasters – check ongoing!
  • Taking on other writers (outsourcing) – in progress…
  • Earning enough to help my husband quit his job – in progress…
  • Building niche sites to pay me residual income for years to come – in progress…
  • Working mornings only, while living “my dream life” for the rest of each day – in progress

Ultimately, the last statement is my largest dream. Being able to run my business from anywhere in the world and not having to work all day long every day. My dream is to earn enough money for both myself and my husband and be financially free to work anywhere I please, living the lifestyle of an LIP.

Here is what you can do to determine your very own business milestones.

I’m sure you’ve heard the terms:

  • short term planning
  • medium term planning
  • and long term planning before

These are common denominations when it comes to setting goals and getting things done. The thing is, while for one of you short term means this week, for others it means the next three months.

It really is hard to throw all into the same bucket and depending on the nature of your business, short term really does mean today. If you are in an industry that deals with fast changes like money, real estate or trends for example, today’s hot deal could be stone cold tomorrow. Entrepreneurs in these particular industries have to set different goals than a writer like myself.

Also, often our goals have nothing to do with money but a simple measurement.

Measurements are needed regardless of the business you are involved in and could relate to any of the following and anything else for that matter if I have forgotten to mention it here: time, money, grades, recognition, education, positions, the amount of clients you have, the amount of employees you have, etc.

I’m sure you understand what I mean by now. Unless we use some kind of measure in which to advance our business with, it will be really hard to move ahead.

Measurements evoke another most important attribute. This attribute is called focus.

Without focus most of us would barely be able to earn a dime to support ourselves online, let alone our family. Focus is what gets us out of bed in the morning and keeps us pushing on toward yet another goal when the going gets tough.

As you can see, setting milestones is barely the first step we take when we embark into entrepreneurship. Milestones are a constant evolving matter that power us toward the dreams we always had.


About The Author
My name is Monika Mundell, and I’m the author of Freelance Writing. Learn more from me there.



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Comments

4 Responses to “Setting Milestones For Business”

  1. Jonathan on April 30th, 2008 3:06 am

    I agree that goal planning is key and that understanding and setting acheiveable and realistic goals is even more critical. I think it’s esepcially essential to have a good range of short term goals to maintain motivation levels. I admire what you have acheived with your personal objectives and am sure that you will be in a position in the future to earn enough so that your husband can quit his job. It just takes a little time.

  2. Monika Mundell on April 30th, 2008 7:06 am

    @ Jonathan: thank you very much for your positive reply. Yes, I am very happy to have come so far and thanks to setting small goals like you mentioned and actually keeping the focus on them I did come so far.

    In the past I used to set goals but kept losing my focus and I never got anywhere exciting. It really is so important to focus and I guess having a passion for what we do only helps to further our cause.

  3. Jose on May 1st, 2008 5:33 pm

    Thanks Monika for sharing your insights on business planning. I agree on everything you said. Fear of failure holds back many would be entrepreneurs. I started entrepreneurship 21 months ago, after 22 years as government employee. My friend and I joined a network marketing company on the same day. He quit two weeks later.. As I look back, I would not have reached this far (am still struggling but full of hope) had I quit during the most difficult first weeks and months. Am right now studying internet marketing.

    Thanks too for sharing your milestones. It’s inspiring to see that you are achieving your goals.

    God bless.

    Jose

  4. Monika Mundell on May 1st, 2008 7:30 pm

    @ Jose: Thank you so much for sharing parts of your own journey with us here. Well done for taking the “bull” by the horns and stepping into entrepreneurship. It does take a measure of guts to even start any business and for you to stick so long with network marketing, even though you are struggling just shows that you indeed have staying power.

    You know, I stuck with my own network marketing business for 30 months until I realized I wasn’t going anywhere and that it wasn’t for me. Without it I would never be where I am at now and I will always be thankful for that experience (even though it cost me our live savings, LOL)

    Anyway, I hope for you that you will crack the code eventually and if not, just remember that there is life beyond and you can make it too.

    Best wishes from me to your success Jose.

    Monika ūüôā





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