Setting Business Goals

For crafters, setting business goals isn't usually top of our priority list, although most of us have made (and probably by now broken) some sort of personal resolutions for the new year. But when it comes to getting the most out of your home based craft business, setting proper goals will work far better than making hopeful resolutions.

It's very unlikely that your home craft business will reach its potential or meet your expectations unless you set specific and measurable targets for what you want to achieve. So grab yourself a pen and paper and read these tips on how to go about set your business goals.

Step 1 of Setting Business Goals:
Decide what you actually want out of your craft business long term

Do you want a big business, with employees, a small but successful one person business, a hobby business that just provides some extra income, a part time business, a full time business? Do you want to eventually be listed on the stock exchange, or do you want to keep it all to yourself? The chances of achieving your long term goals are greatly improved by actually knowing where you're headed! Also decide when you would like to achieve this by, whether it's this year, next year or (if they are ambitious goals) in the next 5 or 10 years.

Example of goal: My goal is to be turning over xxx worth of crafts every year by 2010

Step 2 of Setting Business Goals:
Break this down into shorter goals and set deadlines for each of them

Now write down smaller goals that will lead you, step by step, towards your ultimate goal. Break the timeframe down into annual, quarterly, monthly and even weekly goals, so that you will constantly be moving in the right direction. If you set deadlines for yourself for when each goals needs to be achieved by, it will be much easier to keep track of your progress. Even the most ambitious dreams are less overwhelming if you just take one step at a time towards them.

Example of measurable goal: By the end of this year I will be turning over xxx. This means I need to sell xx worth of crafts in January, yy in February, zz in March, etc. To achieve these sales, I need to book at least x home parties every month. This will be achieved by doing ... etc

Step 3 of Setting Business Goals:
List the challenges you may face in reaching these goals

There are always things that stand in the way of smooth progress towards our goals. So anticipate those challenges and decide what you will do to overcome them in advance. That way they're less likely to get you down and set you off course.

Example: If I get any home party cancellations that take me away from my goal of x parties per month, I will do ...

Step 4 of Setting Business Goals:
List the benefits you'll gain by achieving your goals

We all need reminding sometimes of why we're trying to achieve certain things. Writing a list of the reasons you want to get to a certain point with your business will help you keep going when things are turning pear shaped. Put down all the ways that your life will improve if you meet your goals, however big or small, so you can refer to this list when you're getting discouraged or apathetic.

Step 5 of Setting Business Goals:
Make your goals current and real to yourself

A list of goals for the future can often just seem like a wishlist, so it's important to make yourself believe in them. Write your goals down in the current tense, and read them frequently, aloud if possible. This will help you to view your goals as achievable events that are going to happen. You may feel silly doing this at first (I did!) but in addition to helping you believe in your goals, it will also keep you constantly focused on them, so you don't drift aimlessly in any direction.

Examples: I am a successful craftsperson. I sell xxx worth of jewellery every year. I hold x home parties each week. My crafts are for sale in xx outlets.

Step 6 of Setting Business Goals:
Review your goals and progress regularly

Set aside time each week and month to check whether you've met the goals you set for that time. It's very satisfying to see your progress, and tick off your achievements. And if you didn't achieve what you intended, then you can adjust your actions for the next week or month to make sure you stay on track. Setting business goals isn't a one off event, it's an ongoing activity.

Step 7 of Setting Business Goals:
Reward yourself

Reward yourself for goals met and celebrate your achievements. If you use these tips you will achieve what you want to. So don't forget to write and tell me all about the successes you have after setting business goals - I can't wait to hear from you!