The next thing to do when you are building your start up business plan is to consider each one of your goals in order to make them achievable. A start up business idea is a good start, but it’s far from being enough if you want to succeed in creating a side line income. You might have heard of the method I am presenting today as it is clearly one of the buzz words in the management field. This buzz word is “SMART”.
This is a simple method to define each of your goals. In order to explain it, we will take the example of someone who would like to start repairing and selling computers on the side.
S for Specific
Offering a good quality service in computer reparation is not a specific goal. A specific goal would be to repair computers along with providing an analysis of the computer’s performance and offering a delivery service. This is what I call “good quality service” ;-) .
M for Measurable
“leave me your computer and it will be repaired and ready shortly”… WRONG! Instead, use “leave me your computer and you will receive a call within 48 hours to get the analysis. Instead of making useless promises (as repairing all computers within 48 hours), just commit yourself to completing the analysis. Don’t forget that repair times can depend on new hardware orders ;-).
A for Achievable
You can’t beat Walmart in terms of price. Don’t try to be the cheapest computer reseller around. However, you can set an achievable goal of growing your monthly sales to $400 within your first 6 months. While this is a challenging goal, it is achievable.
R for Relevant
When you establish your goals, they must help you to earn more money. Don’t try to have the best logo or business card. Concentrate on value creating goals such as quality service, repair time commitments and additional services that can increase your revenue (by providing a performance analysis, you may be able to sell more hardware or software to improve the computer).
T for Time-bound
If you want to make $400/month with your computer repairing business, you better set a timeframe. An ultimate date will set the feeling of urgency inside of you. Therefore, you will be more likely to take action towards this goal.
So as you are building up your start up business plan, you have to use the SMART method for each of your goals. You will then become more efficient and work on what creates value. I guess this is the most important point of having a start up; make sure your effort amounts to something. I have seen too many people working very hard… but on the wrong things.