Setting business goals will be part of your start-up business marketing plan, but successful business owners continue setting goals routinely.
As you meet your goals, it is wise to set new ones. That way your business (and your earnings) will continue to grow…
As you meet your goals, it is wise to set new ones. That way your business (and your earnings) will continue to grow…
How much income do you want to make in your business?
Did you know that you can actually plan how much income you want to make?
As long as you do the appropriate marketing, provide a good product, and treat your customers well, you can control how large or small your dog bakery business becomes.
Many people don’t know that they can make a little or make a lot–depending on how high they set their sights.
In business, you need to know how to set business goals that will help you keep on track. Smart businessmen don’t just open their doors for business and just expect huge amounts of money to roll in. They know ahead of time, what to expect.
How to Set Goals for your Dog Bakery
There is a system to setting business goals, that will help you set goals that you can meet. You can use these principles for any goals, not just your dog bakery business goals.
1. Be Specific
Use words that describe your goal, exactly. Avoid general terms or phrases like, My dog bakery will be popular. Instead, you might say, My dog bakery will have 100 visitors each day.
2. Measurable
Your goal needs to be measurable if you are going to determine whether you meet it or not. So, in the above example, you could measure your bakery’s profit by saying, My dog bakery will be profitable and will make $5000 in the first 6 months.
Now you have something that can be measured. You’ve stated a dollar amount and set a time limit for your goal.
3. Attainable
Your goal must be possible or attainable. If you’ve done your homework and feel that making $5000 in the first 6 months is possible for you, then your goal is attainable.
4. Realistic
This one is a little trickier. It’s a judgment call. Do you think that it is realistic for you to achieve that goal?
5. Specific Time Frame
Saying that you will reach $5000 income in 6 months gives you a time frame for you to work on that goal.
Setting Your Business Goals
Let’s look at another simplified example…
Let’s say that you want to make $40,000 a year. I’m making this up as I go, so please understand, these are all make-believe numbers—so that I can illustrate my point.
To keep this simple, I am not including overhead expenses (rent, utilities), salaries, advertising, etc. You do need to include those expenses when you do the math! They can add up to a significant amount.
Let’s say that your packages of dog treats all retail for $5.00 each. Each one costs you $1 .00 to make. That means that your “profit” for each is $4.00.
Your goal is $40,000 for the first year.
- If you divide $40,000 (amount you want to make this year) by $4.00 (profit for each package), you get 10,000 packages. That means that you would have to sell 10,000 packs of dog treats per year to make $40,000.
- There are 12 months in a year, so divide 10,000 by 12 to get 833 packs. In other words, you have to sell 833 packages of dog treats each month to meet your goal of $40,000 per year.
- There are 52 weeks in a year. Divide 10,000 packages by 52 to get 192 packages of dog treats each week to make $50,000 per year.
- There are 365 days per year. Divide 10,000 packages by 365 to get 27 packages of dog treats that you would have to sell, per day, to make $40,000 per year.
Can you meet your Business Goals?
In order to meet your goals, you must decide 3 things:
- Are my goals realistic? Can I physically make that many treats?
- Will my marketing provide me with enough customers to meet my goals? If not, what do I have to do to make this work?
- Does my projected income number have to be adjusted—either up or down? Do I want my business to grow faster? Or stay smaller?
Write your goals down. Look at your goals daily. And check frequently to see how you are doing. This is not something that you do once a year, just before New Years’ Day.
If you keep track of how you are doing, it will be much easier for you to make and meet your business goals!
Setting goals is easy when you use this dog bakery start-up guide.!
The Guide includes dog bakery forms and software, designed by professionals who know the dog treat business, inside and out!
Don’t miss out on this opportunity!
