Set Your Micro Business Goals

Running A Micro Business

by Maureen Ball, July 20, 2018

Every business owner needs a plan, even when you’re a one-person show with a single product or service.

Why? Because your business plan is your ticket to achieving your goals.

When you are starting out as a micro business owner, you don’t need a complex, 20-page business plan.

You do need a clear set of goals and a plan for reaching them.

Identify your top two to five goals and give each one a time frame. For example, do you want to earn $X dollars per month from your micro business by the end of the year? How many clients do you want to have in three months? What about in three years?

Do you have specific equipment, software, or other business assets you want to purchase or get financing for? Maybe you plan on boosting your profits enough to hire your first employee next year?

Look at both short-term and long-term goals, such as the next six months, one year, and three years. And, make sure you are looking at both financial goals (raising money for needs, reducing business debt, increasing profits), as well as business goals (number of sales, building your brand, scaling your business).

Once you have your goals, you can create a plan to reach them. Use this plan as you establish and grow your business to help you stay focused on your priorities. Without your set goals, you’ll find you aren’t really moving forward, which means you’re also more at risk of slipping backwards

Building Your Business Team

Even as an army of one, you can’t do everything yourself. Think about what services you need performing to help you run your micro business successfully.

  • When you are starting out, the first member of your team you may want to look for is an accountant to help with tax filing and bookkeeping. As a micro business owner, you’ll need to keep an accurate record of the money you earn and what you spend, which can take up a lot of your time. An accountant will make sure your bookkeeping is accurate and up-to-date, which can make it a lot easier to claim all your deductions when it’s time to file your taxes.
  • Depending on your industry, you may also want to consult with a business lawyer to make sure you’re following all the regulations in your niche, have any necessary licenses, and simply to have a lawyer on hand to help with writing up contracts and other legal needs down the road.
  • Web development, social media marketing, administrative tasks, customer service – you can outsource a lot of the tasks you need completing, freeing up your time to focus on running your business.

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