Setting Income Goals for 2018

Set Your 2018 Income GoalsAs the new year gets closer, it’s time to explore your goals. What do you want to accomplish in 2018? More specifically, what do you want to earn in the upcoming year? Income goals are often some of the most difficult goals to set. They tend to be too low or more often, way too high. They’re pipe dreams instead of goals.   

So, let’s talk about how to set goals that you will not only achieve but that you’ll also be motivated to strive for as the year moves on. Because let’s face it, goals are always quite exciting when you set them, but as the year progresses, interest and motivation can fade.  

Setting Achievable, But Challenging Goals

The balance between something that is realistic and something that pushes your limits can be difficult to find. An achievable goal is one that you’re fairly certain that you can reach, but it still challenges you to really grow.   

For example, let’s say that this year you made $40,000 in profits. It’s not unrealistic to add 10% to that number and set an income goal for next year for $44,000. And if you wanted to reach a little higher, then round up to $50,000. And you CAN even go further, but what’s important is that you have a real plan in place to achieve it.   

For example, perhaps last year you released four information products and earned about $10,000 from each one. To achieve the $50,000, goal this year, it might mean that you create five information products. Is that doable? If the answer is yes, then your income goal is achievable. You might also look at increasing marketing efforts, embracing affiliate marketing or other outlets to increase your income. The bottom line is that you need to feel 90% confident that you can achieve your income goal.   

The Challenge of Staying Motivated

Setting a realistic and achievable goal is one step. And it’s the first step. It must now be followed by 364 more steps. Each day you need to take action to achieve your income goal. So how do you do that? 

Create a timeline for the year. Set small incremental goals that will get you to the income goal you’ve set. For example, let’s go back to that $50,000 goal. The plan might be to publish five information products. If you divide that up between twelve months, that’s approximately one information product every two months. Plan those information products down to the very smallest detail. Look at your calendar, set the date for each product and work backwards. What do you need to accomplish each day to achieve your goal? 

There are other motivation tips and tricks that can help as well. Track your efforts. Set up systems so that you know if you’re on track to achieve your goals. Split your income goal up into quarters and hit those milestones. For example, set a goal to earn $12,500 each quarter or $4200/month. You can ask your bookkeeper to send you weekly or monthly income reports. You can set up your invoicing or payment processing software to send you reports as well. 

The bottom line is that if you want to increase your income in the upcoming year, it’s important to set an achievable goal with a realistic plan to make it happen. Look at each step that you must take along the way and schedule it. With a good plan and the ability to follow through, any income goal you set is achievable. 

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