Have you got an online business idea or maybe several business ideas that you’ve been thinking about for a while?
How long have you been thinking about it? Weeks? Months? Years? But you just can’t seem to get the idea off the ground.
What’s holding you back?
Do you think you just don’t know enough and have turned into a serial learner?
Attending conferences, signing up for free webinars, buying paid training, and sometimes even work with a coach or two. And yet week after week, month after month, year after year, you fail to make any progress toward your dream online business.
Or is it something much worse?
You just don’t know what actions you need to take to start your business.
To turn any business idea and turn it into a successful business you need to create a plan.
So, here are 3 strategies you can use to take any small business idea and turn it into a reality.
Your Online Business Ideas into a Workable Plan In 3 Steps
Step 1: Start With the Long-Term
If you’ve ever been on a job interview and were asked, “Where do you want to be five years from now,” you might have thought that it was an odd question. Especially when your real answer is “not here!”.
However, as a business owner, this just might be the most important question you ask yourself.
You have to know where you’re going in order to take the right road and ask for the right directions.
Without knowing where you’re headed in the long term, it’s impossible to create a map to get there.
You need to know what your destination is, so that every day, week, month, and year you can check your progress to be sure you’re still headed in the right direction.
So take some time to figure out where you want to be in 1 year, 3 years, 5 years and 10 years’ time. In both your life and your business.
This will ensure you create a business that supports your life and not drains from it.
Take action do this now.
Step 2: Create Milestones
Once you know your ultimate destination, you can draft a plan for getting there. Any good plan will have a few key milestones along the way that help you stay on track.
For example, if your vision for your life is that in five years time you have a 6 figure business that supports a life where you can travel 4-6 months of the year, then you need to have a few pieces in place before that can happen:
- A business that is producing enough income
- Passive income streams to sustain your business while you’re not working
- A staff who can manage the business while you’re away
With this list, you can then work backwards from your five-year goal, and create milestones along the way. If you know you’ll need to earn £150,000 annually in order to fund your travel plans, and right now you’re earning £60,000, then reasonable milestones might look like this:
- Year 1: £70,000
- Year 2: £85,000
- Year 3: £105,000
- Year 4: £125,000
- Year 5: £150,000
With these milestones in place, it’s much easier to figure out exactly what you need to do to achieve them, by setting monthly, weekly, and daily goals.
Step 3: Create Small Goals
If you say to someone, you need to move from £60,000 to £150,000 in five years, that’s going to sound like a pretty overwhelming task.
After all, it’s a £90,000 increase and most people will look at that and immediately dismiss it as impossible. But you and I are not most people.
When you break it down as I have above, and then again into smaller chunks, it suddenly doesn’t look so daunting.
In the first year of the plan I have outlined here, your income needs to increase only by £10,000.
That’s less than £1000 per month! Surely that’s easy enough to accomplish!
You can break that down further by weeks: £1000 per month is just £250 per week.
If you sell just one more group coaching package or five more of a £50 training program, you’ve already reached your milestone.
What does that mean for the actions you take in your business?
Well, it might mean sending one more email to your list, or investing an additional £20 per month in Facebook ads, or perhaps reaching out to one more JV partner.
The point is, reaching this much smaller goal is far easier than thinking about that five-year plan.
So what’s your big dream? How can you deconstruct it into achievable milestones, workable goals, and finally, daily and weekly tasks? If you can do this (and you definitely can) then you can achieve anything in business and in life.
Online Business Ideas Action Plan Recap
We all have dreams. But turning them into reality can be very hard if you don’t know what steps to take. In order to turn any dream into a reality, you have to create an actionable plan that will help you take the right steps towards your ultimate goal.
There are 3 initial steps you must take in order to create your actionable plan;
- Decide and Write out what you want your life and business to look at in 5 to 10 years’ time.
- Create your milestones.
- Then create your mini-goals that will help you reach your milestones.
So go dream big and create a plan to get your online business started.