Chapter 02

How to Define Your Goals

Generating your business idea is just the beginning. To turn it into a successful startup, you require a set of well-defined business goals. Or else, it will be impossible to even track where your business is going, or how to scale it up further. To get started with, you need to do a thorough research on the relevant market. List out the competitors, their growth, revenue, business model, and also have an in-depth idea on the present market demand-supply pattern, market forecast, past analysis, and other related areas. These all together will help you set targets for your own business. Here’s a list to look after to simplify this task for you -

• What is the present market value and estimated market value in the next 5 to 10 years?
• Who are the key market players/the key competitors?
• What portion of the market is held by the key competitors?
• Sweden: $67
• What are the revenue, pricing structure, business model and marketing strategies of the key players?
• Who are your target audience? What are their purchase patterns/related behavioral patterns?
• What is the minimum/average customer acquisition/ retention rate to sustain the market?
• What is the goal for lead conversion in the first quarter to next year?

At the end of this stage, not only will you be clear about the business goals, but also will have a list of key metrics, and factors to keep track of from day one. This in turn will help you reach your goals easily.