Setting Realistic Targets/Goals
Setting Targets/Goals
We all get encouraged to set targets for ourselves, but most people end up just plucking numbers out of thin air. £1,000 per month? £2,000 per month? Where do those numbers come from?
They are, as I said, usually just invented.
Here's a suggestion.
Decide how much you need to cover a regular expense. Let's pick a typical mortgage payment. For the sake of making the maths easier, let's say a mortgage payment of £600 per month.
£600 per month is £20 per day.
Earning £20 per day as an affiliate
It depends very much on the niche you choose, but let's say you picked a niche that pays 5% commission on orders.
That means you'll need to sell 20x the revenue of your commission to reach your target.
So, to earn £20 per day you'll have to sell goods worth £400.
The importance of your niche
It is therefore incredibly important to pick a niche that will allow you to shift items that can get you to that £20 per day. If the items you are selling only yield £0.50 per sale, you'll have to sell 40 of them per day to get to your target! Not easy, even if your niche is incredibly popular.
Pick niche items that retail at £200-£400 and aim to sell those items. Then, even selling one item every other day will take you 50% of the way to your target.
Don't set a target without knowing how you will achieve it.
You need to know how you'll get to your target. Is it realistic? Is it achievable in the real World? The gurus will encourage you to set high goals for your business, but if those goals aren't achievable in reality, then what is the point?
Be realistic and you won't just continue to disappoint yourself. This applies whether you are an affiliate at Amazon or anywhere else.
Do the maths and learn about reaching your target. You'll then be in a better position to be able to engineer your perfect solution.
Dave
Recent Comments
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You are right. The challenge I face and always ask the question that what if the niche I picked though I am passionate about is not the most lucrative one in terms of reaching my financial goals and competition is high!
Great ideas here. I think another key to setting realistic goals is working backwards. I think you sort of addressed this in that you pick a high-level goal and then figure out how you’re going to get there and see if it’s realistic and if it’s not, work forward to what the realistic goal is.
Yes you can go both ways. The important message is, if you set a target, know how you will achieve it.
Dave
It’s also important to have intermediate goals so that you can reset if things don’t go right
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Some good advice here Dave,
You made me go look at my profile to make I was in line with my expectations and I am.
Thanks and Have a Great Day!
-Chuck