Do you use daily, weekly, monthly or yearly income goals?

by Eduard
37 replies
So I decided to set some specific income goals for me to reach, as I think this will help me be more focused and productive in my work.

The problem is I don't know if I should go for:

- Daily goals (ex: $100 per day)
- Weekly goals (ex: $1000 per week)
- Monthly goals (ex: 5k per month) or
- Yearly goals (ex: 50k per year)

Which type do you use and recommend?
#daily #goals #income #monthly #weekly #yearly
  • Profile picture of the author Alexa Smith
    Banned
    I recommend "monthly", generally.

    I suppose it varies from business-type to business-type, but I think online incomes often have too high a variability for anything less than that to be very meaningful.

    I always wince a bit when I see people talking about "$100 per day", because "an average of $3,000 per month" actually signifies something far more realistic. (With some exceptions, I suppose).

    "Yearly" is too remote and uncertain and unpredictable, I think.

    I instinctively go for "monthly", anyway.

    I don't really have specific targets for myself, at all, but my general long-term objective (which I don't quite always achieve) is for each month's income to be higher than the previous month's.
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    • Profile picture of the author Eduard
      Originally Posted by Alexa Smith View Post

      I instinctively go for "monthly", anyway.
      Instinctively I would go for weekly or monthly. Daily seems too short of a range, and yearly seems too long to me.
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      • Profile picture of the author Michael Harris
        I don't use daily targets at all.

        But I do take my annual goal and then break it down into,
        monthly and weekly targets.
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      • Profile picture of the author JohnMcCabe
        It's fine to have targets to shoot for, whether it's a specific amount or something more nebulous like "more than last month". But fixating on a single number can be self-limiting.

        Some years ago, IBM did a study on its sales reps. One example was a guy that was a star in his territory, never failing to make his $xxx,xxx sales goal. They promoted him to a new, better territory, with a $x,xxx,xxx sales goal, which some of the reps were achieving. He flamed out, pulling his old $xxx,xxx number every month. They moved him back to his old territory, and, you guessed it, he consistently did $xxx,xxx. That's who he was.

        I learned the key to getting around this in a coaching program I went through. The trick is how you frame your goal.

        Don't tell yourself "I want to make $3,000 ($100/day) this month." You've already achieved that goal, no need to do anything.

        Don't tell yourself "I will make $3,000 this month." You might well end up like our IBM friend.

        Here's the key:

        Tell yourself "I will make $3,000 this month or more", and open yourself up to hitting new personal highs. The "or more" tells your subconscious that it's okay to exceed the goal; it's actually desirable.

        Frame any goal you set for yourself as "[desired result] or something better" and amazing things start happening.

        I'm not the airy-fairy type telling you that all you have to do is want something bad enough. You still have to provide enough value to the world to earn your desired result.

        Combine proper goal setting with action oriented plans you actually act on, and things you never thought possible will suddenly seem easy.
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        • Profile picture of the author Michael Harris
          Originally Posted by JohnMcCabe View Post


          I'm not the airy-fairy type telling you that all you have to do is want something bad enough. You still have to provide enough value to the world to earn your desired result.

          Combine proper goal setting with action oriented plans you actually act on, and things you never thought possible will suddenly seem easy.
          I agree John,

          "Proper" goal setting for me now includes setting "realistic" goals that stretch me rather than "wishful wishes"

          When I was first starting out, it was more the other way around.
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          • Profile picture of the author Steve B
            Eduard,

            There is some great advice in this thread. Here's something else to consider:

            I like TSnyder's suggestion to not focus on the money part of your goal. I would suggest that you focus on the performance part of Internet marketing.

            You said you wanted to be more focused and productive.

            Focus on making your first sale, or completing your web site, or finishing your sales offer, or whatever is the next step. Put on blinders and accomplish the task at hand. This is a stepping stone to your next task.

            If you become relentless and proficient at execution of the "daily grind" the money will follow.

            Saying you're going to make $3,000 within 30 days puts both money and time stress points in your mind. When people stress they often retreat to avoid the stress and when they don't reach those kinds of goals they get discouraged with not only setting other goals but in themselves for failing to produce.

            Good luck to you,

            Steve
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  • Profile picture of the author Tsnyder
    If you don't break it down to its simplest activity components
    the money will never come. Focus on the activity and the money
    is automatic... assuming your numbers are accurate.

    Example... let's say I want to earn $100K selling widgets.

    Let's also say that I earn $200 for each widget sold so I need
    to sell 500 widgets to earn the $100K

    After testing and tweaking my presentation and delivery methods
    I determine that I need to present my widgets to 20 people in order
    to make 1 sale so I need to present my offer to 10,000 people in
    order to make 500 sales.

    There are 12 months in the year so I need to get my offer in front
    of 833.33 people each month.

    There are 30 days in each month (keep the math simple) so I need to
    get my offer in front of 27.77 people every day.

    Assuming my clsoing ratio is accurate... 1 sale for every 20 presentations...
    if I get my offer in front of 27.77 (28) people each day my $100K is GUARANTEED!

    Focus on the activity... not the money.

    When you want to earn more you just get better at closing or find a way
    to get your offer in front of more people each day.

    You can earn any amount you desire by following the formula and focusing
    on the daily activity... PERIOD.
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    • Profile picture of the author orlly
      I use this a lot.

      Currently I am earning £280 per week through IM, I have achieved this in 6 months ( I started March 2013).
      My goal is to hit £500 a week by Feb next Year and £1000 a week by Feb 2015.

      I keep a record of my weekly earnings, add them all together and divide by the number of weeks I have been doing this shit.
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    • Profile picture of the author Gengis
      Originally Posted by Tsnyder View Post

      If you don't break it down to its simplest activity components
      the money will never come. Focus on the activity and the money
      is automatic... assuming your numbers are accurate.

      Example... let's say I want to earn $100K selling widgets.

      Let's also say that I earn $200 for each widget sold so I need
      to sell 500 widgets to earn the $100K

      After testing and tweaking my presentation and delivery methods
      I determine that I need to present my widgets to 20 people in order
      to make 1 sale so I need to present my offer to 10,000 people in
      order to make 500 sales.

      There are 12 months in the year so I need to get my offer in front
      of 833.33 people each month.

      There are 30 days in each month (keep the math simple) so I need to
      get my offer in front of 27.77 people every day.

      Assuming my clsoing ratio is accurate... 1 sale for every 20 presentations...
      if I get my offer in front of 27.77 (28) people each day my $100K is GUARANTEED!

      Focus on the activity... not the money.

      When you want to earn more you just get better at closing or find a way
      to get your offer in front of more people each day.

      You can earn any amount you desire by following the formula and focusing
      on the daily activity... PERIOD.

      This is amazing advice.. Thanks for sharing this!!
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  • Profile picture of the author brentb
    I go for monthly goals for short term but my long term goal is a per day value because I think about it every day when I say "Oh I made x today and my goal is y, I am 20% there!" and I think that almost every day.
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  • Profile picture of the author nik0
    Banned
    I quit setting up goals, I just go with the flow.

    Before I set goals and then I stayed stuck at a certain monthly income, when I threw those goals overboard my income doubled in the 6 following months.

    Obvious coincidence but it shows that you don't need to set yourself money goals, just do the best you can and income/revenue will increase.

    What makes me more productive is creating task / TODO lists as I have to do dozens of things and sometimes I forget little things or get some overload syndrom not knowing what to do first. With a task list you just work down the list or pick whatever task you like to do at that moment.

    Once I finished the list completely I start to create a new list, that way you prevent yourself from adding to the list and keep delaying the nasty tasks.
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  • Profile picture of the author Fantastic
    I would never use yearly targets.

    Why?

    Think of it this way...

    If you do monthly or even weekly goals...

    You'll know if you're falling off track after a week or month.

    When will you know that you aren't going to meet your yearly goal?

    You won't. You'll just keep thinking "I still have time."

    I say go with monthly but even daily would be better than yearly.
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  • Profile picture of the author Trey Morgan
    I prefer to make monthly goals. I don't have any specific reason other than, it's easy to monitor my monthly progress and I know exactly what needs to be done to increase my income each month.
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  • Profile picture of the author Clayton Collins
    I'm all about weekly and monthly.

    First, it's a time frame that I can actually visualize and figure out. I have no clue what life will be in 12 months other than just a good guess.

    The second, focus on units and numbers and not cash. You want to pay attention to traffic, traffic flow, conversion. Things that can be changed, controlled, and managed. The more people that get to your offer, the more will buy.

    It's a numbers game
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  • Profile picture of the author Fazal Mayar
    monthly...yearly is too long anything can happen
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  • Profile picture of the author Rod Cortez
    Originally Posted by Eduard View Post

    So I decided to set some specific income goals for me to reach, as I think this will help me be more focused and productive in my work.

    The problem is I don't know if I should go for:

    - Daily goals (ex: $100 per day)
    - Weekly goals (ex: $1000 per week)
    - Monthly goals (ex: 5k per month) or
    - Yearly goals (ex: 50k per year)

    Which type do you use and recommend?
    Over the years I've changed how I set goals and how I implement them. I separate them into 3 basic categories: personal goals, financial planning goals (retiremenet, asset protection, insurance, adjustments to estate planning, etc.), and business goals.

    I keep all 3 very simple and can fit them all on one sheet (makes it easy to review when I get up in the morning and before I go to bed).

    With business goals, I have a 1 year, 3 year, and 5 year plan. The 5 year plan is more of a big picture plan.

    The one year goals are pretty specific and depending on the business (offline or online) they can get broken down into monthly.

    I tend to plan my days the night before, even if it's not business.

    I've learned that all human beings are different and that one approach for setting goals may not suit another.

    Setting goals is only half the battle. On my Whiteboard I have them written down along with the WHY behind that goal.

    Though I do have financial targets that I shoot for, my business goals generally start off with something like this:

    1. "For my existing customer base of my dating products, how can I bring more value to them? You can bring more value with these ideas that you learned at seminar XYZ..........."

    2. "Continue to improve best practices for my Aweber list which is specifically for prospects of my XYZ niche and segment them between demographic A and B to deliver more personalized content to them."

    3. "Explore the idea of starting a publishing company that focuses on authors that are already established in the offline world, but have yet to publish on Kindle or need to boost their Kindle sales."

    4. "Marketing funnel A and B are very close, take a radically different approach and create marketing funnel C and see how it stacks up against both in separate tests."

    When I set goals for ways to improve the customer and prospect experience, the financial targets usually take care of themselves.

    RoD
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  • Profile picture of the author AffiliateWaves
    At present i am not working in IM ,so selling things is not am issue for me .I am selling my services through odesk ,so i make weekly targets.I put weekly target with me so i can concentrate on grabbing work and provide services to reach target.

    I cannot go for monthly or yearly because they can affect my target a lot.And daily target is not a solution for me as it is very unpredictable whether i would get work for today or not

    I guess weekly target can really help in setting goals ,optimizing services and organizing yourself
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  • Profile picture of the author Randall Magwood
    I go with monthly goals. I'm erratic in my life and i have a million and 1 things going on all at the same time. The site is on autopilot, but at the end of the month i analyze my results and look for ways to improve my site to make more money.
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    • Profile picture of the author heavysm
      I used to think in terms of daily and monthly goals, but sometimes the profit doesn't roll in until later in the month so I scratched the daily goals.

      As long as you are continually growing I don't think it matters what goal time interval you use. It's more about what fires you up to get you doing stuff.

      The point made previously about setting up your goals for growth..."I will make $500 a day or more" is a very strong point.

      This is why i have setup my monthly goals to be something like..."I will make $10k profit minimum from my business monthly."

      Differentiating profit from mere revenue is also a large factor you should also consider when using positive psychology.

      You might reach and exceed your income goals, but if your standard was simply to make that much in revenue your profit margins may be severely cut just because you weren't specific enough with your intention.
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  • Profile picture of the author clever7
    I set my goals based on making more per day.

    Of course, I also take into consideration how much I make per week and per month, but I care about earning a significant amount everyday.






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  • Profile picture of the author sprice
    I set monthly goals, but like to break it down. For example let's say I want to make $3,000 a month article marketing.

    Divide that by 30 days and we're down to $100 a day. I'm selling an affiliate product that makes $50 a sale so I need 2 sales a day.

    In the past month I've had 1 sale out of every 100 visitors so I need 200 visitors per day. Each article sends about 50 visitors so I need 4 articles per day.

    So instead of saying "My goals is to make $3,000 this month through article marketing". I instead say "My goal is to write and submit 4 articles per day so that I can make $3,000 this month from article marketing."

    Much more clear and precise of a goal, and makes you actually believe more that you can do it since you've done the numbers.
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  • Profile picture of the author RogueOne
    Focus on making your first sale, or completing your web site, or finishing your sales offer, or whatever is the next step.
    I never set monetary goals.

    When I was having success ranking pages in Google I went by the number of pages I was getting search traffic to. Then I went for first page, then #1 results.

    At that time # of pages equated directly to income generated so I guess in a round about way they were monetary goals after all.:confused:
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  • I personally think that money-based goals (no matter if weekly, monthly, yearly, etc) are pointless, because it does not help you in any way to achieve those goals.

    Instead, focus on project-based goals, as in for example:
    • My goal for this month is to create my product XYZ.
    • My goal for next month is to get the marketing material, website and at least 100 affiliates signed up for the launch.
    • My goal for the following month is to launch the product and fill up a minimum of 4 webinars to boost sales.
    • Etc.
    THOSE are the type of project-centered goals that help your business grow, not wishful thinking "I want to make $X this month".
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  • Profile picture of the author Tijs
    I agree with Tsnyder,

    Instead of focussing on money goals, I'd focus on goals that would increase the chances of me making money. In the end, you'll have no control over whether people buy or don't buy your stuff. It can get frustrating if you take money as an expectation.

    So best thing is to check out which actions will make/made you the most money (this is a process of trial and error, what works for you) and then make goals of doing more of those things.

    Hope this helps.

    Cheers!
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  • Profile picture of the author LimitlessTraffic
    My 2 cent is set a realistic goal 90 days from now.

    Worry about the "Why do you want to achieve that amount"

    &

    Triple that same worry on "How bad do you want it"

    Don't worry about what method you going to use or how you going achieve it. I know it sounds weird but it will come to how bad do you want it.

    An example: If a family member had cancer and the ONLY way to get rid of it is if YOU make $20,000 within 90 days. Are you going to go all out? Are you going to commit to making it happen no matter what? Of course you will, I know I will.

    Man, putting a thought into words could be so hard sometimes.. lol hopefully this made sense to some people.. lol

    The key is HOW BAD DO YOU WANT IT???
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  • Profile picture of the author Nicole Sakoman
    Originally Posted by Eduard View Post

    So I decided to set some specific income goals for me to reach, as I think this will help me be more focused and productive in my work.

    The problem is I don't know if I should go for:

    - Daily goals (ex: $100 per day)
    - Weekly goals (ex: $1000 per week)
    - Monthly goals (ex: 5k per month) or
    - Yearly goals (ex: 50k per year)

    Which type do you use and recommend?
    I think you should go with a delivery of value... the earnings will come with it (and usually much more than you originally hoped for). Deliver a value, and over deliver
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  • Profile picture of the author apeee
    I don't recommend to outline daily "income" goals (as you will be depressed if you don't reach your goal - and if you are depressed daily, you may stop working in your project). You should put daily work goals and try to finish it before EOD.

    Plan for monthly income goals (be realistic) and work daily in terms to achieve it.
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    • Profile picture of the author Eduard
      Originally Posted by apeee View Post

      I don't recommend to outline daily "income" goals (as you will be depressed if you don't reach your goal - and if you are depressed daily, you may stop working in your project).
      Yeah, I have this problem with daily targets as well. Then can make you obsessive about checking your earnings account too.
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  • Profile picture of the author brutecky
    Originally Posted by Eduard View Post

    So I decided to set some specific income goals for me to reach, as I think this will help me be more focused and productive in my work.

    The problem is I don't know if I should go for:

    - Daily goals (ex: $100 per day)
    - Weekly goals (ex: $1000 per week)
    - Monthly goals (ex: 5k per month) or
    - Yearly goals (ex: 50k per year)

    Which type do you use and recommend?
    Im going to guess that your just throwing out random numbers there. Since each time frame increases your goal amount. For example Daily = $100 , Weekly - $1000 (or $142 per day)

    Daily is no good. So what you have a bad day does that mean you missed your goal? What about those really good days? If you in this for a long term business then you should be thinking more long term than just 1 day.

    Yearly is to long. I mean what if you make little money for 10 months does that mean you should expect to make up the rest in the final 2 months. Not likely. In fact at that point most people will assume they will miss there yearly goal. In which case they are really rating themselves monthly anyway.

    Monthly is the best of the choices. Not to short that your going to freak if you miss it once or twice and not to long that you head is always in the cloud.
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  • Profile picture of the author inyourway
    When I first started out making money online my very first goal was to reach 1 sale. Period. I didn't set a date for it, just the number. One sale in X amount of time.

    When I suddenly got my first sale, I aimed for 2, within the same time I got the first one. After about 5 sales within the same amount of time as the first one, I'd set up a monthly goal.

    How much you earn depends on several things. If you have a weekly goal of $1000, that could be 2 sales for $499. (+$2 you find on the street.) It depends on what you're doing and how you do it. Since I'm still a rookie I go for X amount of sales instead of X amount of money, but if I where a PRO I'd go for 10K a month. (That's my dream ^^,)

    Cheers,
    inyourway
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    • Profile picture of the author Stacy Fleetwood
      It's interesting to read the variations of goal setting methods used. Personally, I set income goals because I have a dollar amount that I must make each month in order to meet my expense obligations and live comfortably. So, of course I set a monetary goal for my business.

      I do not, however, focus on that monetary goal. Instead, I say I need to hit at least $4,000/month and this is what I need to do to get there, for example:

      Goal 1: Get x number of unique visitors to my site
      Goal 2: Get x number of subscribers on my list

      And so on. I then map out the tasks that I need to complete to get there. Those tasks change as I take action, test, analyze results and improve my methods or change direction.

      The monetary goal is not my focus, but it gives me direction because I work backwards to figure out what I need to do to get there.

      Stacy
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  • Profile picture of the author CurtisSWN
    It's good to have goals, I find though it is easy to sit down and write some projected goals instead of doing something productive in itself.
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  • Profile picture of the author AlexGeorge
    I set monthly goals usually, although I do occasionally aim for the odd weekly goal. I make sure to have a to do list every day though for my IM projects, but I wouldn't say these are goals. I've tried daily goals in the past but it's hard and it's really disheartening when you get an off day and don't make that much. Monthly has worked the best for me.
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  • Profile picture of the author iLinkedin
    I set my dayly goal at $200/ days. It's easy to walk step by step.
    Regards,
    Thomas
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  • Profile picture of the author mrtonyp29
    I would do weekly goals, and monthly goals. That's how I would do it. If I need to I would do daily goals, that would really help out a lot to keep you motivated.
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