Exceeding your income goals

One of the biggest underlying factors behind someone launching a new business is the profit they can generate. After all, starting a new business is a risk and it’s not something that everyone can do. Therefore, the financial rewards need to outweigh the potential challenges of starting a business.

Now, everyone’s idea of income goals or profit target is different. For some people, simply starting a side business to top up their existing income from employment is their goal. For others, they put all their eggs in the business basket and want their business to be their only source of income.

Here at iOB Business, we recognise that as a budding Digital Entrepreneur, your income goals are unique to you and your individual circumstances. Therefore, the focus of today’s blog is to really delve into how you can exceed your income goals with us.

The digital market
Have you ever taken a step back and self-analysed your own behaviour? We are not talking about a personality quiz or intelligence test, rather we are alluding to how you as an individual consume information. Before the widespread adoption of technology, most people would consume information through traditional methods such as books, newspapers and print collateral.

Fast forward to today, principally helped by the internet, most people now consume information electronically through their desktop, tablet and mobile device. The internet has revolutionised how we interact with the world around us. Whether it is communicating with friends and family through social media, looking up a new business through Google or ordering our favourite meal - the digital market is where we spend the majority of our time.

With technology seeping into every part of our daily lives, there has never been a better time to embrace the digital market. As a human race, we are never going to go back to traditional or analogue consumption of information as the digital world offers us immediacy, something we all expect. As a result, individuals and businesses are now looking at the digital market to further evolve themselves and meet their stakeholders’ expectations.

Setting income goals
As mentioned during our introduction, income goals vary from individual to individual. For example, when you are first starting out in business you should have the primary or short term objective of breaking even. This is simply generating enough revenue to meet your costs.

From this point forward, your medium-term objective should be focusing on profit and recouping your initial investment - this is known as your payback period.

Finally, your long-term objective should be centred around growth and scalability. This will ensure that your business has longevity and can provide significant returns to you as the business owner.

Setting short, medium and long term objectives will help you strategically plan your every move and ensure your business is evolving in line with your own needs. Whilst your income goals will vary depending on your lifestyle, commitments, motivation and hunger, it is imperative that you set realistic values. To help you forward plan, we have created a 3-year financial forecast within our Business Starter Pack that can help you exceed your income goals. To access this, please click here.

Provide something that is needed
The great thing about launching a Digital Agency is you are providing solutions that your potential clients actually need. Unlike a lot of industry sectors, the digital market is experiencing unparalleled growth, year on year which means there is a significant opportunity for you to profit.

Your target market, namely small and medium-sized businesses, are looking at digital platforms to engage with their customers for the reasons mentioned earlier in this blog. As a result, you are well placed to service the needs of your clients by helping them improve their digital footprint.

By providing solutions such as social media management, boosting online reviews or developing a website in line with the latest trends, you can add value to any business. The byproduct of this value is the chance for you to profit from every client.

Consistency is the key
Most people struggle in business because they are not consistent in their actions, whether it is prospecting to new potential clients or taking a lead through your sales funnel. If you are not consistent with your action, you will never exceed your income goals.

Operating your own successful business requires hard work. After all, being in business is a marathon and not a sprint. Therefore, it is essential that you take consistent action and constantly look for ways to improve your products or services, sales process, support mechanisms etc, to deliver tangible results to each client.

Summary
Exceeding your income goals is certainly possible with your own Digital Agency but requires you to have a short, medium and long term plan that is combined with consistent action. Launching a business in the digital market can be very rewarding as you can add value to local businesses that need your solutions in order to improve their digital footprint.

To find out how we can help you exceed your income goals with a ready to launch Digital Agency, please contact our team today.

Until next time, take care.