Yesterday I did a post about taking the time to put-together a solid plan for your business in 2011. If you didn’t read the post and are too lazy to take the time to do it…I’ll provide a quick cheat sheet.
- If you want to hit certain goals you need to make them now. Don’t make fluffy goals like, “I want to flip a lot of names.” Get specific, come-up with a goal at least by quarter that is measurable. Something like “I want to flip five names in Q1 for a total profit of $10,000” is a real and measurable goal. At the end of Q1 you can look back and say very easily whether you hit your goal or not.
- Understand your market and base your projections on real data. If you haven’t made $1,000/month ever on any site, don’t put this in as a goal for January. Be realistic with what you are capable of. Think you can do more? Good – you should be growing your business and plan for your revenue to increase – just make sure you’re doing what you need to do to drive the additional business.
- How much money do you need to spend in order to make the money you plan on making? It’s essential to understand your costs because if you’re spending more than a dollar to make a dollar you don’t have a winning business model, plain and simple.
Well there are two main pieces you need to put together to have a complete and measurable plan for 2011, a revenue model and an expense forecast. Yes there are plenty of other financial documents you can and should be keeping for your business but these two are a must. I’d venture a guess that more than 50% of Domainers out there don’t keep a one-year forecast of their income and expenses.
So if you haven’t planned before it’s never too late to start…and of course when better to start than today! To help you get started I have created a free template for your to input your revenue plans for 2011. Go through each month and for each revenue source your business has, come-up with a projected revenue. In the end you’ll have a clear set of very measurable goals for 2011.
Then at the end of January see how you did compared to your plan. If you exceeded your plan maybe you need to increase it going forward…if not maybe you need to bring your projections back down to reality. If you like this free template please make sure to Like me on Facebook by clicking the “Like” button below before or after you download the template.
Download Morgan’s Free Revenue Model Template
(Note: Requires Microsoft Excel)