How to Set Goals For Your Domain Business and Why You ShouldPosted: December 2, 2011
If you’re getting more involved with domains, then it’s important to know what you want to accomplish. You need a clear picture of your desired success to have direction. Goals provide that.
First, why should you set goals?
1. Goals help you be precise on your end vision
“Making lots of money” isn’t a clear picture and thus isn’t a goal. Goals are precise and help you get some clarity on where you really want to be in the future.
2. Goals help motivate you
Let’s face it, no one enjoys working. Goals help you see what your work does for you, so you think less about the grind and more about what you’ll get from it.
3. Goals help you focus
When you have no direction, you’ll may still work but you’ll likely do the wrong things on a daily basis. Goals help you stay on track and do the right things.
4. Goals make you accountable
Once you have goals set in place, you’ll have a tendency to meet them. Things like procrastination and slacking off when you should be working towards your goals become less desirable to do.
5. Goals give you measurement standards
If you haven’t defined your success, how do you know you’re succeeding? Goals help you put measurements into place so that you’ll know whether you’re on track or are falling behind.
6. Goals help you reach your personal best
It used to be thought that the 4 minute mile was impossible to run. The first people to do it had a specific desire to accomplish that specific goal. Setting a goal just beyond your comfort zone will get you to expand what you’re capable of.
Before starting to set your domain goals, you have to know where you’re at. What have you achieved so far?
You’ll need to analyze the following areas before you can set goals in each of them:
How many domains do you own? What niches are they in? What are the relevant stats on them? (age, cost, traffic, etc.)
How are your domains being monetized? Are you parking, using minisites, developing fuller sites or monetizing through other methods?
3. Domain Sales
How many domains have you sold? How are you selling your domains? What is the average selling price for your domains?
4. Back-end Revenue Streams
Do you have any back-end revenue streams? For instance, do you sell web hosting, web design, SEO or marketing services?
Once you’ve done this research, you can start to put together your goals.
How do you set goals?
1. Look to the past (as explained)
2. Look at where you want to progress in 1, 3 and 5 years time in each of these areas
3. Figure out the gaps (where you are now/what you’ve been doing vs. what you want to do)
4. Determine action steps (what can you do starting now to reach these goals?)
5. Decide how you’ll track and measure your progress
Setting up a plan of action is a major key – you can’t reach your goals if you don’t know what to do.
First, determine the changes you need to make to your acquisition, sales, follow-up and monetization strategy to reach your future operation. What changes do you need to make to bring your domain business to the next level?
Then, having a clearer idea of strategy, you can put together action steps. What do you need to do over the next year, the next 3 months, on a monthly basis, weekly basis, and then daily basis to progress towards your goals?
Remember – measurement is key, not just to knowing if you’re on track but to possibly rework your strategy if you’re not. Constantly monitor your progress using daily, weekly, monthly and quarterly objectives.
Lastly, you need to be adaptable. Things don’t always work out as you expect. Be ready to possibly change your strategy to get back on the path towards meeting your goals. If it ultimately looks like your goals may have been set beyond reach, consider adjusting them. Still aim high, but aiming for something unreasonably or impossibly high will derail you in a hurry.
At Domainate, we can help you define what you want, put together your goals and put an action plan in place through our consulting services. Contact us if you want to put together your goals and get on the right track towards your future.