Every year I publish a list of all the goals that I set for my business and my investments for the coming year. This doesn’t list some of my other more personal goals that I am keeping private. I detail every goal that I want to reach before the end of the coming year.
I do this to keep myself accountable on this website, and also to show you the process and thoughts behind each of my goals. If you want to read about what happened to my goals last year, you can read my review of 2018.
Goal #1: 40,000 Euros/month of Business income
As for last year, I will use the income from my online business as the main goal for 2019. In the past year, I missed the income goal that I had set for the year, and I believe I know why this happened. After looking at the financials of my business for 2018, I realized that I actually only put about 20% of the gross income back in the business. I did that because I had a quite aggressive goal for my portfolio for 2018, and I believed that this didn't allow my business to grow as I was basically running it dry.
Therefore, I'll again do things in a completely different way this year. In order to avoid taking too much money out of the business, but still have enough to pay all my personal expenses and maintain my current lifestyle, I'll apply what I learned while reading the book Profit First by Mike Michalowicz. Basically, it says that you should plan in advance exactly what part of your gross revenue you will take for your own salary (to pay your own personal expenses), as a dividend (money you take out of the business), and for your business expenses.
I tried to see how this would fit with my own model, in which I want to feed my investment portfolio with the profits of my business. And it actually fits perfectly: I plan to use the 'salary' that I will take from the business, along with the income from my investment portfolio, to pay for personal expenses. Then, I will use the dividend to inject money into my investment portfolio. Here are the numbers I plan to use for the first month next year:
- 50% in owner's salary
- 5% in dividend
- 44% for expenses
Note that the 1% remaining will be for taxes, which will be very low as only the dividend will be taxed. Then, the goal over the year and the next years will be to progressively reduce the owner's salary while raising the dividend.
I believe that with this model, I will be able to pay for my personal expenses, build my investment portfolio, while really growing my business (especially using paid traffic) as I don't take too much money out of the business.
Goal #2: 1,400 Euros/month of Investment Income
That's also something that is really important for me, as at the end of the day I want this to pay for all my personal expenses, and only use the dividends coming from my online business to fuel this portfolio. Last year, I missed this goal as I put an arbitrary goal that was impossible to attain with the income coming from my online business.
This year, I changed that as I calculated exactly how much I will make if goal #1 is on track, resulting in this goal of 1,400 Euros a month of purely passive income coming from my portfolio.
Goal #3: Delegate 50% of all the Tasks in My Business
In 2018, I managed to delegate all the tasks that I shouldn't be doing, like publishing articles, handling customer support, or posting videos on Youtube. However, this won't make my business grow as I still do a lot of tasks myself, that I could actually delegate. Therefore, I want to make sure that this year I don't actually do more than 50% of all the tasks in my online business. This will imply recruiting at least 2 or 3 new persons in my team, and really allow my business to grow.
Goal #4: Travel to at Least 5 Conferences to Meet Like-minded People
I know from experience that meeting other entrepreneurs & investors at conferences is the best thing I can invest in. Every time I go to a conference, I not only meet a lot of interesting people, learn a ton, but also I come back boosted & ready to push forward in my business & my life. That's why this year again, I want to attend at least 5 high-quality conferences. Again, one important point will be to book tickets and plan trips well in advance so I actually go and don't find any excuses. I am currently thinking about:
- Traffic & Conversion Summit 2019
- Chiang Mai SEO conference
- Empire Flippers Retreat
- Affiliate World
Goal #5: Read 12 New Business Books & Listen to 24 Podcast Episodes a Month
In 2018, I set to myself a quite ambitious goal of reading 3 new books per month. Not only I didn't achieve this goal, but I also realized that I learn less and less from books, as the online business space is continuously changing. At the same time, I also realized I learn more and more from podcasts, as it is up-to-date information that I can actually use right away in my business.
That's why I decided to change this goal for this year to just one book a month, but 24 podcast episodes that I will listen to. For books, I will use Goodreads to track the reading, and I will use Overcast on my iPhone to track my podcasts listens.
This is it for my goals in 2019! I’ll also be publishing the usual monthly income reports, as well as quarterly reviews of my goals to keep myself accountable. Have you also set goals already for 2019? If yes don't hesitate to share them below! I am sure 2019 will be the best year ever!