Key Takeaways
- Answering these five questions before setting 2018 goals will help give you the edge you need to succeed.
- Setting 2018 goals shouldn’t be a task you dread, but rather one look forward to.
- Don’t dive into setting your 2018 goals without first having a plan.
2017 flew by fast, which means it’s time to prepare your business for the new year. With the holiday season coming to an end, setting 2018 goals should be high on your list of priorities.
A lot of entrepreneurs dread setting goals and creating new years resolutions. It can feel stressful and overwhelming to look back at the ups and downs of your business; but alas, it’s a must if you want to achieve success in 2018.
Instead of setting goals like you normally would — writing them down on a scrap of paper and forgetting about them before February — I challenge you to dig deeper. Go beyond the simple question of, “what do I want to accomplish by the end of the year,” and instead take it a step further.
Answering the following five questions before setting 2018 goals will help give you the edge you need to succeed.
Ask These Questions Before Setting Your 2018 Goals
Don’t dive into setting your 2018 goals without first having a plan. Ask yourself these five questions before getting started and you will set yourself up for success.
1. In the last 365 days, how did my real estate business succeed and fail? What do I need to accomplish in the next 365 days to make me feel happy about my progress?
This step may seem counterintuitive. When you are ready to look forward, why would you start by looking in the past? The answer is simple: the only way to improve yourself and your business in the new year is by looking for areas where, in the previous year, you fell short. Not only places where you fell short, but also places where you succeeded. What processesses and systems were in place that worked? Which ones didn’t work? Reviewing the previous year will give you a baseline of where to start.
It isn’t enough to simply succeed. In order for you to continue down the path of success, it’s necessary to also feel happy with your progress. Ask yourself, “what has to happen that will make me truly happy in my business endeavors?” Perhaps your goal is to acquire 5 rental properties before 2019. Will accomplishing that goal aid in your happiness? If not, you’ll have to restructure the goal. Being specific when setting goals will be the key to your success. Instead of saying, “I hope to buy 5 rental properties before 2018”, say, “I will buy 5 rental properties before 2018 that are fully occupied and functioning under one property management company that I have thoroughly vetted.” Using words like “will” instead of “hope” will also increase your likelihood of success.
2. What daily, weekly, and monthly actions and habits can I adopt that will get me closer to achieving my goals?
The key to actually achieving the goals you set is creating habits and drafting action plans. Daily to-do lists are certainly helpful (and important), but in the grand scheme of an entire year, to-do lists can become trivial. The most successful investors are so successful because they have implemented habits that truly define who they are as investors. Habits are unfortunately difficult to form, but fortunately hard to break. Meaning, once you’ve established a helpful habit, you’ve set yourself up for success in the long run. Habits will differ depending on your niche and exit strategy. Here are a few examples of positive habits to implement:
- If you’re a wholesaler, set up one new bandit sign in your target market every week.
- If you’re a rehabber, commit to sending consistent direct mail to potential clients.
- If you’re new to buy and hold game, spend weekends driving around different neighborhoods looking for dilapidated for sale homes.
- Regardless of your niche, commit 5 hours every week to improving your entrepreneurial education.
- Regardless of your niche, set your alarm one hour earlier every day and spend that extra hour doing something to improve yourself (i.e. exercising, reading, spending time with family, meditating, etc.)
- Regardless of your niche, promise you’ll attend a new networking event every month — no excuses.
Whichever habits your choose to implement, just be you are consistent. Research suggests it takes 21 days to form a habit. So just think, if you start today, you’ll be well on your way to success in less than a month.
3. Are the goals I am setting SMART?
Did you know businesses that set clearly defined goals are 10 times more successful than businesses that don’t? A Harvard Business University study recently found that 83 percent of the population does not set goals and of those that do, 92 percent fail to achieve them. Number one: why are so few people setting goals? Number two: why aren’t more people succeeding in accomplishing those goals? The reason is simple: because the goals most people set aren’t setting smart.
- Specific – Vague goals are not going to get you anywhere. The more details you put into your goals, the more likely you are to achieve them.
- Measurable – A measurable goal is one that has mini milestones along the way that you can achieve. Instead of saying, “I want to wholesale more properties this year” say, “I want to wholesale 2 properties every month.”
- Attainable – You don’t want to set yourself up for failure by creating goals that are impossible to achieve. If your goals are realistic, you will be more motivated to succeed.
- Relevant – Every goal you set should serve a higher purpose. If the goal you are thinking about doesn’t directly affect your business, move on.
- Time-bound – Set a due date for all your goals to keep from procrastinating.
S.M.A.R.T is an acronym you can use to guide your real estate business goal setting.
Fantasizing over your hopes and aspirations is far different from taking the time to sit down, put pen to paper, and set legitimate goals. Fantasies won’t produce results, while smart real estate business goals will take your business to new heights.
4. What kind of support do I need to make accomplishing my 2018 goals possible?
Having a support system will make a big difference when it comes to setting and accomplishing your 2018 goals. Trying to achieve every goal you set on your own can feel overwhelming, which is why having friends and family encourage you along the way is a must. Before enlisting your support group however, be sure to choose your victims wisely. Not everyone will want to see you succeed, which is why it is important to find people who will honestly hold you accountable. Will 2018 be the year you decide to grow your team?
5. Who in my industry am I inspired or motivated by? How can I be more like this person (these people) and what can I do to get to know them?
When it comes to setting business goals, there’s no need to reinvent the wheel. There are plenty of entrepreneurs who have realized success in the industry, so why not copy them? If someone inspires you, do your research and find what it is that made them successful. Do they have a morning routine they never deviate from? Are they avid time blockers? Whatever habits they have in place, find ways to incorporate them into your daily life. Attending networking events is another great way to boost your business. Meeting people who will motivate you can bring you more success than you ever thought imaginable. Try it!
Setting 2018 goals doesn’t have to be a task you dread. If you take the time to answer these questions truthfully before diving in, you’ll be ready to get ahead of the competition in the new year. Do you have any goals you would like to share?
