Financial goal

Image 2: Financial goal, product and target

Your financial goal can be to earn enough money to quit your job. Or if you love your job you can use your business as an additional source of income. You can use it for example to pay off your mortgage or for vacations.
Let’s say that I’ve always wanted to switch cars every five years. I want to buy a car for approximately $50.000. So, if I want to earn $50.000 in five years, I must earn each year $10.000 ($50.000 divided by 5). This amount is minus my costs and minus taxes. Below you can see an example of how to calculate your monthly or yearly net income. To keep it simple I stated that each month I will have $350 in costs and the tax rate is 10%.

Image 3: Calculation financial goal

As you can see, if I want to achieve my financial goal I must earn $1,275.93 each month or $15,311.11 each year. It would be wise to aim at a quarter or yearly income, as earnings tend to fluctuate throughout a year.

Product

One of my passions is fishing. Whenever I have a chance I will go fishing or read a magazine about it. I have decided that I know enough about this topic to start a web shop that sells fishing items.
In what sort of fishing products would my target be interested? There are the basic items for fishing like: attractors, baits, bobbers, crimps, flies, floats, hooks, jigs, lines, reels, rods, sleeves, snap rings, split rings, spinners, spoons, swivels, weights/sinkers, waders, knives, storage, ice augers, vests, gloves, boots, and sunglasses. If they are going on a boat I can sell boat gear, and I can sell informational books and videos about this subject.
Make a list of every product that you think your target would be interested in. Because now we are going to see if we can find these products in wholesale stores. A customer cannot handle the product, so there has to be a detailed explanation about the item, with accompanying images. If you can’t find enough products, you should consider finding another passion around which you can build your product or service.

WARNING!
I want to emphasize how important it is to take time to find the right service or product that matches your passion. Don’t just go with the first product that you find, just because you want it to work. If you yourself are not willing to buy the product or you have doubts about it, stop and look for another product.

Target

I fish for recreation, so it would be wise to target people that do the same or want to start fishing for recreation. Fishing is unisex, so I can target people from both genders. Even though fishing is not bound to age, it would be smart to narrow my target by age. I think a child of 12 can handle fishing and when I’m 70 years old I would rather stay away from the sea. That narrows it down to people between 12 and 70 years old. I mostly fish in America, so I know the fish there. To put everything together, my target will be: all men and women of the age between 12 and 70 who live in the continent of America who fish as a means of recreation.

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