I don’t know about you, but I absolutely LOVE the New Year. I am so motivated by a “fresh start” and thoroughly enjoy hitting the reset button on my life, my goals and my plans. As a TpT seller, I use this time to reflect on the previous year and create motivating plans for the next 12 months. So, let’s chat business goal-setting for Teachers Pay Teachers!
#1. Start with a Reflection
I always start the year by looking back at the wins (and areas for improvement) of the previous year. I like to write out the following:
- Total earnings from the year
- Percentage growth increase from the previous year
- Best-selling products overall
- Best-selling products by month
- Number of products added
Then I ask myself:
- What worked in my business this year?
- What held me back in my business this year?
For those questions, I look at qualitative data more. For example, this year my systems and organization in my business worked, but having a big year in my personal/social life held me back. Even though I had amazing systems that helped me get way more accomplished than I should have, I still had life events (e.g., planning a wedding, house-hunting, etc.,) that got in the way of some of my business goals and deadlines.
Finally, I ask myself:
How can I get in front of the things that may hold me back this year?
Once that is done, you’re ready for the next step!
#2. Goal Setting for Teachers Pay Teachers
This is the fun part. Now that you have a clear sense of how your business performed last year, it will be easier for you to set goals that are realistic. These are the different areas in your business that you can think about for possible goals:
I am always motivated by a money goal. You can choose to do this monthly (using last years month-by-month earnings as a reference) or as an annual goal. If you choose to do an annual goal, remember that tracking your progress may be a little bit more difficult since earnings can vary drastically depending on your niche and the time of year. I typically set an annual goal and then work backwards to set monthly targets.
Once I have an earnings goal, I set smaller, improvement goals that I think could help me get there.
Improvement & Development Goals
If you are planning on growing your business by 50% this year, you have to be realistic about what you need to do to get there. Some ideas are:
- Improve the number of products in your store:
The more *high quality* products you have, the easier it is for people to find you. However, quality > quantity always!
- Improve your views:
If you aren’t getting many views on your products, it means your product sales page isn’t working for you. Improve your covers & descriptions to help people find you and click on your products!
- Improve your conversion:
If your conversion rate is low (the definition of low really depends on the product type & niche) but you may consider revamping your sales page. Look at the description & previews and see where people may be getting confused or turned away. Use these spaces to show buyers how this product will HELP. Check out this blog post on Product Listing tips for more details.
- Improve your cart total:
If you have 100 $1.00 products in your store, your customers overall cart total is usually going to be low. This means you need to sell a lot MORE to reach an earnings goal. Consider creating higher-ticket items, product lines, or bundling products together to improve the cart total.
- Improve your visibility/marketing:
Lastly, if you feel like you are doing all of the above right – it may be time to improve your marketing and get some new eyes on your store & offers. Consider the following:
- Long-form content: blog, YouTube, podcast
- Tik Tok
- Facebook page/ads
- Facebook group
- *Do not pick ALL of these. Focus on 1-3 that you think you can really improve or master. Consider what will best serve your ideal audience as well.
If you are wanting to spruce up your storefront, take a look at this blog post on setting up a store that sells!
#3. Put it Into Action
Once you have all that ironed out, it’s time to make it attainable! Consider how much time you plan on spending on your business each week and schedule it in your calendar. Treat it like a real job (clocking in and clocking out) and make sure that your family and support system are aware of your schedule. If you need to delegate some tasks out, don’t be afraid to do so!
Hopefully that helped give you an idea of where to begin when it comes to goal setting for Teachers Pay Teachers. If you are new to TpT and hoping to learn more this year, I have a FREE workshop called Roadmap to Your First $1000. Sign up here!