Starting a Business: Lesson 3
Director of the TSBDC, Laura Overstreet, goes over how to set goals for your business. Setting goals for yourself and your business will help build the foundation for future growth.
Test Your Knowledge
To receive credit for taking this course through TSBDC, watch the video and take the quiz that will appear below to demonstrate your knowledge.
0 of 3 Questions completed
You have already completed the quiz before. Hence you can not start it again.
Quiz is loading...
You must sign in or sign up to start the quiz.
You must first complete the following:
0 of 3 Questions answered correctly
Time has elapsed
You have reached 0 of 0 point(s), (0)
Earned Point(s): 0 of 0, (0)
0 Essay(s) Pending (Possible Point(s): 0)
What is the main purpose of setting goals for your business according to the video?CorrectIncorrect
What type of financial projections are recommended in the video?CorrectIncorrect
What is one of the main ways to reach your target audience according to the video?CorrectIncorrect
Video Lesson Topics
- Why Set Business Goals?
Business planning and goal setting serves as a roadmap to success. For example, borrowing funds to cover your startup costs, but having no plan of how to pay back your investors is a good way of setting your business up for failure.
- Sales and Marketing Goals
- Establish your ideal customer profile. Although it may take longer than your first year to truly identify and refine your business’ target audience, it is important that you gain an initial understanding of who would benefit from your goods or services.
- Develop a marketing and prospecting plan. Pairing together your target market and marketing strategy will assist you in building the correct messaging that you are trying to convey to your customers. A prospecting plan decides how and when you will reach out to prospects. It also includes developing email, social, and ad campaigns.
- Create a website and social media accounts. This is one of the main ways you will reach your target audience, build brand awareness, and educate consumers.
- Finance Goals
- Create financial projections and a budget. Create realistic financial projections that will determine feasibility to get you through your first year of business and help you manage cash flow. You will need to track your current debt, credit availability, and any repayment to investors.
- Create a S.M.A.R.T. revenue goal. Your goal should be Specific, Measurable, Achievable, Realistic, and Time Based.
- Development Goals
- Create development goals; always learn new skills. Take the time to learn a new skill, and always work to become better.
- Employee training and development is unfortunately sometimes overlooked in new businesses. Your employees are critical to the success of your business.
Topics & Lessons
Each Below Topic Contains a Video Lesson and Helpful Downloadable Information
What Problem am I Solving and Who am I Solving it For?
The Planning Process and Planning Tools
What It Takes to Be Successful
Funding Options for Starting Your Business
The Realities of Grant Funding
Partnership and Operating Agreements
B Corp Certification
Is Starting a Business Right for You?
Analyzing Your Personal Finances Before Starting A Business
Want to learn more about how this topic relates to your business?
Schedule a meeting with one of our consultants! All counseling sessions offered by the TSBDC are no-cost and provided by our staff of professional business consultants.