So goal setting time. Another upcoming birthday, another “new year” 😉
To keep things manageable, only 3 personal goals, 4 business goals to accomplish.
Plus 1 stretch goal for personal and 2 stretch goals for business if I can find the time to squeeze in anything else. LOL.
Personal Goals
1. Read another 26 non-fiction books.
Afterall, it went so well the past 9 months 😀
2. Continue with my language learning.
The top 3 languages I wanted to learn are Japanese, Korean, and Italian. I only managed to get as far as Japanese, and somehow life got too busy. Still I did spent most of 2005 to 2008 studying Japanese… I cleared my JLPT N4 and N3, but never made it through N2. I cleared my JLPTN3 in Dec 2008.
I was stuck at N2 for a long time. I recalled attending lessons, but finding it too hard, and didn’t really put much effort into it, I think.
In addition, I was also taking my part-time degree from 2006 to 2008. Not sure how I managed to study so many things, but I guess it’s a matter how badly you want to do something? Haha.
So… Japanese. Based on my dropbox logs, the last time I accessed my JLPT N2 study materials was in 2012.
Now I’m taking a more relaxed 80/20 approach. Vocab first, grammar later.
Basically, that means tackling the core vocabulary and just learn grammar on the go. For Japanese, I think there are 6000 core vocab. Currently, I’m using Duolingo as a vocab and grammar refresher, Drops to refresh my vocab, and core vocab lists as my learning material.
Putting aside 30min a day at night every night to study my Japanese before bedtime. And randomly using Duolingo and Drops throughout the day whenever I have time. It’s really not hard since I somehow miraculously retained what I learn previously!
Other than that, mornings are for learning Korean. Haha.
Currently, I’m still at the stage of learning to recognise and read Hangul. Drops is a good apps for learning new vocab. Duolingo is a good app for both Grammar and Vocab. And my all time favourite is youtube 😉 I spend around 30min to 1 hr every weekday mornings to study, before I start work.
I honestly feel that Korean is the hardest language I’ve had to learn. Definitely harder than Japanese!
3. Establishing a Routine of some sort for weekdays.
So, the thing is, with so many things to do, there is a need to account for time, as well as a need to set up some kind of structure to my day. But if I forced myself to stick to a strict routine, accounting for every hour from the get go, it would be a recipe for failure.
So… I give myself free rein to do anything before 9am in the morning. Generally, that means reading a book, or studying Korean. And housework and laundry on Fridays. Lol.
9am to 9.30am is where I wrap up whatever I was doing, make my Bulletproof coffee, have a light breakfast and then start work at 9.30am.
In between, mainly it’s work, plus lunch, dinner, workout on Mon and Fri.
10pm is where I study my Japanese. 10.30pm is where I read my book. After that, bedtime.
4. Stretch Goal : Harp Practice once a week.
So… my beloved. This is a stretch goal because I have consistently failed to consistently practise. Lack of time? Lack of motivation? Maybe.
To ensure I have better odds of accomplishing it this round, I will set it to only once a week.
Trust me, my plate is very very full…
Business Goals
1. Basically 80/20 the hell out of everything.
Evaluating my profitability for all of my products and optimising my bottomline.
Dropping those items that are not worth the trouble to sell.
Items that move too slowly, low profit, etc.
Sure, I may lose some sales overall, but items with low ROI or items that move too slowly are rarely worth the trouble. There are overall cost in terms of time and effort that cannot be justified.
For example, even if I only sell few units of an item a month, I will still need to spend the effort to optimise the listing, reprice the item, restock the item, etc. So, let’s say I make $5 off each sale, and I sell maybe 5 of them a month, it’s only $25 total, but it’s a lot of work to track so many SKUs. I have a total of almost 600 SKUS now.
Yes, it’s leaving money on the table, but it’s only a small percentage of my profit. And I will gain back valuable time to work on other more profitable task.
2. Ten PL Product Types for US
My ongoing goal to find 10 products types (1 product type could have multiple variations) to increase my sales and profits. Depending on the profit margin and price of the product, I will need each product type to sell around 3-4 combined units a day.
For US, profits after cost & fees per product type should nett me around $500 per month. Rinse and repeat until I find 10 of these product lines. And that’s an extra $5K profit a month on top of my current profit 😉
3-4 units a day is actually very achievable. Currently, I have already found 1 product type that is promising. And I have already brainstormed ideas to increase it’s variations. If it goes well, this product type might achieve double of what I targetted 😉 Best part? It’s all from US, no need import or high MOQ!
5 more product types pending testings, either already on the way to Amazon, in my prep company, or on the way to US.
3 more product types pending further negotiation with suppliers.
3. Ten PL Product Types for UK.
For UK, it’s the same thing, 10 PL products, each netting me extra £500 profit per month 😉
Currently, 1 product type already live in UK. 1 more pending my prep company.
Progress for UK is slower than US. It seems harder to find profitable items for UK…
In addition, need to cont to source for more wholesalers with profitable items for reselling. Target for sales figures to be on par with US, except it will be in GBP!
4. Hire a VA once I have accomplished the first 3 goals.
Once I’m done with the product launches, I believe it’s time for me to take a well deserved break. Plus I need time to prepare training videos before I can proceed to hire.
Ultimately, the first 3 goals aim to increase productivity, increase profitability, and reduce my working hours (once the initial product research stage is over).
It will reduce further upon hiring a VA. (At least, that’s how it should be -.-)
5. Stretch Goal : Dropshipping on my own shopify store. Launch Ebook & Merch
Set up my own shopify store. Gonna set aside a sum of money to test this out.
6. Stretch Goal : Ebook on Kindle & Merch by Amazon
Hire ghostwriter for ebook and designer for merch.
Haha, these two are my stretch goal. I shall reward myself if I accomplished these two as well!