Milestones & Metrics
MILESTONES
Finalize business plan and secure funding.
Hire key team members and instructors.
Develop and launch our website and online marketplace.
Release first set of online courses.
Host live training sessions.
Reach $1,629,000 in sales in Year 1 of operations.
Expand course offerings and reach $6,048,000 in sales in Year 2 of operations.
Continuously update and improve course offerings and website: Ongoing
Develop and maintain a highly engaged online community: Ongoing
Regularly measure and evaluate business performance and make adjustments as needed: Ongoing
KEY METRICS
There are several performance metrics that are important for understanding the health of a business, including:
Revenue: This is the most basic metric for measuring the success of a business. It tells you how much money you are bringing in through sales of your products or services.
Gross profit margin: This metric measures the profitability of your business by subtracting the cost of goods sold (COGS) from your revenue. It shows how much money you are making after accounting for the cost of producing your products or services.
Customer acquisition cost: This metric measures how much it costs to acquire a new customer. It is important to understand this metric so you can ensure that your marketing and sales efforts are cost-effective.
Retention rate: This metric measures the percentage of customers who continue to do business with your company over time. A high retention rate indicates that your customers are satisfied with your products or services.
Net promoter score (NPS): This metric measures how likely your customers are to recommend your company to others. A high NPS indicates that your customers are happy with your products or services and are likely to tell others about them.
Traffic and engagement: These metrics measure the number of visitors to your website and the level of engagement they have with your content. A high number of visitors and engagement indicates that your marketing efforts are reaching your target market and resonating with them.
Success for my business would mean achieving a steady increase in revenue, a healthy gross profit margin, a low customer acquisition cost, high retention rate, high net promoter score, and high website traffic and engagement. By monitoring these metrics, I will be able to understand how my business is doing and make adjustments as needed to ensure continued growth and success.
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