Monday, September 26, 2016

Goal Setting: The First Step To Earning A Profit From Sports!

So you are ready to start earning a profit from sports as a sports fan?

Good! I was too back in 2014 when I made the decision to pursue fantasy sports on a serious basis. However, we all have to start from somewhere and I had to start at the beginning.

Everything that you want to accomplish in your life starts in your mind first.

Earning a profit from sports is no exception. The idea must begin in your mind first and from there it can be made tangible and turned into reality.

How do you take the desire to make money from sports and turn it into a profitable opportunity? It starts by setting a goal.

What is a goal? It is a specific result that you want to achieve or accomplish. Therefore, if you want to set a goal, you must be specific.

Saying "I want to make money from fantasy sports" is not specific.

Saying "I want to host 5 Madden 2017 tournaments in 2017 with a minimum of 24 players each." IS a specific goal.

You want to make your goal more like the latter and not like the former.

When I got started, my first goal was to make my money back. I initially made a $25 deposit. I lost that. Then I made another $25 deposit. I lost that. Then I made a $50 deposit. I was eventually able to make back my $100. I did this towards the end of my first full year playing daily fantasy sports.

My second goal was to take first place in a guaranteed prize pool tournament. This would allow me to take my initial investment out along with a very healthy profit and continue to play with the money I made for the tournament.

I accomplished this goal towards the end of my 2nd year playing fantasy sports. I took down first place in a fantasy NBA tournament beating out 23,000 other entries. I also took third place in another tournament that same night.

How do you set a goal?

Over the course of many years in business and sales, I learned how to set and achieve goals. When it comes to setting goals one of the simplest and most effective systems that I have found for setting goals is called the S.M.A.R.T goals system.

What Are S.M.A.R.T Goals?

S.M.A.R.T. is an acronym for goal setting that helps you set effective goals. Here is a breakdown of each part of the process:

  • S - Specific. In order for a goal to be effective you must be specific and state exactly what it is that you want to accomplish so that you know that the goal has become reality. I already explained how to be specific above.
  • M - Measurable. In order for a goal to be effective you must have a system of measurement so that you will know the exact moment where the goal has been accomplished. It could be a certain number of wins, cash won or profit in fantasy sports. It could be a certain number of readers or viewers to your sports blog or video show. Whatever it is, it needs to be something that you can measure and put a number to.
  • A - Attainable. Your goal must be something that you can actually attain. For instance, setting a goal to earn a billion dollars in fantasy sports is simply unattainable. There isn't enough money right now in the industry where billion dollar prizes are possible. Setting a goal to earn a million dollars in fantasy sports is attainable. There are million dollar cash prizes that are won right now by people playing the game.
  • R - Realistic. Realistic is different from attainable. You can have an attainable goal. However, it might not be realistic. For example, setting a goal for your podcast to have a million monthly downloads might be an attainable goal. However, if you are just launching your podcast today and your goal is to reach a million next week, that is not a realistic goal. To make a goal more realistic usually involves reducing the goal number or increasing the time that you allow to reach it.
  • T - Timing. The key to a goal is it must have a deadline. If there is no deadline there is no goal because you don't have a specific timeframe for when it needs to be accomplished.
So now that I have explained goal setting to you, why don't you set a goal that you can begin to work towards in turning your passion for sports into a profit. If you haven't decided what vehicle you are going to use, begin by setting a goal to select your vehicle. If you already have a chosen vehicle, set a goal related to that vehicle.

If you need help in selecting that vehicle, I recommend you check out our FREE 10 day email course! In this course you will learn 9 ways that you can begin to earn a profit from sports. Sign up today!

Did You Know There Are Currently 9 Things You Can Do Right Now To Make Money As A Sports Fan? To Learn More Sign Up For Our Free Online E-mail Course With 10 Days Of Free Content!

Sports4Profit is an educational and consulting company designed to help YOU the SPORTS FAN to start to monetize your passion for sports. Sign up today by filling out the form below!

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