I find it so amazing that we (as REALTORS) consider ourselves entrepreneurs but most do not act as such. I am speaking about making a road map for ourselves. Where is your business plan? Do you have a business plan? Do you know where you want to be in 1 year, 5 years, and 20 years? How much money are you going to spend on marketing? What/who is your target market? How is your business structured?
A business plan is your road map for your business and its success! I am not saying you need to write an 82 page plan but it must at least include your company analysis, purpose, marketing plan, budget, and an exit strategy. This plan can be as little as 10-13 pages or it can be more detailed. Try not to get carried away. At first, you will just want to get started with a "road map" which will direct you and help you keep track of your business goals. As the years progress, you will need to change, alter, update, and streamline your plan to fit new or outdated goals. Here is a summary of what your Business Plan should contain going into your first year of real estat
Cover Sheet
Table of Contents
Executive Summary
Industry/Market Analysis
Business Overview
Ownership and Legal Structure
Management and Staffing
Marketing Plan
Operational Plan
Financial Plan
Business Strengths and Weaknesses
Growth Projections
Exit Strategy
Conclusion
Now, each category can be as detailed as you like but do not get too carried away with trying to fill space. Research your market area and base your Business Plan on that. In my opinion, the whole plan is important but some may say that the budget is the most important. You must be honest with yourself and fair with the amount of money that you will spend as well as what you hope to make. Track your budget weekly. At worst, track it monthly so you can make adjustments as necessary.
I have to quickly talk about your marketing plan so we can touch on some important points. STICK TO YOUR PLAN FOR A REASONABLE AMOUNT OF TIME! Do not abandon your plan after a month. It takes time for your plan to work but do track its results. WHATEVER you spend money on, make sure that its results can be measured so you can establish whether your money is working positively or negatively for you.
There are all kinds of resources out there to help you structure and write your plan. Do not spend a lot of money on software or books. The Business Plan will be your first step in the direction of being a true entrepreneur and realizing your company's potential as well as its direction. Good luck and I wish you all the success you desire! 2008 will be great!
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