Tis the Season to Create a Business Plan

As business calms down this is the perfect time to create a business plan for 2016. Business plans are essential for success. They are a tangible and comprehensive plan for meeting your goals. A business plan will give you the tools you need to compete in your market. It will also help you stay on track for a successful year. Some questions to ask are; how much more should you budget for marketing to grow your business? How many sales will you have to make to cover your expenses? These questions and solutions will all be outlined in your business plan. Business plans will vary from agent to agent, but there are core issues every real estate business plan should address;

  1. Defining your marketing strategy. Identify your market niche. Ask yourself who, specifically your services are best suited to?
  2. Assess the viability of your niche market. Make sure the niche that you have chosen is feasible in your area.
  3. Discover your strengths and weaknesses. Identify three of your main strengths, and three of your weaknesses. This will allow you to highlight your strengths and improve on your weaknesses.
  4. Personal goals. Setting attainable goals is important. Goals are what you’re working for. Determine three main areas you want to master. Including these in your business plan is both motivating and will help you develop your marketing messages.
  5. Creating a financial plan. A financial plan is essential to the success of your business. Tracking expenses such as licensing, personal, and business will help you keep your budget in mind and keep you on track.
  6. Implementing action plans. Breaking your goals into action steps make them more achievable. Some action plans to create are: a marketing plan, develop a lead nurturing strategy, and setting best business practices.
  7. Evaluating and revising your plan. A business plan can’t be effective if you don’t put in the time and work to achieve the goals you’ve outlined. To ensure that your plan is always successful make sure to re-evaluate your plan to make sure it works with changes in the market.

*Courtesy of Placester.com

 


* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.