Do you know where you want your business to be at the end of 2022? For most of us, the answer is: to take it to the next level without any regrets. 2021 seemed to have blindsided us all with the amount of work that came our way, and many of us got lost in the chaos. Let’s not have that happen to us in 2022, so taking the time now to create the best business plan is key to getting to where you want to go.
As independent contractors, we work for ourselves, but it’s important to get into the mindset that YOU are the business, so treat it that way. All successful businesses (and Realtors) have a business plan, and if you have never created one, then now is better than ever to put one together.
Get technical about it
Treat your real estate business as if you are a startup looking for funding. Would you invest in you? If the answer is “no,” then you need to put a plan in place. A great tool to use is the business planning software Launch Plan, which has systems geared toward the real estate industry. You can easily create an effective business plan that has solid financial forecasts. It walks you through every step of the way, with tutorials and examples to assist you with defining your mission, putting together a marketing strategy and most importantly, building a better bottom line. This software will help you automate your projections into clean charts and graphs that can be converted into profit-and-loss statements. It will provide you with a clear path to profitability so you know how much income to expect at any given time of the year. If you start to fall behind, having the business plan in place will help you to stay focused and on track so you will know what needs to be done to meet your goals.
Find the time
Putting together a plan takes time, but it’s time well spent and will pay off in the long run. However you need to do it, it’s important to carve out ample time to put one together. One broker I know makes it an annual retreat where he goes away by himself and reflects on his life and business. Taking that deep dive into reflecting on who you are, what you want to achieve and how you are going to do it is how you can attain your goals and a healthier, balanced life. This allows you to go into your business year after year with confidence and peace of mind, knowing that you are on a path to success.
Take advantage of the free resources out there
If you are new to this or not much of a DIY-er, there are many coaches and mentors out there who can assist you in putting your plan together. Most offer free downloads of their business planning workbooks. Brian Buffini, Tom Ferry, Verl Workman and Jeff Glover have been doing this for years. If you want to learn more on how to make the best plan for you, they offer a variety of webinars and tutorials. If you want to spend a little more, you can invest in their one-on-one coaching programs to walk you through it every step of the way.
If you have just been “winging it” to run your real estate business, then it’s time to get grounded on a solid foundation with systems in place and a clear direction of where you want to take your business. So, no more guessing on where you want to be, and you will know more clearly where you will be at year-end by having a good business plan in place. You will be amazed at how your business will take off and begin to soar, and each year that you do this, you will go higher and higher — the sky’s the limit!