7 Steps To Creating The Perfect 2021 Business Plan
When you're in real estate, being busy doesn't mean you're making money. That's why having a well-defined business plan is crucial to your growth and success.
Writing a business plan can be a daunting task, as there are so many aspects to consider. Take our seven tips one step at a time and schedule regular reviews of your plan to make sure you're on track to meet your goals.
1. Develop your mission statement. This should be easy as cake! What are you bringing to the table that sets you apart from the rest of the Realtors in the area? Your mission statement should clearly define your purpose and your unique value proposition.
2. Complete a SWOT analysis. Standing for Strengths, Weaknesses, Opportunities, and Threats, a SWOT analysis is a must-have for all entrepreneurs like yourself. Knowing who you’re up against and what you need to do to compete will help you find more opportunities to boost your strengths and improve your weaknesses.
3. Set specific goals. Do you want to make $8,000 a month? Write that down. Double the size of your database? Write that down. Consider both short and long term goals and make sure your short term goals align with and feed into your long term ones.
4. Develop a strategy. Want to start excelling at customer service? Figure out how to start responding to clients within 30 minutes. Looking to grow your digital sphere? Create a social media marketing calendar. Don’t worry if you’re not immediately sure how to execute on some of your goals. Your business plan is a living document that will shape shift as your business and abilities grow. Maybe you want to expand your national network by attending a real estate conference, but aren’t sure if you can afford it. Write it down anyway. This is where you map out a path to your biggest and best ideas!
5. Consider your time frame. Do you want to have a new website up and running by spring? Obtain a new certification in the next three weeks? Deliver 250 pop-by gifts by the end of the year? Adding a time frame to your goals and strategies will help you stay accountable and focused on achieving goals.
6. Define your target audience. Luxury home buyers? Families relocating to the area? First time buyers? Defining your ideal audience will help you fine tune your strategies to ensure that your messages are reaching the right people.
7. Determine your systems and processes. Will you use a CRM to keep track of clients and their needs? Do you have a specific marketing program you plan to use? Make sure your systems and processes are simple to stick to - consistency is the secret to real estate success!
Remember: your plan should be results driven. Each step should require action and discipline from you. Otherwise, it’s just a piece of paper sitting in a drawer! It’s up to you to turn your plan into a reality.