Thinking about opening a general real estate business? We tell you what you need to know to get started.
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Business Plans for a General Real Estate Business
A common mistake for an entrepreneur is to launch your company without having written a business plan.
A good business plan defines the game plan. If you don't have a business plan, your leadership will be handicapped, making decisions that could be detrimental to your general real estate business's values and long-term goals.
Start by defining your business mission. The process of writing a mission statement doesn't have to be complicated. From there, you can begin to build on it with goals, budget estimates, marketing plans and other elements that are typically found in startup business plans.
Review the Competition
Prior to opening a general real estate business in your area, it's worthwhile to see how strong the competition is. Try our link below to get a list of local competitors nearby. Complete the form by entering your city, state and zip code to get a list of general real estate businesses that are close by.
It's important to be aware of what the competition is doing. Take the time to visit the competition to properly assess their strengths and weaknesses.
A Good Source of Advice
Once you've finished assessing the competion, you really ought to learn as much as you can from somebody who is already in the business. If you think your local competitors will give you advice, you're being overoptimistic. Why would they want to educate a future competitor?
However, a fellow entrepreneur who has started a general real estate business on the other side of the country will be much more likely to talk with you, provided that you won't be directly competing with them. In fact, they are often very willing to share startup advice with you. Our estimate is that you may have to contact many business owners to find one who is willing to share his wisdom with you.
How would you find a general real estate business founder outside of your area who is willing to talk?
It's not that hard. Just use the handy link below and enter in a random city/state or zipcode.
Benefits of Buying a General Real Estate Business
On a percentage basis, more entrepreneurs intend to enter general real estate business ownership through a startup than through a business purchase. Yet general real estate business startups aren't easy - many fail within the first year.
There are a lot of factors that need to be considered in buying vs. starting a business. By buying a profitable general real estate business, you'll shorten the amount of time it takes to achieve a return on your investment because you'll have the advantage of a proven operation and an existing customer base.
Franchising May Be a Better Way to Go
Franchising is a smart move for entrepreneurs just getting started in small business ownership. Franchises are popular because they are based on a business model that works. The nation's leading franchisors know their way around the industry and are now passing their learnings on to the next generation of business leaders. There are plenty of franchises options at your disposal. The key is to select the one that matches your capital requirements and business philosophy.
Just click the link below to learn more about real estate franchise options.
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If you already are in business and came here to learn about growing an existing general real estate business, these resources will come in handy:
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