Do you know where you want your business to be at the end of 2022? For most of us, the answer is, take it to the next level without any regrets. 2021 seemed to have blinded us all with the amount of work given to us, and many of us got lost in the chaos. Don’t want this to happen to us in 2022, so taking the time to create the best business plan to get where you want to go is essential.
As independent contractors, we work for ourselves, but it’s important to understand that YOU are the business, so treat it that way. All successful businesses (and real estate agents) have a business plan, and if you’ve never created one, it’s better than ever to develop one.
Be technical about it
Treat your real estate business like you are a startup looking for funding. Would you like to invest in yourself? If the answer is “no” then you need to put a plan in place. A great tool to use is the Launch Plan business planning software, which has systems geared towards the real estate industry. You can easily create an effective business plan with solid financial forecasts. It walks you every step of the way, with tutorials and examples to help you define your mission, build a marketing strategy, and most importantly, improve your bottom line. This software will help you automate your projections into clean tables and charts which can be converted into profit and loss statements. It will provide you with a clear path to profitability so that you know how much income to expect at any given time of the year. If you’re starting to fall behind, having the business plan in place will help keep you focused and on track so you know what needs to be done to achieve your goals.
Find the time
Developing a plan takes time, but it is time well spent and will pay off in the long run. Whichever way you need to do it, it’s important to allow enough time to create one. One broker I know actually has an annual retreat where he goes off on his own and reflects on his life and business. Delving deep into thinking about who you are, what you want to accomplish and how you are going to do it is how you can achieve your goals and live a more healthy, balanced life. This allows you to launch your business year after year with confidence and peace of mind, knowing that you are on the road to success.
Take advantage of the free resources available
If you are new to this area or aren’t really a handyman, there are many coaches and mentors who can help you develop your plan. Most offer free downloads of their business planning notebooks. Brian Buffini, Tom Ferry, Verl Workman, and Jeff Glover have been doing this for years. If you want to learn more about how to craft the best plan for you, they have a variety of webinars and tutorials available. If you want to spend a little more, you can invest in their one-on-one coaching programs to guide you every step of the way.
If you’ve just “taken the lead” in running your real estate business, it’s time to build on a solid foundation with systems in place and a clear direction of where you want your business to go. So you don’t have to guess where you want to be anymore, and you’ll have a clearer picture of where you will be at the end of the year by having a good business plan in place. You will be amazed at how your business will take off and start to soar, and each year that you do this you will go higher and higher – the sky is the limit!
Anne Ewasko is a seasoned Chicago area real estate agent and longtime technician. Visit her at anne.luxhomechicago.com.