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Rose Willis posted a new Path To Success Business Plans thread on 7/26/2011

Going out on my own

HI everyone. I'm a Realtor and would like to open my own real estate office in Chicago. I've been in the field a long time and have done every part of this business. Do you think I even need a business plan? Sounds like lots of work.

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Andrew Clarke Responded on 7/30/2011


Every business should have a plan. Without it you are only hurting yourself. That doesn't mean you need to spend 6 months and many thousands of dollars, but it does mean you should spend some time researching the market, formulating a marketing and sales plan, writing down some basic financial projections and some goals. One of the most important aspects in starting out is making sure you have enough capital to get through the first year or two. Realtors generally have low capital requirements, so this should not be too much of a concern, but it would still be nice to be able to eat if things don;t go quite as expected. As a realtor, your primary marketing/sales channel will probably be networking. So that should be a critical part of your plan --- make sure you are meeting the right kinds of people and following up with them.
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Angela Ford Responded on 8/1/2011


You definitely need a business plan! Without it you are shooting from the hip and you won't hit any good targets! David is right about what your plan should emphasize based on your immediate goals. But you've got to make money to have a successful business. Without mapping out what that financial success should look like you'll be sure not to get there! No plan is like getting into a car and saying I'm going to Successville! Where is that? Would you turn left or right?! No clearly defined goals means no getting there!
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Nikita Wilson Responded on 8/7/2011


I think that business need a business plan so things would go a bit easy . Its just noing and having your vision on paper even if its not being presented to anyone but yourself .
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Allison Brito Responded on 8/9/2011


@Rose - Most start-up businesses 'NEED' a 'Business Plan', but if feel you are not quite ready to pay a lot initally, or to put the work into it; get yourself warmed up by gradually writing a story about yourself and exactly how you dreamt your Real Estate business would operate. Consider all of yours goals and objectives, include the who, what, when, where, why's and how's about your intended business. Over some time, attach supporting documents for everything where applicable. Calculate and estimate costs when possible - write figures down. This project will help to bring your actual 'business plans' into view. Once your have laid it all out, let it sit for some time - go back and keep revising accordingly. Once your are satisfied with it, you may just be ready to call on more professional assistance. We are here to help - (347) 770 2554.
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Idrissa Sinare Responded on 8/17/2011


Why do we need a business plan? How do we write it?
If you were going on a road trip into unfamiliar territory, would you start the trip without a map? Of course not!
You probably would want to arrive at your destination in a reasonable amount of time, taking a well planned route, specifying points-of-interest as sightseeing goals along the way. Therefore you’d use a map to target and achieve those goals.
A detailed, written business plan serves as a map for a prospective business owner. Whether you are starting a new business or assuming control of an existing business, you need to know where you are going and how you will get there.

I my last client asked me to include a full business process with his business plan. It help also keep tract of performance, more importantly if you incorporate the full process in a Balanced Scorecard.

Good Luck Rose

Idrissa Sinare
Director | P.R.I.M (Parade Redeeming Industries Mending)
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Danielle Martinez Responded on 10/6/2011


I totally agree with the previous replies, you need a business plan (Idrissa Sinare's road map example is perfect). Many times people think that business plans are only needed when seeking loans and investors, but business plans are necessary for every business (they force you to think through all of the details). Although preparing a plan is hard work, it protects you from getting caught off guard.

Danielle Martinez
Nicholas Consulting Group
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Josh Alexander Responded on 10/23/2011


Building our business plan was actually one of the most time consuming tasks we had to do, but well worth it. As others have said, it helps so you won't be caught off guard. It's a very important step when starting a company of any kind.
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Josh Alexander Responded on 10/23/2011


Building our business plan was actually one of the most time consuming tasks we had to do, but well worth it. As others have said, it helps so you won't be caught off guard. It's a very important step when starting a company of any kind.
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srry duplicate post. - Josh Alexander 11 on 10/23/2011

 
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Maynard Wiff Responded on 10/31/2011


Doing a Business Plan is a means to an end. The goal of the Plan is to find and organize information so as to reduce the uncertainties involved in starting up your business. It also provides a standard of comparison, so that you can evaluate whether you are on track once the business is launched. Many businesses fail because they under estimate costs and/or are too optimistic on revenue ramp up, and run out of cash. What are your monthly fixed costs? How long can you run with no cash inflow? Remember that making the sale and getting the cash are separated in time.

It's gret that you have extensive experience in the real estate business, as this should help you put together your plan more quickly. Still, you will benefit from doing a Plan, in that it will either confirm what you already know, or reveal some aspects of your planned business venture that you needed to know.
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