Assess the Target Market
Assessing the target market involves analyzing the demographic, cultural, and financial factors that affect the real estate industry in the area where you intend to operate.
A market assessment enables you to identify potential challenges and opportunities. These factors will influence the success of your business.
To assess the market, draft a thorough market overview. Then, define the target audience in the market and research the competition.
Come Up with An Executive Summary
After assessing the target market, you’ll now have a clear market picture and know the competition and your target audience. This makes it easier for you to describe your company.
The executive summary should summarize the services, purpose, audience, and location of your business concisely.
Use a maximum of five sentences to describe what your business will do, the services it will offer, the areas where it will operate, and the people it will serve.
Define The Mission Statement
A mission statement should build on an executive summary. It should explain the purpose and motivation of your business. It’s a “why” statement in a business plan.
Therefore, consider why or the reason for starting the business as well as your passions in the industry.
Perform A SWOT Analysis
SWOT analysis is an outline of the places where your business can lose or gain sales on the basis of external and internal factors.
Performing this analysis entails considering the strengths, weaknesses, opportunities, and threats that your business is likely to encounter.
Weaknesses and strengths are internal while threats and opportunities are external to a business.
Determine Your Business Goals
Determining the goals of your business will enable you to decide on the path that will lead it to success.
To set business goals, identify the top objectives of your business on the basis of your ambitions, competitor achievements, as well as realistic growth. Separate the goals into long-term and short-term categories. Determine the key performance indicators to help you measure your goals’ achievement.
Establish Management Structure & Outline Daily Operations
The purpose of a management structure is to determine the responsibilities of your team members. With a business management structure, outlining the daily operations of your company will be easier.
That’s because the structure makes determining the persons to oversee different operations easy. Match different staff members with the responsibilities they can handle better.
Come up with management metrics to make the reporting structure clear and forward-thinking.
Layout Your Business Financial Plan
You now have goals and a management structure as well as an outline of your business’s daily operations. It’s now time to map out the financial plan of your business.
Write down the startup costs as well as ongoing expenses. Check the available funding options to choose the best.
Also, brainstorm what marketing plan you will want to implement (we will discuss this in-depth in step 7) and, roughly, how much execution will cost you.
Review & Revise Your Business Plan
After compiling these elements of a business plan, go through it with somebody who will play a role in the launch of your business. Get their feedback and input. Make the necessary revisions until you feel satisfied with every section. Keep your business plan in PDF and printed versions to ensure easy access.