Do Real Estate Agents Need a Business Plan?

Writing a business plan is kind of like drinking water in the morning instead of coffee...

Coffee gives you a jolt, a charge, and makes your eyes open a bit wider. You can feel it working immediately, and it satisfies the innate need for instant gratification.

While water is just... good for you. It's essential for survival, even but we still crave and wage war (depending on how early in the morning) to get to that cup of coffee.

Change your mindset.

Writing a business plan is essential for business success. The benefits aren't felt immediately, and you might not love doing it, but it will keep your business alive if you are consistent.

You can't decide where you're going unless you've drawn the path.

In most competitive industries where quantity produces profit, you'll often hear "time is money." This implies time is a valuable resource; hence it is better to do things as quickly as possible. This mindset often lures new real estate agents to skip several steps to obtain the financial rewards as soon as possible.

So why not just jump in and figure things out as you go, right?

Initially, the thought of writing a business plan seems like something to put in the "I'll circle back around to this" bucket. You may even wonder if it's worth spending the time, processing, planning, calculating, revising, and how it will add value to your business. But once you start thinking about it, you'll realize that there's nothing better than having a plan. And while doing so helps keep your focus on what you're trying to accomplish, as well as ensuring that you don't get consumed with theatrical thoughts like "I'll be a millionaire any day now, I can feel it!" or "If I just think positive, I will energetically attract success." Negative ghost rider.

Consistent wins in real estate demand work and business planning and projecting are among the least traveled routes taken to joining the elite 20% of real estate agents who don't fail or quit within their first year.

A business plan is your GPS turned "on" with route guidance on full volume. It lays out a written roadmap for marketing, financial projections, and operational guidelines. Remember all of the prep work that went into deciding and preparing to take the real estate exam? It required forethought, a pros and cons list, an analysis of income potential, and possibly a "is my position still available" email to your former employer in your draft inbox, just in case.

The more you study for an exam, the better chance you have at passing. Yes, this is cliche, but it rings true, and that same principle applies now that you are a licensed real estate agent starting from scratch.

Here's why:

-You'll stay on course.

-Business objectives will become crystal light, clear, and easier to digest.

-Guesswork and shot-in-the-dark tactics, when faced with kick-back, are eliminated. You will be equipped to manage the ebb and flows in the industry.

-Budgeting becomes more plausible, and you learn to make smarter decisions with your finances.

-A solid planning process helps you stay accountable to the expectations you set for your business.

So why not have one?

Learn more about building your business from the ground up. Join NA365 Missions. 12 expert trainers teach you what you need to know to create a solid foundation. 12 weeks, 12 missions to complete.

Your mission should you choose to accept it, starts on August 16th. The enrollment period closes on August 1st.

Until then, chin up, keep your feet moving … and burn the white flag.

sz