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Have you been putting off starting your realty business because you’re worried that the process will be too arduous, too complicated, and take forever? Certainly, getting your own real estate company launched is no simple task and takes a lot of hard work and dedication. Nevertheless, believe it or not, you may be able to take care of the basics of getting your business going in the space of a single workday. Here’s a timeline and checklist that shows you how to do it, presented below by Magzined.
9 AM – 10 AM: Clarify your business idea
Before you move forward with the process of getting your business launched, it’s important to clarify what kind of real estate you want to work with: residential, land, industrial or commercial. You will also need to decide which area of real estate you’d like to work in. Sales and marketing may be the first area of the business you think of, but there are other branches, too, such as development, property management, real estate law, and real estate accounting.
10 AM – 11 AM: Research the market
Now that you have a clear idea of what you want to do in real estate, make sure your idea will work in the present market. To do that you’ll need to take some time to look at what the competition is in the area you have pegged for your business. After you have done this, take half an hour to research what the average cost of managing your type of business will be in your area and what sort of finances you will need to make your start.
11 AM – Noon: Decide how to finance your business
There are several different options out there for financing a business. Divide this hour into fifteen-minute increments in which you look at what’s available for you in the following areas:
- Government grants
- Private grants
- Bank loans
Noon – 1 PM: Brainstorm business name ideas on your lunch break
Coming up with a business name can be fun, but it’s also serious: having a good, memorable business name that conveys the right information about your company can make a significant difference in company success. Take the first half hour coming up with possible names, then take the next half hour researching them to make sure they’re available.
1 PM – 2 PM: Decide whether and how to hire team members
Take half an hour to decide what size team you may need and what roles will need to be filled. Then take thirty minutes to determine whether you will be hiring full-time employees or freelancers. For some roles, hiring freelancers might be the more affordable choice. You can find excellent virtual receptionist agencies, freelance customer service reps, and accounting professionals via online job boards like ZipRecruiter.
2 PM – 3 PM: Write your business plan
You may feel totally ready to start a new company, but to set yourself up for success, you need to write a business plan that serves as a roadmap for how you’ll run your enterprise. Writing a comprehensive business plan will take more than an hour, and probably more than a few days, but you can get a bare-bones outline drawn up during this time. The most important components to include in your business plan include the following:
- A description of your business, including products and/or services
- A market and competitor analysis
- A marketing plan
- Financial forecast
- Business budget
3 PM – 4 PM: Choose your business structure
The primary business structures are sole proprietorship, partnership, corporation, and limited liability company (LLC). Take some time to evaluate each of these and decide which will work best for you.
For what it’s worth, the LLC structure is extremely popular among emerging entrepreneurs. It requires less paperwork than other business entities, protects your personal assets from being involved in your business affairs, and offers tax advantages. If a corporate structure sounds more appealing, consider starting an S corp. You will save on self-employment taxes and can claim your business’s losses as deductions on your tax returns.
4 PM – 5 PM: Craft your sales funnel with business cards
Converting contacts into clients is a key measure of success in real estate, and the best way to do it is with a combination of old and new technologies. First, use a free business card maker to craft effective business cards to provide each contact you make with the knowledge of how to get in touch with you and your services. Then, create an attractive, high-functioning website to provide your clients with the tools they need to find the property of their dreams.
Once you have completed this to-do list, you will still have a lot of work ahead of you, but you will have completed much of the planning that goes into making a business happen.