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How To Manage My Own Business In 4 Simple Steps

Key Takeaways

  • Writing a fleshed-out business plan and understanding everything you’ll need to make a business successful are two of the most important keys to managing your business at a high level.
  • Be sure to budget, both in terms of time and money, all the infrastructure elements you’ll need in your business.
  • Consistent, small improvements are generally easier to execute, and far more effective, than waiting for large-scale business management improvements.

Every would-be real estate entrepreneur has the dream of starting their own flourishing business venture, but inevitably they are all confronted with a similar question: What do I need to know to learn how to manage my own business?

The key to real estate business development is about having a clear plan for how the business will operate, and ultimately become profitable. After that, it’s about setting up systems for business success, and constantly looking for areas where you can improve both the business, and yourself as an entrepreneur.

Here are four keys to learning how to unequivocally answer a very important question: What can I do to learn how to manage my own business?

How To Manage My Own Business

real estate business development

1. Begin At The Beginning

Long before you turn the lights on in your new business, it’s important to know exactly what this business will look like, and how it will make money. As a real estate entrepreneur, this means doing the following:

Developing a thorough business plan: What need in a particular market are you filling? How do you plan to fill it? How will you acquire customers/leads? What’s your compelling reason for having the business? Include as many details as you can.

Identifying your customers: Be as specific as you can. Not just “homebuyers,” but “first-time homebuyers looking for starter homes in Imperial County, California.” Create an avatar of your ideal customer containing both demographic and psychographic information.

Planning your finances: It’s key you understand the numbers of your new ventures so you can confidently answer a very important question: What can I do to learn how to manage my own business? How will you generate income in your business? By when? How will you finance your start-up business costs? How do you intend to grow the business from a fiscal standpoint?

2. Build Your Infrastructure

Luckily, as a real estate entrepreneur, there aren’t the huge start-up costs associated with many other types of businesses. However, there are certain business expenses that we should be aware of before plunging head. And they include:

Business entity set-up: As a real estate investor this will likely be in the form of a Limited Liability Corporation (LLC), which helps protect you and your estate from potential issues down the road (it also helps tremendously come tax time).

Marketing materials: This includes things like your website, a credibility packet, direct mail postcards, and even the email database tool you use to communicate with potential leads. Though you may not need every single item of your marketing funnel completed before you get started, it’s important you have as much set up as possible, before you hit the ground running.

Team members: You may be just a one-person show at first, which is okay, but whether it’s hiring a part-time graphic designer or outsourcing your social media to a starving college student, it’s important to budget for additional members on your team.

3. Set Yourself Up For Success

Plunging into the deep end of the real estate business management pool can be daunting, especially at first. It can feel like you’ve got thousands of items on your to-do list, with just a few hours each week to accomplish them. Here are some keys to help you stay on track both personally and professionally:

Document as you go: No matter how small or large the business task, document the steps taken to execute it. This will not only make it easier to delegate the task, at a later date if desired, but also help you become more efficient.

Keep your marketing focused and targeted: One of the biggest mistakes that new businesses make is to try to market to everybody under the sun. This can make your marketing costs prohibitively expensive and quite ineffective. Make your marketing as targeted and segmented as you can, and proceed expand as required.

Set specific, realistic goals: The biggest reason entrepreneurs don’t reach their objectives is that their goals are too vague, and too unrealistic. Set actionable goals, with a defined time period, to help motivate you each and every day.

Go left, when everybody goes right: If the competition in your local market is communicating to clients and leads in a specific way, do your best to try something different. Take risks. Stand out. Don’t be afraid to be unconventional, yet still professional, in trying to attract would-be customers and clients.

4. Tweak And Improve

It may take a little while, but once you’ve got your business up and running, it’s time to look for areas where you can improve and optimize the business.

Budget weekly time for education: It’s important to keep tabs on your industry. Whether it’s gathering more data about market trends, or mastering the latest social media marketing strategy, always be open to learning new things that can help your business.

Look for small improvements: It can be tempting to look for huge, earth-shaking improvements that will radically boost your business. But the key to long-term success, whether improving your website conversion rate or simply shopping around for a cheaper graphic designer, is to look for opportunities for small tweaks, that when put together can lead to consistent efficiency and improvement.

Make time for life: Working non-stop on your business, without a break, is not only a recipe for burnout, but deprives you of the chance to realize huge business gains found outside your industry. Make time for recreational activities and charitable functions (anything that helps you re-charge your battery). You might just find it’s a new pipeline to a whole new side of your business.

Have you learned something over the course of managing your own business? Do you have a nugget or two you could share with other entrepreneurs trying to answer the same personal question you are: What can I do to learn how to manage my own business? Let us know in the comments below.

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