In a recent blog post, I shared the importance of creating an annual business plan. You can start by asking yourself some questions that will help you determine how much you should be doing in the next year in order to meet your goals.
If, during this process, you determine you need to do more, you must understand that you’ll have to ramp up your efforts and maybe even look at hiring some help. Don’t try to do it all yourself when there are people out there who can help you.
Another important part of your plan is to understand all the commitments you will be making. This includes a commitments regarding how your time will be spent as well as a number of offers commitment, and the commitment required for looking at properties. All these components are crucial for you to be aware of in order to build a business plan for the next year and beyond.
Some investors don’t treat their real estate business like a business. They treat it like a hobby. I strongly advise against this. You must treat your business like a business to reap the rewards. I recommend doing your homework as this will help you move forward to meet your profit goals and objectives for 2013.
Just as important as your plan A is what is your plan B? If your plan doesn’t go exactly the way you write it out and hope it will, it is important to have a back-up. Life never goes exactly the way we want it to go. There are no perfect deals. You are never going to get everything figured out on the front end and many people are killing their business because they won’t stop analyzing. Don’t overthink good properties and talk yourself out of profitable deals.
Please understand you’ll never get it perfect, nobody does. This is not a static item that can be looked at like a machine. Lots of folks are not mentally equipped to do real estate investing because they can’t get out of their own way.
Every property is different. Every deal is different. I advise you to step back and do this business the way it should be done, professionally and profitably.
Here are a few questions to think about when developing your real estate business investment plan for 2013:
- How many properties do I want to do?
- What price range of invest am I going to stay in?
- How many houses will I needed to meet my goals?
- How much time do I have to devote to my business?
As you do your research and arrive at the answers to these and other important questions, your plan will begin to take shape. Use your answers to the questions as building blocks to determine what your next action steps will be. For instance, if you decide your number of properties for the year is 12, ask yourself what steps will be necessary to make this a reality. Other questions will probably come up as you are brainstorming ideas, so be sure to write them down and answer them as well.
At the end of this process, you will have a more complete framework for your business plan. If you would like more information about how you can implement your plan and use my eBook about finding money partners, visit my website www.billbarnettnow.com to learn more. Don’t wait! 2013 is your time to make big things happen.