Register for our FREE Masterclass:
5 Ways To Grow Your Rent Roll
There are no guarantees in life – except death and taxes, right? Which means there are no guarantees that your real estate business will succeed.
If you’re not sure if your business is going to succeed, then what’s the point?
And when times get tough in your business (and they WILL), you begin to doubt yourself.
So, it would be useful to know if your business is LIKELY to succeed?
There is a way to determine whether your business is LIKELY to succeed…
I’ve created a 4 point checklist to help you discover if your business is likely to succeed….
Although I don’t believe in researching your competition, I do believe that your business needs to meet a need that isn’t already met in your marketplace. This need is the “Gap”. Remember, the Gap might be anything! It might be:
Or it might be something else!
Part of having a successful business is meeting a gap in the market that isn’t already being met by anyone else.
When you first start your business, you need to know what your model is. Once you know what your model is, you can determine whether the model is sustainable. Ask yourself: “Is My Business…”
Once you know what your model is, you can determine how much capital you’ll need to get you to “break even” and then how much you’ll need to get profitable.
The best way to determine how much capital you’ll need is to use a cashflow forecasting tool. A spreadsheet is a simple way to do this. This cashflow forecasting spreadsheet can allow you to put in all your expenses, your forecast growth rates (remember, they need to be realistic growth rates), and this will allow you to see how much money you’ll need each month, and how much total capital you’ll need.
You’re going to experience failures and setbacks in a new business. There will be moments (trust me, many moments) of doubt. You need to be committed enough to push through these setbacks and doubts. If you’ve got the drive to push through, you’re in with a VERY GOOD chance of succeeding in your business!
If you haven’t read my last blog, about Why Branding Doesn’t Matter please check it now now!