Those of us who work in the real estate industry live by the mantra "location, location, location" regarding properties to buy or sell. Similarly, when you are setting up a new real estate business you need to think about your location. Is that location or office also a marketing asset?

If not, how can you turn it into one? Think about what needs to be started or what changes need to be made to accommodate the thriving enterprise you created in your business plan.

A WISH OR A PLAN?

Plan is a good four-letter word. Make sure you have a written business plan that at least addresses the basics of who, what, when, where, why and how. Research, think about, document and date the following:

- Who are you? What is your track record and distinction?
- What are you offering?
- Who is your intended customer?
- What is your intended customer buying or renting?
- When is the best time to convey certain messages?
- Where are the trends that should have your attention?
- Why is your competition doing better (or worse)?
- How do you reach key people beyond (or before) the MLS?

YOU, INC.

Often new business owners in real estate and other industries or professions laugh at their entrepreneurial peers who confess to an approach of "ready, fire, aim." Then the newcomers execute similar versions of the same mistakes.

One of America's founding fathers, Benjamin Franklin, was on the right track when he noted and projected human behavior as he observed that failure to plan is still a sure plan for failure.

Your business is a process, not an event. Even a property showing, for example, is the result of one process executed with hopes of a sale, another process.

The way you run your business, even if it is actually your contribution to someone else's enterprise, should first be seen as your company of one. Progressive bosses in larger and small businesses even encourage intra-preneurship as a thought process.

Shay Yavor, Entrepreneurial Real Estate Expert expresses, "In all of the businesses I've owned, I've tried to foster an entrepreneurial culture. Every employee is not only valuable for what they do but also for the insights they bring because of their unique perspective of the business.

I'm always open to suggestions as to how we can do things better as well as new strategies, products, or markets we should consider. For example, I used to own a construction company that did mostly traditional home improvement like kitchens and additions.

I had an employee who was interested in solar so I told him that if he learned about solar, we could start a solar division and see how it goes. I offered him a share in that separate division and it really took off and ended up being a bigger company than the original company!"

VALUE IN YOUR NETWORK

Networking is a key business development strategy. One day you may notice that you are either networking or not working. Come to the table with more than an appetite. Of course, you want leads and new business. So do others. What types of information, updates, or suggestions are you planning to give, not just take?

What else do you want people to think of when they think of you? Do you have a niche? How are you taking advantage of opportunities to establish or convey your expertise? And how does that expertise stand up against that of your competitors?

ADD VALUE TO YOUR TEAM

Be specific about what you are doing, for whom, and why. Don't try to be all things to all people ("jack of all trades..."). Identify your target market. Create a description of your ideal customer. Everyone on your team should be able to articulate the distinctions that enhance your brand.

If you need help, make sure you hire or involve the right person for the job. Think twice before you hire the person with the best personality over the person with the strongest skill set. Try to avoid skimping if you can. If you hire, for instance, the bookkeeper that you like instead of the accountant that you need, your measurable results will not be as favorable as they should be.

KNOW YOUR NUMBERS

Track your income and expenses at least monthly, more than that when you are getting started. If you cannot afford to hire an accountant, or even a bookkeeper, learn more about how to prepare and interpret cash flow statements, balance sheets, and profit and loss statements. Local libraries, universities or chambers of commerce should be good sources for free or affordable information and assistance. Learn how to understand your money, not just count it.

PAY ATTENTION TO DETAILS

Conduct enough industry research to develop and manage relevant expectations. If your bank account is your scorecard, how are you doing? Why? Allocate your resources, including your time, in a manner that supports your strategic plan. Learn from your mistakes. And learn from your success. Document as much as you can to better assess your past as well as plan your future.

Author's Bio: 

A healthy eating and world news expert, motivational speaker and author. She is passionate about the impact of health and family issues