Any major endeavor worth doing right requires some sort of organized plan. Starting a business and getting it off on the right foot is no different. It’s amazing to me that most folks that are starting a business spend more time planning a 1-week vacation that they do laying out the steps of a business they intend to support them for many years into the future!
Before you begin, most of you probably think that creating a business plan can be overwhelming. Admittedly it does take some time, effort and concentration, but there are many tools available to get you started. There is no need to reinvent the wheel! The first thing you want to do is find a business plan template. This will be your guide so that thoughts, ideas, and goals are formatted and inserted correctly, efficiently and in a logical manner.
There are a million websites available out there, some are free and some will cost you a bit of money. All you need to do is Google: Business Plan Templates and there will be many to choose from. Most will have the major key ingredients listed within them. However, in order to help you on your journey, we will explore 7 key ingredients that are essential in a complete business plan.
Hopefully, these 7 Tips will help you formulate a solid business plan that rockets you to success! Remember, a business plan is like a map. It can be changed, tweaked, adjusted and revised as your circumstances or the market circumstances change. As part of our Real Estate Coaching Program, we at Bronchick Consulting help each of our students design a business plan that will serve as a guide to their real estate endeavors.
Here’s to your success!
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Attorney William ("Bill") Bronchick, host of Legalwiz.com, has authored six best-selling books and is sought nationwide for his 25+ years of real estate and legal knowledge. He has been interviewed by numerous media outlets, such as CNBC, TIME Magazine, USA Today, Investor Business Daily, Forbes, and the LA Times, to name a few. William Bronchick is the co-founder and past President of the Colorado Association of Real Estate Investors and the Executive Director and founder of the College of American Real Estate Investors. Click on the "About" link above for more information on William Bronchick. Frank Pulley is an experienced real estate investor and foreclosure specialist. He is the director of William Bronchick's Coaching and Mentoring Programs. For more info, contact [email protected]