Small Business: Business Start Up
Do you want to know the two most common characteristics of the wealthy? - Entrepreneurship
- Real Estate Holdings.
So does this mean you should quit your day jobs and go full entrepreneur full time? Absolutely not! Your current day job is very important, so yes do not quit, Yet! Like most things, there are pros and cons to everything and you have to way your options. But it starts with creating a work/life balance.
- Proper time management
- Surround yourself with people you can trust
Business Start Up: Goal Setting
HOMEWORK Assignment #1:
- Sit down and write your ideal scene where you would like to be 10 years from now.
- Be Realistic: Finances, Family, Marriage, Asset Net Worth, Spirituality.
- Next, describe in vivid detail where you must be in your life/career in 5 years.
- Then in even more detail where you must be 3 years from now to obtain your 5 year
- In writing your 1 year goals you should be very specific on the week to week goals
that that you need to accomplish in the coming year. I could be that you may only
need to hit a certain revenue value each month to put you in possition to start
another business venture. Maybe, you need to become fully educated on how to
implement a niche of real estate you are interested in and how to successfully get
through the closing phase. But you need to be specific.
- Once you have all things consider, identify what you envision for your future. 15
years down the line what should that look like based on what youve acomplishe in
Your Business plan is the blueprint to describing the nature of your business. This will outline your sales and marketing strategy, Strategic plan and your financial background..
Above all else:
VERIFY YOUR BUSINESS PLAN IS PROFITABLE AND YOU WOULD BE PASSIONATE ABOUT IT!
Strategic planning's main purpose is to identify the process of documenting and establishing a direction for your business. Start by assessing both where you are and where you're going. The strategic plan gives you a place to record your mission, vision, and values, as well as your long-term goals and the action plans you'll use to reach them. This is your step by step time line of how you’re going to reach your vision. It will identify Important Considerations, Individual Owners, Partnerships, Board of Advisers, Balanced Planning ect.
Things to consider:
Organizational or Management
- Is it just you or do you have multiple people involved?
- What is it that you are trying to sell, what are you trying to do, what are you trying to develop?
- How do I develop this product that people are going to want to buy?
- How does your system work?
- How are you going to make your system better?
Personal Training & Education
- How is do you plan to stay educated and on top of your market?
- How do you plan to be the industry leader that people come to for advise and council?
Employees and Vendors
- Do you have employees?
If you don’t have employees:
- Who is your vendors?
(A vendor can be a contractor, can be people that can help you take your idea to the
- Who helps you get your website launched, or do you do it your self?
- Who helps you get your product delivered?
- Who is helping you get your real estate rehabbed?
Management by Statistics
- What are the numbers, every week?
A Marketing plan is a report that outlines your marketing strategy for the coming years, quarter's or month's. This overview of your business's marketing and advertising goals should involve your financial contribution and estimated rate of return for your contributions. You want to be clear about where you are currently and where you plan to be, realistically, 10 years from now. Your marketing plan should involve what your strategies will involve.
Business Start Up: Board of Advisers
HOMEWORK Assignment #2:
- Build a Board of Advisers (intended for LLC's) or Directors (Good for corporations):
- 3-5 people that believe in you. People that you can tell about your 15,10, 5, 3 &
These are people that you trust will give you a straight answer and they have a little
bit more wisdom than you , plus they believe in you. Once a month and/or once a
quarter take these board of advisers to dinner. If you have BBQ dinners at your
house invite them over. You may meet for a trip that is tax deductible and you talk
about your goals, but you need people in your corner that your can bounce ideas off
With a new year comes new beginnings and its important for new entrepreneurs to really get dialed into "what this means for me and and my future". Having an understanding of what your business looks like, holistically - on paper, is key! It allows you to refer back to something to say yes I met my goal or no I'm off track and here is why. I can not stress enough the importance of having measurable goals that allow you to scale your business. You want to be able to take your business to the next level and this is the way that you do it - through proper planning.
All through this stage is very tedious and cumbersome its very important. That said I don't want you folks taking 6 months to build your business plan. 1 - 3 months Max! You want to focus most of your time on money making activities, so you can live the life you want to live, the life your family and friends can be proud of and the kind that life you are able to build the generational wealth you so desire.