Month: December 2019

Personal Business Planning Tips

Customers and most particularly property owners, business owners, and tenants are at the centre of your business model. Long term customer relationships and referrals will help you grow your market share as an agent.

Given all of these things you really do need a business plan to move ahead as a commercial real estate agent. Without some form of plan you will likely struggle. The plan will help you with focus when it comes to the key issues in your personal business. It will also help you with prospecting and growing market share.

Here are some of the bigger issues to merge into you planning process:

  • Where is your property market? You will need to define exactly where your listings and contacts will come from. It could be a town or a city, but either way you must define it so you know where to prospect on a daily basis.
  • Set some boundaries inside the town or city as your primary focus area. Define a ‘primary location’ that contains enough property owners and properties for you to work on. In most cases that should be 2000 businesses and properties. When you do this you can break the zone up into
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Partnering With Other Entrepreneurs

Ownership

  • Pros: Pride of ownership, freedom from others control, time invested will show higher return, flexibility to make decisions.
  • Cons: You never know when you can invest 40 hours or 80 hours into the business this week. Having to compete with other companies. No guarantee of success.

If partnering just for capital, an entrepreneur may think twice. Partnering mistakes are costly because a partner may not have any expertise for the business or not willing to invest the same amount of time.

Control

When it comes to partnering, a lot of people immediately think about 50/50, so everyone can have equal control. You need to avoid this because “there are too many cooks in the kitchen.” There needs to be a person who can make the last decision. Research shows it is best to go into a partnership of 60/40 or 70/30. Every business needs a person who has an overall control and accountability. This way employees will not be confused in knowing who the boss is.

Personality

  • Pros: different and more diverse characters may benefit in various tasks such as finance, people, product, marketing management, etc.
  • Cons: Facing the same issues but two people may react in different ways.
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Start A Business From Scratch

Businesses Fail

The main reason we start at the customer and solve his or her problem is because we need the foundation of a product that will sell for a profit. One that will continue on for years to come. Without that, there is no business. If you go all out and start a business without this kind of product, the business is likely to fail. In fact, even if you come up with a great product, you still have a high risk of business failure. But without a great product, it is almost a certainty.

The Customer’s Problem

Finding a problem to solve is finding an opportunity. You add value when you uniquely solve a customer’s problem with a product they can buy.

What is a product?

A product can be a physical product such as a shovel, a digital product such as an eBook, or a service such as business consulting. It could also be a method of distributing that adds value, or a way of organizing or combining existing product lines. Really the product is up to whatever you can imagine.

Trial Sales

Initially you can sell under your own name, which is the same as a … Read the rest


Time to Live Outside the Box

This box is a dream killer. It’s an entrepreneur crusher. So, where did this box come from? And how did we get in it? Well, here are my thoughts on what this box is.

It starts when you’re a child. They send you to school to get an education. Don’t get me wrong, I’m all for getting an education. However, one of the dangers about school is how they start putting you into the box. They tell you to get a good education so you can get a good paying job and then, after 20 or 30 years, you can retire and start living the life of luxury. That’s how you become a success in life.

So, we go through Elementary, Middle and High School with a box mentality. And when we go to college, we’re still stuck with the box mentality, right? Then what happens after college? We jump right into the box and get a job.

Well, the job it’s almost like school:

  • We get up early and get to work at eight or nine o’clock.
  • We get a break at 10:15, and a lunch break, if we’re lucky.
  • Then we go home at six o’clock and get
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Up-Leveling Your Success

  • Being In Squirrel Mode. When you spread yourself too thin, it’s hard to fully monetize your business. One big mistake I see people make is when one thing isn’t working, they see the next “shiny object” and try something new. The result is they never fully put in the work it takes to make a new objective take off. Having a mentor can help you find the focus you need to experience growth. They can help you create a plan to use your money, resources, and time in ways that laser focus your results.
  • Not Admitting When Wrong. Being your own boss is awesome. You get to call all the shots and be captain of your own ship. But the problem is that you always get to be “right” – even when you aren’t. There can be great value to having a mentor to reframe your situation and show you areas that need improvement that you may be overlooking. Having someone speak the truth to you when it’s needed is critical to growth.
  • Getting Stuck in Victim Mode. It can actually be cathartic to gripe and moan about how busy you are, or how out of control things have gotten,
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Keys to Achieving Entrepreneurial Success

Know what you are going to do to make money

If you are going to be a successful entrepreneur it is important to know how you are going to generate income. Exactly what is your vision for entrepreneurship? Being an entrepreneur is not like having a hobby. You much be able to transform your idea to income.

Don’t be so quick to fire your boss

I know you are probably so excited to transition from employee to entrepreneur that you are ready to turn in your “two weeks” notice and never look back. But is that really the best choice to make? There are many benefits to keeping your job. It is a wise idea to keep your job so that you can have money coming in to pay your bills. If you don’t have money coming in to pay your bills that is going to be very stressful, and it will be challenging for you to unleash creative entrepreneurial ideas with a stressed out mind.

It is also a wise idea to keep your job because you can use money from your job to fund your entrepreneurial vision. You can set aside a portion of your paycheck to buy … Read the rest


Business Process Consulting

Ownership and Trust

Most small business environments are created by an individual or a family. In the case of a small family business, relationships can be close and intense. This means that such businesses can often be emotionally laden environments. When families have interpersonal difficulties, emotional intelligence in business can be difficult to maintain.

As such, this particular form of ownership can create potential risks. These risks can often be exacerbated when there is a high degree of power concentrated in one person, usually the founder of the business, or in one or two other family members. Such concentration can lead to poor decision-making, a myopic mindset and/or an unclear focus.

Therefore, it is incumbent upon successful and effective small business owners to establish a business policy development framework that ensures that these risk factors are managed and, where possible, eliminated from their companies.

Effective business owners welcome the idea of adopting a governance model that ensures that the best interests of the business are served, as opposed simply to serving the interests of one or two individual family members.

They also set time aside to invest in leadership skills development, at this governance level, as they know such development … Read the rest


Plan a Personal Business Retreat

Most of us are busy not only within our business, but also have roles in family and community, as well. As our business begins to take off, we have less of the quiet time we need to work “on” the business rather than “in” the business. And, because we expend a high degree of energy, we need respite. In fact, where we get our new ideas and renew our energy is often while we are on retreat.

My formula for fantastic business success is to regularly pull myself away from my business. This stretches me in several ways.

  • It forces me to train employees and trust them to run day-to-day operations while I am away.
  • It forces me to clear my calendar and budget for personal business retreat time.
  • It helps me keep my own ego out of the business and put my attention on the present and future possibilities.
  • It forces me to change my daily environment, literally getting a fresh perspective for myself and my business.

In fact, one mark of an entrepreneur who thinks too small is one who insists he cannot get away from his own business. This a sign of overwhelm, fatigue, and over-control. Here … Read the rest


Signage in a Startup Business

Function

The most important function of a sign is that they act as your salesperson silently. The sign will draw attention to the business. You will see more customers coming in. the signs will also help one to differentiate the business from the others. Signs are a link between a business and its customers.

Types

There are several types of signs found. Some are ground mounted that can be placed in the exteriors. They can be of various shapes and sizes. They are placed beside the road to attract the attention of the passerby. They are useful in the places where more people visit the place.

Importance

Signs guard the marketing strategy of any business. So, put up the logo of your company. This will surely help to grow the brand value. They can promote your business or convey necessary information to the audiences. As the signage will be visible all day and night long they will give you continued results. They can be used both for on-premises and off-premises usage. They always pass a message to the passerby in a quick and effective way.

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Getting Ahead Of Competitors

Firstly, you can buy your competitors‘ product to determine their sales process (and service) and get on their mailing list to see future promotions. The relatively small price you pay for their product will pay for itself many times over in the knowledge you gain by finding out what they are doing and how they are doing it.

If you use this strategy, do not use your own name because your competitors may recognize your name as their competition. Instead, use your spouse’s name, a fictitious name, an employee’s name, or an alternative company name (if you have another company) that will allow the mail to get to you without revealing who you are. Also, make sure you use an alternative address, email address and phone number.

By purchasing your competitors’ products, you can find out exactly what they are doing, who they are dealing with and how they are doing it – all by their email and snail mail correspondences. You will also be able to experience exactly what a regular customer would go through and you can then judge their product, service and operations against yours. This gives a great advantage to all of your customers because … Read the rest