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Whether or not you’re a seasoned actual property skilled or simply beginning out, understanding the place you at the moment stand — and the place you wish to go — is essential.
You want to take a structured method to judge your present scenario, envision your best enterprise and navigate by varied phases of enterprise growth to finally construct a long-lasting legacy. By taking an trustworthy take a look at your present circumstances — the great, dangerous and the ugly — and the place you finally wish to be, you possibly can develop a plan that works for you and your online business.
Step 1: Assess your present scenario
To start, take a second to self-diagnose your online business and set up a plan for shifting ahead. Opposite to widespread perception, this course of is comparatively easy. Seize a chunk of paper and reply the next questions:
- What’s working for me?
- What’s not working for me?
- What do I love to do?
- What do I not love to do?
- How a lot cash did I make final 12 months?
- The place did most of that enterprise come from?
When you’ve answered these questions, you’ll achieve a clearer understanding of the place your online business is coming from and what you need to concentrate on to take pleasure in and drive your online business. Double down on the actions which might be each pleasurable for you and useful to your online business.
Step 2: Envision your best enterprise
Subsequent, envision your best enterprise by answering these questions:
- What do I would like my enterprise to appear to be?
- What number of hours every week do I wish to work?
- How a lot income do I wish to generate?
You’ll shortly discover a niche between the place you’re and the place you wish to be. Apparently, regardless of how profitable you turn into, you’ll doubtless at all times want one thing extra. This will probably be a relentless, no matter your stage of success. In reality, return to this step steadily so as to proceed to push your self to new ranges of success.
Phases of enterprise growth
Part 1: Cash issues
For newer brokers, the first focus is on producing revenue and establishing a secure monetary basis. This part is all about hustling, constructing a consumer base and shutting offers to make sure monetary safety.
That is additionally the time to arrange monetary programs that may preserve you on monitor for the long run. Discover a trusted monetary advisor, CPA, CFP or monetary counselor to help you in establishing bookkeeping, tax financial savings and preparation, and funding planning. (Keep in mind, in case you’re an impartial contractor, you’ll be accountable for setting apart your taxes.)
Part 2: Time management
For extra skilled brokers, the purpose shifts to gaining management over their time. They goal to work fewer hours whereas sustaining or rising their revenue. This part emphasizes reaching monetary freedom and planning for retirement, permitting brokers to take pleasure in a greater work-life steadiness.
You possibly can achieve management by including leverage, like an assistant; rising productiveness; or just setting higher boundaries. Select the methods that work finest for you and that depart you time to attach with your loved ones and buddy group.
Part 3: Freedom and achievement
At this stage, life turns into extra pleasurable as selections are not pushed by cash or time constraints. Now you can pursue what you genuinely wish to do, whether or not it’s specializing in area of interest markets, mentoring new brokers, or indulging in private passions.
When somebody asks you what you do, attempt to assume past actual property. You might be greater than your job, and on this part, you’ll begin to faucet into hobbies, pursuits and passions that you’ll have put aside throughout your earlier constructing phases.
Part 4: Legacy constructing
This part entails making a legacy that may outlive you. The main focus is inward, on creating one thing significant for your self. This might imply establishing a recognizable model, investing in actual property or making a enterprise mannequin that continues to generate income.
Don’t overlook to faucet into the skilled community you’ve been constructing all alongside your journey. Should you’re concerned about funding, for instance, look to these colleagues, mentors {and professional} companions you trusted that will help you get began.
Part 5: Legacy for others
On this ultimate part, you shift your focus outward, serving to others construct their legacies utilizing your expertise and success. This might contain teaching, mentoring, creating coaching applications, or contributing to the neighborhood by philanthropy or instructional initiatives.
There may be nothing extra rewarding than serving to others by items of cash, time and your hard-won knowledge. Whether or not you fund a scholarship at your alma mater, take a management function in the neighborhood or train enterprise abilities to younger entrepreneurs on the native highschool, you’ll pave the best way for future generations to attain their very own model of success.
Staying on monitor
Frequently conducting this train a few occasions a 12 months helps preserve you on monitor and targeted on the correct issues. It ensures your online business serves you, and your neighborhood, nicely. It’s essential to repeatedly reassess your targets and techniques to adapt to adjustments available in the market and your private life.
Life is about extra than simply being profitable and dealing. Higher monetary stability and higher management of your time mean you can concentrate on what really issues and depart a significant mark on the world. By following this structured method to evaluate and remodel your online business, you possibly can obtain success, achievement and a long-lasting legacy in the actual property trade — and past.
Russ Laggan is a speaker, coach and eXp’s vice chairman of development for the U.S. West. Join with him on Instagram and LinkedIn.
