How to Get Ready for a Successful Business

When you set out on your own to start a real estate business, it is both an exciting and stressful time. You have the freedom to create your own rules and the flexibility to set your own expectations. Starting a new business also comes with the daunting realization that about 20% of new businesses fail in the first year. So, how do you ensure your business is a success? Keep reading for the top 10 tips on how to get ready for a successful business.

 

1. Imagine and envision it before it happens.

Meditation and business are not often topics spoken of in the same breath. However, learning to envision your goals is an incredibly powerful tool for success. If you want to run a successful business, you have to imagine it before it even happens. As the leader or sole employee, the success of your business is in your hands.

Determine what success means to you before you even start your business. Whether you are trying to reach a certain number in profits, create a particular culture, or gain a loyal brand following, you have to have a clear vision of success. Without a vision, you cannot set goals, map out a path, or measure your success.

 

2. Think outside of yourself and your experience.

While it is best to start with what you know, there is no need to limit yourself. Relying solely on your ideas and your experience isolates your business from anyone who is not exactly like you. Seek outside perspectives, put yourself in the mindset of your ideal customer, and learn what it is like to walk a mile in your target client’s shoes. You can also use this practice when working with new contractors, investors, or partners.

 

3. Build a brand people can latch on to.

A strong brand is so much more than a recognizable logo. Your branding should increase the value of your company and set the direction for you and your employees. Your brand represents what people perceive about you, including your service and reputation.

 

With a healthy brand in place, clients will start to advertise for you. Individuals who are loyal to your brand offer some of the best word-of-mouth marketing available, making your business more trusted and recognizable.

 

4. Plan to succeed.

It is easy to fall down the rabbit hole of reading statistics on business failures, the countless ways a business can fail, and a thousand “do not” lists for starting a new business. However, if you truly want to succeed, you have to plan for it. Think through what you will do when, not if, you reach your business goal. Will you hire more employees, invest in new technology, start a new project? Planning for success adds extra fuel to your fire and keeps you motivated through the hard days.

 

5. Surround yourself with who you want to be like.

Surrounding yourself with people who are just like you is easy. In fact, we tend to gravitate towards people like ourselves. If you want a successful business, though, it is important to surround yourself with people that you want to be like. Who is already achieving your dreams? Who is gaining the level of success that you imagine for yourself? Keep these people close to serve as inspiration and motivation. If you can find mentors, they can also help guide and encourage you with your new business.

 

6. Legally structure your business the right way.

The legal structure of your business is an essential foundation for success. Consider hiring a tax professional or consultant to determine the best way to structure your business. How you set up your business will have a great impact on your taxes, the rules and regulations placed on business by your local area, and your potential for growth.

 

7. Manage your money.

With a new business, money seems to go out the door very quickly. Prepare for a successful business by starting on the right foot with money management. If you are not comfortable managing your own money, or you simply do not have the time, seek outside resources to simplify the process. From accounting professionals to do-it-yourself software, there are countless resources available to ensure your money is properly managed from day one.

 

8. Track your progress.

“Set it and forget it” is not a wise strategy for any business. If you want a successful business, you have to track your progress. When things are going great, dig into what is working. When things are not going according to plan, it is time to adjust. Constantly readjusting when needed is crucial for business success, and it is only possible with tracking and metrics in place.

 

9. Grow your team.

You are only capable of so much on your own. Determine from the beginning how much you can handle on your plate, and set a threshold for growing your team. Steady and planned growth can help you manage your money, take on the right number of projects, and set yourself up for long-term success.

 

10. Rely on networks.

A successful business thrives on connections. Join local and national groups or clubs, looking for organizations that the experts frequent. Your only job while starting your business is to listen and learn. Use mutual connections or organizations as an entry point and solicit advice and guidance when possible.

 

Are you starting your own real estate flipping business? Don’t go it alone! Learn how to get help with properties, get funding, and connect with an experienced network through Wealth 212.