Business Planning

Business Planning

Creating a vision and a plan for your best year yet in real estateWorkshop #1 Business Planning SeriesDecember 11th, 2012

Zig Ziglar

Your business is never really good or bad "out there - your business is either good or bad right between your own two ears.

Hobby or Vocation?

Do you look at real estate as a job, or as your business?

This workshop is designed to point you in the direction of becoming a small business owner. Not just a Realtor!

Todays Agenda

Why do I need a business plan?What components should a business plan include?Practical Business Planning ToolsTop 6 business planning mistakes to avoidQ&A

2013 Planning

http://www.youtube.com/watch?feature=player_embedded&v=yZcWganuNrY

Tom Ferry -> Great inspirational content on YouTube!

Why Do We Need a Plan?

He who fails to plan, plans to failSet goals and establish milestonesSet boundaries around work time & energySet time aside for family, vacation, and personal lifeDetermine your financial needs, goals and budgetFocus your efforts work less, make moreReposition your business to deal with changing marketsCreate a business you can ultimately SELL

What Really Matters to You?

FamilyHealthFriendsWealth/FinancesBusiness/CareerTravelSpiritual/ReligiousPersonal EnrichmentFunThis is YOUR business plan work in every aspect of your life. This is the beauty of self employment!

What Should My Business Plan Include?

Mission statementTransactional goals for the yearLead generation goalsMarketing plan for each monthBusiness budgetPersonal budgetStaffing / Team GoalsProfessional development, education, coachingPersonal goals

Mission Statement

A mission statement is a statement of the purpose of a company, organization or person; its reason for existing.

The mission statement should guide the actions of the organization, spell out its overall goal, provide a path, and guide decision-making. It provides the framework or context within which the company's strategies are formulated.

Transactional Goals

Transaction Summary

Average Sales Price: My Average Commission Rate:Average commission per transaction:Volume:Number of transactions needed to meet annual goals:Listing to Buyer RatioTotal annual gross commissions:Total adjusted gross commission after broker split:Number of referrals needed to meet goal: Percentage of business from referrals:Notes Written:Calls Made:Pop-Bys:Client Parties/Events:Database Additions:

How am I going to meet my transaction goals?

Set SPECIFIC Lead Generation Goals!

Traditional Lead Generation

PostcardsGeographic FarmWebsiteOpen HousesCold CallsFloor DutyInternet LeadsDoor KnockingSet specific goals which of these actions are you going to take? How often? Schedule them into your days, week and month.

Social Media

Random social media usage will NOT make you money it will just suck up your time.Choose one form of social media youre most comfortable with or the most interested in, and spend time just on that. Once youve mastered it, move on to the next. You do not need to be a Facebook user to be successful in real estate. If social media isnt your thing dont waste time on it spend your valuable time on forms of lead generation that make you money!

Social Media Best Practices

Personal Facebook pepper in real estate content, but dont dominate your sharing with business. Keep it to 10% of your sharing so no one hides you!Business Facebook Page you must commit to updating it once a day. Best to wait to create a Page until youve mastered your personal Facebook profile skills.Twitter a great way to gather real estate news & helpful neighborhood tidbits, and disseminate them to your database.LinkedIn ask your clients for testimonials! Very powerful.Pinterest create a board for your latest listing with beautiful photos. Show your seller clients that youre going the extra mile to promote their home.

Referral Lead Generation

Create or update your current databaseTarget the people who have already given you referrals (A and A+ clients)Call past, current and potential clients and ASK for a referral!Host a client appreciation partySend birthday cards, thank you notes, and personal notes check their Facebook for ideasStop by a past client or referral sources home or office with a small gift also known as a Pop By

Pop-By Ideas

http://www.popbyideas.com

Coffee Syrup (like Egg Nog or Peppermint)- Wishing you a warm and wonderful Christmas! Wrapping Paper, Tape, Bows, Gift Tags - Dont get wrapped up with holiday stress. Stick with me for all of your real estate needs! Wire Whisk w/ Decorative Bag of Hersheys Kisses - We whisk you a Merry Kissmas and a Happy New Year! Holiday Candle - Dont keep your friends and family in the dark about me! Ill provide the light they need to make the right home decisions!

Plan Your Client Contact

How do your clients prefer to be contacted?

Include:

Notes

Calls

Pop-Bys

Events

Mailings

E-newsletters

Seminars

Business Budget

Business Budget Tips

Determine how often you want to budget (once a week, month or quarter) start with something reasonable, and commit to it.Determine your current expenses and track, track, trackMake cuts at HOME before the businessThere are countless tools to track your money software, iPhone apps, spreadsheets, pen & paper!You must be willing to invest in yourself and your business in order to be successful in this industry

Personal Budget

Personal Finance Tips

Separate your business & personal accountsPut yourself on a salaryTalk to an accountant about the pros & cons of becoming an LLC or S Corporation An accountant will be leading our February 12th workshop mark your calendar and come with questions prepared!Dave Ramsey ~ Financial Peace Universityhttp://www.daveramsey.com/fpu/home/9 week courseCost is $95

Staffing

Do you need HELP?Part time or full time assistantVirtual assistantShowing agentWhat would it be like to have X off of my plate?What can I budget on a monthly basis to delegate the most time-consuming administrative tasks?

Team Goals

Are you trying to build a team?What type of team members are you looking for?Experience levelPersonality typeWhat are your 1, 3, and 5 year goals for your team?What you PLAN for is much more likely to happen

Professional Development

Coaching Buffini, Mike Ferry, Tom FerryContinuing Education when are you due?Certifications GRI, ABR, etc.Accountability PartnersSeminars & Events Buffini Turning Point highly recommended! Richmond & Philly in 2013.Networking with local agents brokers opens, price opinionsReal Estate Mastermind Workshops commit for all of 2013!

Personal Goal Setting

Work-Life BalanceHow many days a week do I want to be available to clients?How many evenings do I want to work?Which days (or pieces of each day) do I want to purposely schedule off for personal/family/spiritual time?How many vacations do I want to take a year?Plan with CONCRETE numbersWhat you expect, expands

Personal Goal Setting Tips

Most important: write them down!Read your goals every dayPost them somewhere conspicuousFind your WHY behind the goal what do you value?Break your goals into manageable piecesHow do you eat an elephant? One bite at a time.Journal your progressCheck in with a business coach, accountability partner, or your manager -> this piece is crucialCelebrate when you achieve each milestone!

For Reflection

What 3 goals do you want to achieve in 2013?

How will 2013 be your BEST YEAR EVER?

Top 6 Business Plan Mistakes To Avoid

http://www.youtube.com/watch?v=6Fqkdc1dDy4&list=UU3ZAfS1Z3J_Itfy7Rp745cg&index=20

Online Business Plan Workshop

https://www2.gotomeeting.com/register/525273242Thursday, December 13, 2012 at 12:00pm EST

Todays the day. Its time to lay the groundwork for your best year ever. In this workshop we'll review the 2013 Market Leader Real Estate Business Plan.This free guide covers the hottest topics in todays real estate market, including:

--The most pressing challenges facing agents like you --What its like to be a consumer in todays online-centric world --The must-have tools for success in 2013 --Worksheets that offer step-by-step methods strategies for success --And more!

Discussion Questions

Do you track your numbers (transactions, volume, average commission, average sales price)? What tools do you use to track?

Have you reviewed where your business comes from?

Do you set annual goals?

Discussion Questions

Do you display your goals somewhere in your home or office space?

How is todays market different from the market 1-2 years ago? What changes do you think you need to make for a stronger 2013?

This Months Assignment

Set a goal that you would like to meet by next months workshop Tuesday January 8th, 2013!

Thank You

Thank you for attending our first Mastermind Workshop!

Your questions, feedback and topic requests are encouraged.