1. Take Stock of Your Present Business
Your first step should be to evaluate your present business. At Locations, our agents use our Business Roadmap planning tool to get a snapshot of how their business is performing and check in on their client activity. Once you have a clear picture of where your business is today, you’ll be able to set realistic goals and expectations for yourself when making your plan for next year.
2. Picture Your Success
Identify your “Why?” and be as specific as possible. What does success look like to you? Is it time to pursue your hobbies, or taking the keiki to Disneyland? Whatever your goals are, create a vision board and post it somewhere you’ll see it often. Vision boards are a scientifically proven way to keep your eye on the prize throughout the year. We find the exercise so valuable that Locations agents gather for vision board-making sessions every year!
3. Put Pen to Paper
Now that you have a snapshot of your business, and your short- and long-term goals in mind, it’s time to write your plan. If you’ve never created a business plan before, you can download our business plan worksheet (see above). Be sure to include the specific lead-generation strategies you plan to focus on and the real estate activities you’ll need to do to support those strategies.
For example, if farming will be one of your lead-generation strategies, how often will you farm, and where? What will your farming materials look like—postcards, newsletters or holiday cards? Add as much detail to your plan as possible!
4. Determine Your Budget
Many of your business activities will have associated costs, like printing, advertising or dining out, so budgeting is key to ensuring that you’ll be able to carry out your business plan. Estimate your income and expenses for the year, and be sure to deduct fixed costs (like Realtor dues, taxes and E&O insurance) and personal expenses (like health insurance, mortgage, retirement savings and vacation fund). You can use budgeting software or apps, but a simple spreadsheet can work, too.
5. Enlist the Support of Your Coach
Your final step should be to review your vision board, business plan and budget with your coach (or trusted colleague if you don’t have coach). Be receptive to feedback from coach, and make adjustments to your goals, plan or budget as necessary. Your coach should have a final copy of your business plan to keep you accountable throughout the year.
Ready to take your business to the next level? Do you have a solid plan of how to get there, and will you have enough time and money budgeted to reach your goals? Locations’ complimentary coaching can help—contact us today, and let’s make a plan!
