Use these three rules to create a sustainable real-estate business.
5 min read
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There are numerous ways to create, develop and begin a new real-estate business. While it may sound easy, creating a long-lasting profitable business is hard. According to data from the Bureau of Labor Statistics, as reported by Fundera, a staggering 70 percent of business eventually fail.
What can you do to ensure your real-estate business is not one of these statistics? Follow these three golden rules, and your real-estate investing business will have sustainability and longevity:
Always start with the end in mind
A good rule of thumb when beginning a business in real estate or creating any new business is to start with the end in mind. Ask yourself what your dream business looks like. It’s more than okay to have grandiose expectations — in fact, I recommend it. The most successful people always dream big. Visualize everything you want to accomplish. If you don’t fully understand the end goals, then you can’t create a detailed plan to achieve them.
Understanding and visualizing your desired outcome will allow you to create a roadmap for success. You’ll be able to develop a plan by working backwards from your goal and then set measurable milestones that’ll allow you to track your progress. What type of real-estate business do you want to end up with? A fix-n-flip business runs very different to a buy-n-hold business or a wholesaling business. It’s important to know your end goals in order to create a successful roadmap.
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