About half of new business won’t last past their first five years, with many failing within the first three years. Still, many people don’t let these statistics stand in their way. When you start a new company, you’re determined to make it work. One field that can be particularly difficult to start a new business is real estate. Real estate agents and companies are known to be competitive and cut-throat. It’s a hard industry to get into, and most real estate agents fail in the first few years of their career.
Starting your own real estate company and making it successful against the odds can be difficult, but it’s not impossible. Here are a few tips to help you survive as a start-up real estate company.
Create a business plan
If you want your new business to survive, you need to think of the future. This can be difficult when you’re just getting started, when all you want to do is start selling homes, like the great real estate in Calgary. You have a lot going on right now to distract you from your future plans from the company, but this is an important step to have. Without a business plan in place, your company will have no way to grow. While you might think you have everything planned out in your mind, this can be the difference between whether your not your company lasts. Having these goals set out shows that you’re working to make your business a success.
Be active online
Today, any new business should be working on having a good online presence. It will be almost impossible for your business to survive if you aren’t. From your website to social media, this is something that you need to have. Most of your clients will be looking for you online, so you need to be sure that you’re out there for them to find. You shouldn’t just be doing the bare minimum for this, either. If your website isn’t helpful or informative, potential clients might not trust you enough to work with you. There’s plenty of options for them out there, so it’s important that you make it obvious that you’re the best choice for them.
For any job at any job, you’ll be taught the importance of networking. You might be thinking that real estate is largely independent, so there isn’t much of a focus on networking. However, this can help you survive as a new business by having connections. You’ll need connections to make every part of your job easier, like mentors and service providers. One of the first things you should be doing is getting your business out there to other leaders in your industry.
Have funds saved up
When your company is still new, it will likely be difficult for you to make much of a profit. Even when things are going well, you could run into a dry spell out of nowhere. When this happens, you want to know that you’ll be taken care of. You want to try to have enough money saved so that if you do have some temporary difficulties, you can bounce back and won’t have to close over it. Everyone will run into problems now and then, no matter how long they’ve been in the game, so it’s important that you’re prepared for it.