Building a Successful Business

We were recently asked by an Agent in Charge of a real estate office to make a presentation to a number of new realtors. He explained to me that although they had extensive sales and legal training, they had little understanding of how to build a successful business. Real Estate Agents are, in fact, independent contractors and although the agency provides much support, success is the result of their own plans and efforts. The agent explained to me that many had never been in business for themselves before and find this a new experience. In fact, 80 percent don’t make it to the second year.

I first explained to the group that I was not an expert on real estate sales, but would share with them my observations on how small businesses had grown to be successful. It involves Vision, Passion, Affirmations, Hard Work, Time, Marketing, Finance and Perseverance.

Vision:

What is your business going to look like in 5 years? Is this going to be a part time hobby or do want to be one of the most successful realtors in the area? Answering this question is how you develop a plan to build upon. When you start any journey, you must know where you going.

Passion:

When you rise in the morning, are you looking forward to your day at work? My most successful clients love what they do. One has a window washing service who loves clean windows. Another is a landscaper who loves to look at the fruits of his labors being a well-manicured land and garden. If you treat it as “just a job” you should be working for someone else.

Affirmations:

Do you believe that you can be personally successful at what you do? Affirmations are repeatedly telling yourself you can. Many actually write an affirmation and place it on their mirror in the morning to reinforce that belief. Many smart people I know are afraid to speak in front of a group. Many don’t believe they can be good at sales. It’s like the little train that could. “I think I can. I think I can. I know I can. I know I can.”

Time:

So is this business something you do between tee-times, fishing trips or time with the family? That’s OK, but the harder you work the more successful you will be. Please remember that working smart is an important part of working harder.

Finance:

Everyone would like to have a get rich quick program and there are many who will tell you that they have the answer. It might be advertising in a magazine or an internet marketing campaign. Unless you have been blessed with unlimited financial resources, be careful. Have a budget which is focused on the potential clients in your market and prioritize your spending with that focus. That is not to say expenditures should not increase as you build your business, but allow them to develop naturally.

Perseverance:

Many will give up after the first try. Building a business takes time and persistence. Make it a practice to follow-up on all sales opportunities. Sales experts will tell you that it takes 7 to 9 touches to make a sale. Also remember that some will, some won’t, next. Most good sales people have had the door slammed on their foot.

Can We Help ?: At RLS Focused Solutions, we have helped a wide range of businesses and non-profits. At the start, it’s about having a marketing plan, building a sales program, getting people in place, and finally developing a plan for the future. As a business grows, the issues become more complex and require the development of greater processes, but start small and build. We always invite you to consider our Complementary Advisory Service on our website or email us at bob@plangoals.com.