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• Writing a Business Plan

Writing a business plan may seem a daunting task as there are so many moving parts and concepts to address. Take it one step at a time and be sure to schedule regular review (quarterly, semi-annually, or annually) of your plan to be sure you on are track to meet your goals.

Why Write a Business Plan?

Making a business plan creates the foundation for your business. It provides an easy-to-understand framework and allows you to navigate the unexpected.

Quick Takeaways

• A good business plan not only creates a road map for your business, but helps you work through your goals and get them on paper
• Business plans come in many formats and contain many sections, but even the most basic should include a mission and vision statement, marketing plans, and a proposed management structure
• Business plans can help you get investors and new business partners

Source: Write Your Business Plan: United States Small Business Association

Writing a business plan is imperative to getting your business of the ground. While every plan is different – and most likely depends on the type and size of your business – there are some basic elements you don’t want to ignore.

Latest on this topic

NAR Library & Archives has already done the research for you. References (formerly Field Guides) offer links to articles, eBooks, websites, statistics, and more to provide a comprehensive overview of perspectives. EBSCO articles ( E ) are available only to NAR members and require the member's nar.realtor login.

Defining Your Mis​sion & Vision

Writing a business plan begins by defining your business’s mission and vision statement. Though creating such a statement may seem like fluff, it is an important exercise. The mission and vision statement sets the foundation upon which to launch your business. It is difficult to move forward successfully without first defining your business and the ideals under which your business operates. A company description should be included as a part of the mission and vision statement. Some questions you should ask yourself include: 

• What type of real estate do you sell?
• Where is your business located?
• Who founded your business?
• What sets your business apart from your competitors?

What is a Vision Statement ( Business News Daily , Jan. 16, 2024)

How to Write a Mission Statement ( The Balance , Jan. 2, 2020)

How to Write a Mission Statement ( Janel M. Radtke , 1998)

Using a SWOT Analysis to Structure Your Business Plan

Once you’ve created a mission and vision statement, the next step is to develop a SWOT analysis. SWOT stands for “Strengths, Weaknesses, Opportunities, and Threats.” It is difficult to set goals for your business without first enumerating your business’s strengths and weaknesses, and the strengths and weaknesses of your competitors. Evaluate by using the following questions:

• Do you offer superior customer service as compared with your competitors?
• Do you specialize in a niche market? What experiences do you have that set you apart from your competitors?
• What are your competitors’ strengths?
• Where do you see the market already saturated, and where are there opportunities for expansion and growth?

Strength, Weakness, Opportunity, and Threat (SWOT) ( Investopedia , Oct. 30, 2023)

How to Conduct a SWOT Analysis for Your Small Business ( SCORE , Apr. 28, 2022)

SWOT Analysis Toolbox ( University of Washington )

Setting ​Business Goals

Next, translate your mission and vision into tangible goals. For instance, if your mission statement is to make every client feel like your most important client, think about the following:

• How specifically will you implement this?
• Do you want to grow your business?
• Is this growth measured by gross revenue, profit, personnel, or physical office space?
• How much growth do you aim for annually?
• What specific targets will you strive to hit annually in the next few years?

Setting Business Goals & Objectives: 4 Considerations ( Harvard Business School , Oct. 31, 2023)

What are Business Goals? Definition, How To Set Business Goals and Examples ( Indeed , Jul. 31, 2023)

Establishing a Format

Most businesses either follow a traditional business plan format or a lean startup plan.

Traditional Business Plan

A traditional business plan is detailed and comprehensive. Writing this business plan takes more time. A traditional business plan typically contains the following elements:

• Executive Summary
• Company description
• Market analysis
• Organization and management
• Service or product line
• Marketing and sales
• Funding request
• Financial projections

Lean Startup Plan

A lean startup plan requires high-level focus but is easier to write, with an emphasis on key elements. A lean startup plan typically contains the following elements:

• Key partnerships
• Key activities
• Key resources
• Value proposition
• Customer relationships
• Customer segments
• Cost structure
• Revenue stream

Creating a Marketing Plan

You may wish to create a marketing plan as either a section of your business plan or as an addendum. The Marketing Mix concerns product , price , place and promotion .

• What is your product?
• How does your price distinguish you from your competitors—is it industry average, upper quartile, or lower quartile?
• How does your pricing strategy benefit your clients?
• How and where will you promote your services?
• What types of promotions will you advertise?
• Will you ask clients for referrals or use coupons?
• Which channels will you use to place your marketing message?

Your Guide to Creating a Small Business Marketing Plan ( Business.com , Feb. 2, 2024)

10 Questions You Need to Answer to Create a Powerful Marketing Plan ( The Balance , Jan. 16, 2020)

Developing a Marketing Plan ( Federal Deposit Insurance Corporation )

Forming a Team

Ensuring the cooperation of all colleagues, supervisors, and supervisees involved in your plan is another important element to consider. Some questions to consider are:

• Is your business plan’s success contingent upon the cooperation of your colleagues?
• If so, what specifically do you need them to do?
• How will you evaluate their participation?
• Are they on-board with the role you have assigned them?
• How will you get “buy in” from these individuals?

How to Build a Real Estate Team + 7 Critical Mistakes to Avoid ( The Close , May 17, 2023)

Don’t Start a Real Estate Team Without Asking Yourself These 8 Questions ( Homelight , Jan. 21, 2020)

Implementing a Business Plan and Reviewing Regularly

Implementation and follow-up are frequently overlooked aspects to the business plan, yet vital to the success of the plan. Set dates (annually, semi-annually, quarterly, or monthly) to review your business plans goals. Consider the following while reviewing:

• Are you on track?
• Are the goals reasonable to achieve, impossible, or too easy?
• How do you measure success—is it by revenue, profit, or number of transactions?

And lastly, think about overall goals.

• How do you plan to implement your business plan’s goals?
• When will you review and refine your business plan goals?
• What process will you use to review your goals?
• What types of quantitative and qualitative data will you collect and use to measure your success?

These items are only a few sections of a business plan. Depending on your business, you may want to include additional sections in your plan such as a:

• Cover letter stating the reasoning behind developing a business plan
• Non-disclosure statement
• Table of contents

How To Write a Business Proposal Letter (With Examples) ( Indeed , Jul. 18, 2023)

How To Implement Your Business Plan Objectives ( The Balance , Aug. 19, 2022)

The Bottom Line

Creating a business plan may seem daunting, but by understanding your business and market fully, you can create a plan that generates success (however you choose to define it).

Real Estate Business Plans – Samples, Instructional Guides, and Templates

9 Steps to Writing a Real Estate Business Plan + Templates ( The Close , Apr. 3, 2024)

How to Write a Real Estate Business Plan (+Free Template) ( Fit Small Business , Jun. 30, 2023)

The Ultimate Guide to Creating a Real Estate Business Plan + Free Template ( Placester )

Write Your Business Plan ( U.S. Small Business Administration )

General Business Plans – Samples, Instructional Guides, and Templates

Business Plan Template for a Startup Business ( SCORE , Apr. 23, 2024)

Guide to Creating a Business Plan with Template (Business News Daily, Mar. 28, 2024)

Nine Lessons These Entrepreneurs Wish They Knew Before Writing Their First Business Plans ( Forbes , Jul. 25, 2021)

How to Write a Business Plan 101 ( Entrepreneur , Feb. 22, 2021)

Books, eBooks & Other Resources

Ebooks & other resources.

The following eBooks and digital audiobooks are available to NAR members:

The Straightforward Business Plan (eBook)

Business Plan Checklist (eBook)

The SWOT Analysis (eBook)

The Business Plan Workbook (eBook)

Start-Up! A Beginner's Guide to Planning a 21st Century Business (eBook)

Complete Book of Business Plans (eBook)

How to Write a Business Plan (eBook)

The Easy Step by Step Guide to Writing a Business Plan and Making it Work (eBook)

Business Planning: 25 Keys to a Sound Business Plan (Audiobook)

Your First Business Plan, 5 th Edition (eBook)

Anatomy of a Business Plan (eBook)

Writing a Business Plan and Making it Work (Audiobook)

The Social Network Business Plan (eBook)

Books, Videos, Research Reports & More

As a member benefit, the following resources and more are available for loan through the NAR Library. Items will be mailed directly to you or made available for pickup at the REALTOR® Building in Chicago.

Writing an Effective Business Plan (Deloitte and Touche, 1999) HD 1375 D37w

Have an idea for a real estate topic? Send us your suggestions .

The inclusion of links on this page does not imply endorsement by the National Association of REALTORS®. NAR makes no representations about whether the content of any external sites which may be linked in this page complies with state or federal laws or regulations or with applicable NAR policies. These links are provided for your convenience only and you rely on them at your own risk.

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Real Estate Business Plan

Start your own real estate business plan

DreamHome Realty

Value proposition.

DreamHome Realty is a full-service real estate agency that provides personalized and professional services to home buyers, sellers, and renters. Our experienced agents are dedicated to understanding the unique needs and goals of each client, guiding them through the entire process with exceptional customer service and support.

The Problem

The local real estate market is competitive, and many clients find it difficult to navigate the complexities of buying, selling, or renting a home. They are looking for an agency that offers personalized support, expert advice, and a deep understanding of the local market.

The Solution

DreamHome Realty addresses these challenges by connecting clients with knowledgeable agents who are committed to providing outstanding customer service and guiding them through each step of their real estate journey. Our agents stay up-to-date on market trends, use advanced marketing strategies, and leverage the latest technology to ensure the best results for our clients.

Target Market

DreamHome Realty’s primary market includes first-time homebuyers, families looking to upgrade or downsize, and individuals relocating to the area. The secondary market consists of property investors and clients seeking rental property management services.

Competitors & Differentiation

Current alternatives.

• Large national real estate franchises
• Local independent real estate agencies
• Online real estate platforms

DreamHome Realty sets itself apart with a client-focused approach, personalized service, and a strong commitment to the local community. Our agents are experienced, passionate about real estate, and dedicated to helping clients achieve their goals.

Funding Needs

DreamHome Realty requires $150,000 in initial funding to cover startup costs, including office space, marketing materials, website development, and operational expenses for the first year.

Sales Channels

• DreamHome Realty website
• Social media platforms
• Local advertising and sponsorships
• Networking events and open houses
• Referrals from satisfied clients

Marketing Activities

• Targeted online advertising
• Social media campaigns
• Local sponsorships and community events
• Networking with local businesses and organizations

Financial Projections

2023: $400,000

2024: $600,000

2025: $900,000

Expenses/Costs:

2023: $350,000

2024: $400,000

2025: $480,000

2023: $50,000

2024: $200,000

2025: $420,000

Secure initial funding – June 1, 2023

Establish office space and infrastructure – July 1, 2023

Hire and onboard real estate agents – August 1, 2023

Launch website and social media presence – September 1, 2023

Close first property transaction – October 31, 2023

Expand team and service offerings – January 1, 2025

Team and Key Roles

Founder & ceo.

Responsible for overall business operations, strategic growth, and maintaining relationships with clients and agents.

Real Estate Agents

Assist clients with buying, selling, and renting properties while providing exceptional customer service and market expertise.

Marketing Manager

Develops and executes marketing strategies to attract new clients and enhance brand visibility.

Administrative Support Staff

Assist with daily office tasks, client management, and agent support.

Partnerships & Resources

Local mortgage lenders.

Collaborate with mortgage lenders to assist clients with financing options and pre-approval processes.

Home Inspectors and Appraisers

Establish relationships with reputable professionals to provide accurate property assessments and inspections for our clients.

Title Companies and Real Estate Attorneys

Partner with legal and title professionals to ensure smooth and compliant transactions.

Local Businesses and Community Organizations

Network and collaborate with local businesses and community organizations to foster a strong local presence and create opportunities for cross-promotion and referrals.

The quickest way to turn a business idea into a business plan

Fill-in-the-blanks and automatic financials make it easy.

No thanks, I prefer writing 40-page documents.

Discover the world’s #1 plan building software

Real Estate Agent Business Plan Template

Written by Dave Lavinsky

Business Plan Outline

• Real Estate Agent Business Plan Home
• 1. Executive Summary
• 2. Company Overview
• 3. Industry Analysis
• 4. Customer Analysis
• 5. Competitive Analysis
• 6. Marketing Plan
• 7. Operations Plan
• 8. Management Team
• 9. Financial Plan

Real Estate Agent Business Plan & Example

You’ve come to the right place to create your real estate agent business plan.

We have helped over 100,000 entrepreneurs and business owners create business plans and many have used them to start or grow their real estate agencies.

Real Estate Business Plan Example

Below are links to each section of your real estate agent business plan template:

• Executive Summary – The Executive Summary is the most important part of your business plan. It is a brief overview of your real estate agency, its products and services, niche market opportunity, and competitive advantage.
• Company Overview – In the Company Overview, you will provide a detailed description of your real estate agency, its products and services, company structure, management team, and Founders.
• Industry Analysis – The Industry Analysis is a critical part of your real estate business plan. Here, you will provide an in-depth analysis of the industry in which your real estate agency operates. You will cover topics such as industry trends, major players in the industry, market size and growth, and profitability.
• Customer Analysis – In the Customer Analysis, you will identify your target market and provide insights into their needs and buying habits. You will also segment your target market and discuss your marketing strategy for reaching them.
• Competitive Analysis – In the Competitive Analysis, you will identify your competition and provide insights into their strengths and weaknesses. You will also discuss your competitive advantage and how you plan to stay ahead of the competition.
• Marketing Plan – In the Marketing Plan, you will discuss your marketing strategy and tactics. You will also provide a sales forecast and budget for your marketing activities.
• Operations Plan – In the Operations Plan, you will discuss your business’s day-to-day operations. You will also provide business milestones that you plan to achieve and a budget for your operational expenses.
• Management Team – In the Management Team section, you will provide an overview of your management team and their experience in the real estate industry.
• Financial Plan – In the Financial Plan, you will provide a three-year financial projection for your real estate agency. This will include your income statement, balance sheet, and cash flow statement.

Next Section: Executive Summary >

Real Estate Business Plan FAQs

What is a real estate business plan.

A real estate business plan is a plan to start and/or grow your real estate business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can  easily complete your real estate business plan using our Real Estate Business Plan Template here .

What Are the Main Types of Real Estate Businesses?

The most commonly known type of real estate business is residential real estate sales. This involves the sale and purchase of homes. The other type of real estate business is commercial real estate, where businesses focus on commercial properties.  Other types are real estate investors, lease companies and property management.

What Are the Main Sources of Revenues and Expenses for a Real Estate Business?

The main source of revenue for a real estate business are commissions earned from client real estate sales and rentals fees. Other revenue generated in this business are profit income, interest income and dividend income.

The key expenses for property management companies are salaries and wages, advertising, travel and supply costs for each transaction.

How Do You Get Funding for Your Real Estate Business Plan?

Real estate businesses are typically funded through small business loans, personal savings and credit card financing.

What are the Steps To Start a Real Estate Business?

Starting a real estate business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Real Estate Business Plan - The first step in starting a business is to create a detailed real estate business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.  

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your real estate business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your real estate business is in compliance with local laws.

3. Register Your Real Estate Business - Once you have chosen a legal structure, the next step is to register your real estate business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your real estate business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Real Estate Equipment & Supplies - In order to start your real estate business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your real estate business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Learn more about how to start a successful real estate business:

• How to Start a Real Estate Business

Where Can I Get a Real Estate Business Plan PDF?

You can download our free real estate business plan template PDF here . This is a sample real estate business plan template you can use in PDF format.

The 8 Steps in Creating a Real Estate Agent Business Plan + FREE Checklist

• 02 Sep 2020
• Real Estate Marketing ,  Real Estate Social Media

Whether you’re a freshly licensed real estate agent or a seasoned one, you’re an independent contractor who is responsible for overseeing and taking care of the inner workings of your business.  That’s why a real estate agent business plan is crucial if you want to organize and grow your real estate business.

What’s a real estate agent business plan exactly? Think of it as your roadmap to success. It includes your short-term (think 12 months) and long-term (more than 12 months) goals, your niche and what services you can offer within your niche, your target market/ideal client, all the finances, and your marketing plan.

Yes, it seems like a lot to think about. But don’t run away from this opportunistic job just yet — we’ve created an eight-step plan that will help you create your personal real estate agent business plan.

Step 1: Define Your “Why” for your Real Estate Agent Business Plan

Your “why”, or reason for creating this business and pursuing this career will be the foundation for how you run your business. Think of this as your mission and vision. Without this step, you risk losing a vision and purpose, which will in turn confuse and deter clients.

A couple of questions to think about are “why do you want to become successful with your business?” and “what problem do you solve for your clients?”

In times of stress, during interviews, when speaking in casual conversation, and establishing your brand, your “why” is what will keep you motivated to push forward and stand out from the crowd.

Step 2: Define Your Short-Term and Long-Term Real Estate Goals

Short-term is considered 12 months or shorter. Long-term is considered over 12 months. These will, of course, be revised with time. But creating these real estate goals and having them easily accessible will help you focus your efforts on the parts of your real estate business that need the most attention.

Important note: make sure that they’re specific, realistic, and achievable.

Some examples of short term real estate goals might be: create a real estate marketing calendar, create your personal branding, give out your business card to 10 people per day, schedule 10 showings per week, etc. 

Ideas for long term real estate goals may be: close 20 transactions per year, make the top 10% in your brokerage, build a team, increase your closings for the year by 20% year over year, etc. 

Step 3: Find Your Niche

Don’t all real estate agents just want to sell houses? Well, not exactly. If all real estate agents did the same thing, then there wouldn’t be such fierce competition, a large market, or even real estate Instagram influencers. For example, some real estate agents choose to focus on luxury condos, while others have honed in on being a waterfront property expert. What will be your real estate niche?

Here are some questions to think about when choosing your niche:

• What kind of demographic do you want to serve?
• What types of living spaces can you not get enough of?
• Are you a luxury real estate agent, or a more humble suburbs one?
• What kind of services do you offer that no one else does?
• Do you have extra certifications?

These questions will help you get the gears turning in your brain as you establish your unique brand.

Step 4: Market and Competition Research

It’s important to get an assessment of what you’re up against and which areas you want to serve.

First, do some market research to figure out what kind of clientele you are dealing with. Neighborhoods can range drastically in demographics and sales activity, so make sure you do some research to find which neighborhood around you fits with your interest and niche.

After you’ve established an area (or a few areas) you want to conduct your real estate business in, do some competition research on real estate agents in that area. Make a list of what you like about their business, what you don’t like, and how you can “corner” the market — in other words, how your business is different than theirs.  Look for opportunities to enter this market and compete with the other agents.  Analyze their transactions and marketing. Do they offer digital marketing, professional photography, staging services, years of experience, etc.  Focus on what your target demographic would expect in your chosen market, and if you can identify any opportunities to present them uniquely and standout!

Step 5: Develop Methods for Generating Real Estate Leads

So you have your mission in place, your goals, your niche, and you’ve researched and cornered your market. Now it’s time to focus on how you’re actually going to attract clients. This will vary and change as you grow your business, but starting out with the basics lays a good foundation.

Places where you can generate leads are social media, newsletter flows, word-of-mouth, in-person networking, creation of business material , landing pages, courses, hosting open houses for other agents, holding seminars,  free informational material, real estate websites with idx ,  etc.

You’ve identified how ways to generate real estate leads to sell houses, now it’s time for you to prove you can also sell your brand.

Step 6: Real Estate Branding and Marketing

After figuring out the methods in which you can generate real estate leads, now it’s time to come up with a real estate marketing and branding plan.

Branding is how you want your prospective clients to perceive your brand. Here are some questions to think about:

• What brand voice do you want to have?
• Which colors do you want associated with your brand?
• What are some of your brand fonts?
• What do you want clients to feel when they encounter your real estate brand?

Marketing is the strategy in which you will present your brand to the public, and how you will retain clients and audiences. It helps to have a real estate marketing schedule or real estate social media content calendar   laid out in order to do this to prevent overthinking and overworking yourself every single day.

Questions to get you thinking about your brand:

• Where are you going to promote your brand?
• How are you going to price your services?
• What kind of promotions will you have in place?
• What steps will you take to stay consistent in your real estate marketing efforts?

This step will require you to get a little more into the nitty-gritty of your brand. But don’t feel too pressured to make final decisions. While it’s important to be consistent, as you develop and grow, so will your brand, which means changes are usually inevitable.

Step 7: Budgeting

Especially as an independent contractor, keeping track of your finances and budgeting out your expenses is critical to understanding how to keep running your business. Categorize and keep record of dates so you know exactly where your money is going and where your money is coming from.

Some items to consider when developing your real estate agent business plan budget are: 

• What is my commission split?
• How much will I spend on marketing each listing? 
• What is the average sales price in my niche? 
• How many homes have I sold over the last 6 months?
• Do I need to hire a transaction coordinator?
• What are my car expenses?

Make sure to include expense reviews every month so you become familiar with your finance sheets.

This way, as you progress, you can become aware of how to be more efficient with your time and money.

Step 8: Have a Real Estate Agent Business Plan Checklist That Reminds You to Periodically Review Your Business Plan

Every part of your real estate agent business plan plays a key role in making your brand grow and thrive. But with everything that is going on and will be going on in your real estate business, it’s easy to neglect one aspect of the plan.

That’s why we recommend having a checklist to remind you to routinely check up on every aspect of your plan to make sure every cog in the wheel is attended to.

Check out the free Real Estate Agent Business Plan Checklist that we created so you don’t have to worry about this step! You can go ahead and get started on the first step of creating your real estate agent business plan.

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• Sample Business Plans
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Real Estate Business Plan

People would always need to find places. Be it for offices, homes, and whatnot.

Finding the ideal place irrespective of your needs and requirements is never a cakewalk, to begin with.

You can go through a number of real estates business plan templates before you write your plan.

Industry Overview

The market size, measured by revenue, of the Real Estate Sales and brokerage industry, is $156.2bn in 2021, and the industry is expected to increase by 0.4% in 2021.

Also, the market is changing at a rapid rate and the way people use spaces is changing at a rapid rate too.

Hence, to get on or stay on the higher end of the spectrum you’ll need to upskill and change the way you do business constantly.

But that is a fair trade for the amount of growth and profitability this industry has to offer.

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Things to Consider Before Writing a Real Estate Business Plan

Be specific.

The real estate industry is broad when it comes to work and what you can do. It can either be a source of primary or passive income. At the same time, you might be involved in the industry as an investor, agent, or builder. Decide what you want to do and plan on that basis.

Do your research

The trends of the real estate business change constantly, hence doing your research and updating it constantly is a crucial part of your profession.

As your knowledge and expertise is your greatest asset in this industry, keep expanding it to stay at the top of things.

Build a team of skilled professionals

Having a team you can build your real estate business with is essential.

Select a group of individuals with a diverse set of talents ranging from good communication skills to brilliant analytical skills. Given the dynamics of the real estate business, you never know what skills might come in handy in your business journey.

Be ready for change

As we have constantly discussed, real estate is a dynamic industry. Change is the only constant you’ll have in this business.

Thus, it is important for everything from your plan and way of doing business to be change-friendly.

Sources of Funding for a Real Estate Business

Gaining funds is one of the major reasons for writing a business plan. And here are a few good funding options for your real estate business:

A traditional loan is one of the most basic options for getting funded. You can opt for this if you have a good credit score.

Non-bank mortgage lending

This is a good option if you don’t want to go through a lot of paperwork.

The asset-based mortgage

For this, the lenders look at the rental value of your property and provide a loan on that basis. It is a good option if you don’t want or can’t get a loan based on your personal assets or income.

Above all, it is essential to plan your business to figure out your funding requirements and the right way to fulfill the same.

Write Your Business Plan

If you have enough connections, and the ability to find places for people that have attributes they want and need then a real estate business can be a profitable one for you.

A business plan helps you get funded, explain your ideas to the stakeholders of your business, and make better decisions.

Hence, planning is an important aspect of starting or growing your business.

It has been created using Upmetrics online business plan software that helps you create dynamic and customizable plans anywhere and at any time.

Our sample real estate business plan can help you with writing a well-rounded business plan for your business. It can act as a guide and prevent you from getting stuck in a certain section for too long.

Real Estate Business Plan Outline

This is the standard real estate business plan outline which will cover all important sections that you should include in your business plan.

• Market Opportunity
• Demand for Housing
• Financing & Investment Forecast
• Introducing Kegan
• Business Model
• Short Term Goals
• Long Term Strategies
• Keys to Success
• Contemporary Living for the 21″ Century
• The Complete Package
• Pricing Strategy
• Implementation Strategy – Action Plan
• Target Market Overview
• Housing Shortage Overview in Saudi Arabia
• Housing Shortage Overview in Riyadh
• Housing Prices
• Kegan Home Prices
• Market Positioning & Brand
• Marketing Strategies
• Sales Strategies
• Sales Process
• Competitive Landscape
• Competitive Advantages
• Rashid Bin Said
• Director of Construction
• Member name
• Chief Accountant
• Director of Marketing & Sales
• Other Staff
• Independent Directors
• Solid Balance Sheet
• Impressive Cashflow
• Financial Summary
• Financial Assumptions
• Income Statement (Five-Year Projections)
• Balance Sheet (Five-Year Projections)
• Cash Flow Statement (Five-Year Projection)

After getting started with Upmetrics , you can copy this sample real estate business plan into your business plan and modify the required information and download your real estate business plan pdf or doc file.

It’s the fastest and easiest way to start writing your business plan.

The Quickest Way to turn a Business Idea into a Business Plan

Fill-in-the-blanks and automatic financials make it easy.

Download a sample real estate business plan

Need help writing your business plan from scratch? Here you go;  download our free real estate business plan pdf  to start.

It’s a modern business plan template specifically designed for your real estate business. Use the example business plan as a guide for writing your own.

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10 Things Your Real Estate Business Plan Needs (FREE Template)

A real estate agent business plan is essential for success in today’s competitive market. It helps you set clear goals, define your vision, and outline the steps to achieve short-term and long-term objectives. As a real estate professional, having a well-crafted business plan can be the difference between being a top producer and struggling to make ends meet.

In your business plan, you’ll want to start by creating a vision statement that outlines the purpose of your real estate business and reflects your values. Setting firm goals will help you stay accountable and focused, allowing you to adapt to market changes or growth and remember that your business plan should be fluid and up-to-date to stay aligned with your ultimate objectives.

Your real estate agent business plan should be thorough, covering various aspects such as market analysis, organization structure, and marketing strategies. By having a comprehensive plan, you’ll be better equipped to navigate the challenges and seize the opportunities that come your way, ensuring your real estate business flourishes.

Understanding Your Target Market

Identifying your ideal client.

Understanding your target market is crucial to establish a successful real estate business plan. Begin by identifying your ideal client. Consider factors that may define your target clients, such as age, income level, family status, and property preferences. Reflect on your strengths as an agent and which clients you connect best with. This will help you focus your marketing efforts and create tailored strategies for your target audience.

Market Segmentation

Market segmentation divides your target market into smaller, more specific groups based on shared characteristics. In real estate, you can segment your market into categories such as:

• First-time homebuyers
• Empty nesters

By segmenting your market, you can tailor your services and communication strategies according to the unique needs of each group. This will lead to more effective marketing efforts and a better understanding of your potential clientele.

Analyzing Local Market Trends and Opportunities

Gather data on your local real estate market to identify trends and opportunities for your business. Analyze factors like:

• Market growth
• Market saturation
• Local property values
• Employment rates
• Infrastructure development
• Population demographics

By analyzing local market trends, you can identify areas with potential growth or areas that are becoming overly saturated. Use this information to adapt your services and expertise to market conditions, helping you stand out among competitors and position yourself as an expert in your niche.

Remember, a comprehensive understanding of your target market is essential for shaping your real estate agent business plan. By identifying your ideal clients, segmenting the market, and analyzing local market trends and opportunities, you’ll be better equipped to create tailored marketing strategies and make informed business decisions. This will ultimately contribute to the success and growth of your real estate business.

Lead Generation Strategies

Building an online presence.

To create a robust lead generation plan, build a strong online presence. A real estate agent must have a well-designed and user-friendly website to capture leads. Keep these factors in mind:

• Make sure your website reflects your branding and expertise
• Optimize your site for search engines to enhance its visibility in search results
• Include clear calls-to-action (CTAs), so potential clients can easily contact you
• Utilize high-quality images and videos to showcase properties
• Share helpful and informative content through a blog or resources section

You can also leverage social media channels to expand your reach and showcase your expertise in the industry. Focus on the platforms most relevant to your target audience and share valuable content related to real estate, local events, or home improvement tips.

Networking and Referrals

Building a strong professional network is essential for generating quality leads. Here are some strategies to boost your referral pipeline:

• Attend networking events, conferences, or workshops in your area. Engage with professionals in real estate or related industries
• Establish relationships with local businesses and community organizations
• Hold open houses or host educational seminars to engage potential clients in person
• Develop relationships with past clients and ensure you stay top of mind so they recommend you to their connections

Additionally, create a referral program that rewards clients and other referrers for sharing your services with their network. This will incentivize them to talk about you and help expand your reach.

Traditional Marketing Methods

Despite the increasing importance of digital marketing, traditional methods still have their place in generating leads for real estate agents:

• Send direct mail campaigns, like newsletters or postcards, to targeted neighborhoods, highlighting your strengths and successes
• Advertise in local print media, such as newspapers or specialized real estate publications
• List your services and properties in industry-specific directories, both online and offline
• Design and distribute eye-catching flyers, brochures, and business cards
• Participate in community events or sponsor local charities to enhance your company’s reputation and visibility

Make sure to keep track of the effectiveness of each lead generation method and evaluate their strengths and weaknesses. This will help refine and improve your overall marketing strategy and ensure you invest resources into the most productive channels.

Lead Conversion Techniques

Building rapport and trust.

To build rapport and trust, focus on the following:

• Be genuine and authentic with your prospects, showcasing your expertise and knowledge.
• Listen actively, taking the time to understand their concerns and needs.
• Display empathy towards their situation, offering tailored solutions for their specific problems.
• Stay engaged through the entire process, from the first interaction to closing.

Qualifying Leads

When it comes to qualifying leads:

• Ask open-ended questions to gauge their needs, timeline, and motivation for buying or selling
• Inquire about their financial situation and any potential barriers they may have
• Learn more about their preferred neighborhoods, housing type, and other preferences
• Prioritize leads based on their level of interest and readiness to move forward

Effective Communication and Follow-Up Strategies

For better communication and follow-up:

• Establish a consistent schedule for checking in on leads, such as every few days or weekly
• Personalize your communication, tailoring messages to each lead’s unique situation and preferences
• Practice active listening and respond thoughtfully to their questions or concerns
• Utilize several communication channels, including email, phone calls, text messages, and social media

Utilizing CRM Systems for Lead Management

Leveraging CRM systems can help you organize and optimize your lead management process:

• Track important lead information and interaction history in a centralized location
• Set reminders for follow-up tasks, appointments, or important milestones
• Analyze your leads’ behavior to understand their needs better and provide personalized service
• Create targeted marketing campaigns to engage your leads and nurture them toward conversion

By implementing these techniques and focusing on leads, marketing strategies, and communication, you’ll be well on your way to creating a thriving real estate agent business.

Closing Deals and Earning Commissions

Negotiation tactics.

When closing deals, it’s crucial to employ effective negotiation tactics to help both you and your client reach a favorable outcome. Some negotiation tactics include:

• Understanding the market: Know the local market trends and use this information when discussing price adjustments or concessions.
• Compromise: Find common ground and offer reasonable solutions to meet both parties’ needs.
• Leverage: Use your expertise in the real estate industry to highlight your client’s strengths and make convincing arguments.

Handling Objections and Overcoming Challenges

As a real estate agent, you’ll encounter objections and challenges in closing deals. To address them efficiently, consider the following points:

• Listen to the client’s concerns and empathize with their situation.
• Identify the objection: Determine the root cause of the objection and respond with a compelling solution.
• Maintain professionalism: Stay calm and composed, avoiding confrontational behavior.

Preparing and Presenting Offers

Presenting a well-prepared offer is vital to increasing the chances of closing a deal. Keep in mind:

• Research: Analyze comparable properties in the area to establish a competitive price for the offer.
• Documentation: Ensure that all necessary documents, such as pre-approval letters and proof of funds, are in order.
• Presentation: Employ clear and concise communication when presenting the offer, highlighting its benefits to the seller.

Managing the Transaction Process and Paperwork

Effectively managing the transaction process and paperwork helps keep the deal on track, which includes:

• Organization: Maintain an organized system for tracking important deadlines and required documents.
• Communication: Regularly update all parties involved in the transaction, ensuring they know the progress and address any concerns.
• Attention to detail: Ensure all forms, contracts, and other documents are accurate and complete.

By successfully closing deals, you’ll earn commissions based on your agreed split with your broker. For instance, if you close a deal worth $350,000 with a 6% commission rate, the gross commission income will be $21,000. If your commission split with your broker is 70/30, you’ll earn $14,700 while your broker receives $6,300. Utilizing the strategies discussed in this section will help you maximize your commission income and prove beneficial to your real estate business plan.

Client Retention and Building Repeat Business

Maintaining client relationships after closing.

Building lasting relationships with your clients is essential for repeat business and referrals. After closing a deal, continue to provide value by offering support with any post-closing issues, such as paperwork or maintenance concerns. Keep in touch with your clients and remember important milestones, such as anniversaries or birthdays. Show appreciation for their trust in you by sending thoughtful gifts or cards or simply checking in periodically.

Asking for Referrals and Testimonials

Word-of-mouth marketing is an incredibly powerful tool in the real estate industry. Encourage your satisfied clients to share their positive experiences with friends and family. To achieve this, be proactive in asking for testimonials and reviews, which you can later showcase on your website, social media, and other marketing materials. Here are some strategies to obtain them:

• Reach out via email or phone, and kindly request a testimonial or referral
• Provide a simple template to make it easy for clients to write a review
• Offer incentives, such as discounts on future services or gift cards, to show gratitude for their time and effort

Staying Top-of-Mind Through Regular Communication and Updates

Establish regular communication with your past clients to stay top-of-mind and generate repeat business. Keep them informed about the latest market trends, neighborhood developments, or listings that interest them. Here are some communication tactics you can employ:

• Send personalized monthly or quarterly e-newsletters
• Share relevant content, such as articles or videos, on your social media platforms
• Organize events, like client appreciation parties or educational seminars, to maintain connections and foster new ones

Maintaining client relationships, requesting referrals, and staying top-of-mind through regular updates will strengthen your real estate business with repeat clients and new prospects. Remember, satisfied customers are the key to long-term success in the real estate industry.

Measuring Success and Adjusting Your Strategies

Setting goals and key performance indicators (kpis).

To measure the success of your real estate agent business plan, start by setting SMART goals (Specific, Measurable, Achievable, Relevant, and Time-bound). These can serve as benchmarks for success and provide direction on areas to focus your efforts. Consider setting goals for various aspects of your business, such as sales volume, new client acquisition, and customer satisfaction.

In addition to your goals, establish key performance indicators (KPIs) to track your progress. KPIs are quantifiable metrics that help you evaluate the effectiveness of your strategies. Examples of KPIs for a real estate agent business plan include:

• Number of new leads generated per month
• The conversion rate of leads to clients
• Average days on market for properties
• Percentage of listings sold

Tracking and Analyzing Results

With your goals and KPIs established, continually collect and analyze data to track your progress. Regularly monitoring your results allows you to identify trends, spot potential problems, and evaluate the effectiveness of your marketing efforts. Some methods to track your data include:

• Using a CRM system to manage client relationships and interactions
• Employing analytics tools to evaluate the success of digital marketing campaigns
• Conducting a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) to identify areas where you excel or need improvement

Pay close attention to competitor performance and market trends to better understand how your strategies compare and identify any gaps you may need to address.

Adapting and Optimizing Your Strategies Based on Data

Once you’ve gathered and analyzed your data, use insights to adapt and optimize your strategies. Make data-driven decisions to improve your marketing efforts, streamline processes, and better allocate resources. Some steps you can take include:

• Adjusting your marketing budget and tactics based on your marketing ROI
• Revisiting your goals and KPIs to ensure they still align with your overall business objectives
• Fine-tuning your pricing strategies or the type of properties you focus on to meet market demand better

Maintaining a proactive approach to adjusting your strategies will keep your business plan agile and responsive to the changing real estate market. This will go a long way in helping you achieve the success you envision for your real estate agent business.

Time Management and Organization

Prioritizing tasks and setting a daily schedule.

In your real estate agent business plan, it’s crucial to have a time management and organization strategy. Start by prioritizing tasks that align with your [business goals]. Break down tasks into daily, weekly, and monthly goals. Then, create a daily schedule following the block scheduling method:

• List your key tasks for the day.
• Assign specific time blocks for each task.
• Stick to the schedule and avoid multitasking.

You’ll notice increased productivity and improved time management with this approach.

Using Productivity Tools and Apps

Take advantage of productivity tools and apps to help you stay organized and manage your time efficiently. Some popular tools for real estate agents include:

• Calendars: Apps like Google Calendar or Outlook can help schedule appointments and manage deadlines.
• Task Managers: Utilize tools like Trello, Asana, or Todoist to manage your projects and collaborate with your team.
• Time Tracking: Apps such as Toggl or Harvest provide insights into your work habits, helping you identify areas for improvement.

Remember to limit the number of tools you use to avoid digital clutter and duplicate information.

Delegating and Outsourcing Tasks When Necessary

As a real estate agent, delegating and outsourcing non-core tasks is essential to focus on your primary responsibilities. Here are some tasks you can consider delegating:

Identify areas where your expertise may not be as strong or where your time can be better spent, and consider outsourcing those tasks to professionals. This approach will help you manage your workload and improve the quality of your services.

Ongoing Education and Professional Development

Staying up-to-date with industry trends and changes.

To stay competitive in the real estate market, you must keep up with industry trends and changes. By monitoring resources like the National Association of Realtors (NAR), California Association of Realtors (CAR), and multiple listing services (MLS), you can stay informed about the latest developments in your field. Set aside time to read industry publications, attend webinars, listen to podcasts, and follow industry-leading professionals on social media.

Pursuing Relevant Certifications and Designations

Continuing education is crucial for staying current in the fast-paced real estate industry. Pursue relevant certifications and designations to add credibility and value to your practice. Organizations like NAR and CAR offer various designations demonstrating your expertise and commitment to professionalism to clients and colleagues.

Examples of real estate certifications and designations include:

• Accredited Buyer’s Representative (ABR)
• Certified Residential Specialist (CRS)
• Green Designation (Green)
• Seniors Real Estate Specialist (SRES)

To obtain these certifications, you must complete specific coursework, pass exams, and maintain membership in the relevant organizations.

Participating in Networking and Learning Events

Engaging in networking and learning events within the real estate community can help you build relationships, share ideas, and learn from the experiences of others. Attend conferences, workshops, and local meetups relevant to your niche, region, or areas of interest. Not only will this enhance your industry knowledge and skills, but it can also be an opportunity to form valuable connections that will benefit your business growth.

In summary, staying up-to-date with industry trends, pursuing certifications and designations, and participating in networking events can help you maintain and develop your skills as a real estate professional. Committing to continuous learning and professional development is essential to ensure your long-term success in the real estate business.

A well-structured business plan is essential for success as a new real estate agent. With a solid plan, you can set your goals, identify your target market, and analyze your competition. A comprehensive business plan lets you plan your marketing strategies, map your operating expenses, and create revenue projections.

To get started, consider using a business plan template tailored to real estate agents’ needs. This will give you a framework to follow as you develop your plan.

Developing a business plan is just the first step in the process. You need to take action and implement your strategies to realize your goals and achieve success. Revise your plan regularly, adapting and updating it as needed. This will ensure you stay on track with your goals and remain competitive in the ever-changing real estate market.

As a new real estate agent, taking bold steps toward your objectives may feel intimidating. However, trust your plan, apply your outlined strategies, and stay persistent. Your dedication will pay off in the long run.

Starting a career in real estate can be challenging, but you don’t have to face the journey alone. There are numerous resources and support networks available to help new real estate agents excel:

• Professional networks : Join local real estate associations and online forums to connect with experienced agents, ask questions, and expand your knowledge.
• Mentors : Seek accomplished real estate agents who can offer guidance, share valuable experiences, and provide personalized advice.
• Training and education : Keep your skills fresh by attending workshops, participating in webinars, and pursuing continuing education courses relevant to your field.

By leveraging these resources and committing to your business plan, you are setting yourself up for a successful career in real estate. Don’t forget to celebrate your achievements along the way and take pride in your progress. Now is the time to take action; you will surely achieve your goals with determination and hard work.

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Blog Real Estate Best Practices 12 Easy Steps to Creating a Perfect Real Estate Business Plan (2024 Updated!)

12 Easy Steps to Creating a Perfect Real Estate Business Plan (2024 Updated!)

To be truly successful in the world of business, you must create a solid business plan. This is the case no matter what industry you are in, and that includes real estate.

The business plan you work out must be unique. There is no cookie cutter approach. You must keep your brand image and goals in mind when creating the plan that’s perfect for you.

However, there are a few steps you can take to ensure your plan is well executed. This article will review those steps to ensure you plan is as successful as possible.

Why Create a Real Estate Business Plan?

A real estate business plan offers several benefits including the following:

• It shows you where your business is at and outlines areas where you can make improvements.
• It allows you to set goals and track progress.
• It can be used to help secure funding. Most potential investors will want to see a copy of your business plan before moving forward.
• It can be a selling point for attracting top talent.
• It provides an outline that will help you manage day to day tasks in an organized fashion.
• It can help you track your marketing efforts.
• It can help you attract clients.
• It will keep you more organized in reaching your long-term goals.

12 Steps to Create The Best Real Estate Business Plan

1. determine your business model.

There are a few ways to go when embarking on your real estate journey. You may decide you want to start or join a real estate team. Or you may decide you want to start or join a brokerage. You’ll want to decide if you need a sole proprietorship or an LLC is in your best interest. You may establish a plan early on in your career, or you may decide to change directions and create a new plan in the middle of your career.

While these are all very different paths to take, there are common elements that will need to be focused on in the plan creation process. They will be outlined in the following sections.

2. Identify Who You Are

Determining your brand identity will help you create marketing materials that reflect your image. Are you a friendly ‘people person’? Or is your main goal finding clients the best investment for their money?

Your strategies will change slightly depending on your business model. If you own or work in a team setting , you must define the role of each team member and their part in helping you reach your goals.

If you own a brokerage, your real estate business plan will help you determine what type of agents you want working for you. If you work on your own , it will all come down to your unique vision.

When putting it down on paper, your identity will consist of:

• Your Mission Statement: Your reason for being in real estate
• Your Executive Summary: One or two sentences that summarize what you do

3. Analyze Your Target Real Estate Market

Once you determine who you are as an agent, you will have a better idea of who you are marketing to. You may be targeting business owners, investors, families, luxury clients and so on. It’s also likely you will be working within a specific area.

After identifying your target audience, you need to figure out how your target market is doing. What are home prices like? How is inventory looking? Is it a buyer’s or seller’s market? And what are future predictions?

You will be able to glean this information by looking carefully at the MLS and staying on top of trends. Online and offline real estate resources will also provide some insight.

In general, you will want to stay on top of:

• General Trends including how long homes are staying on the market on average, commission rates, sale prices, etc.
• Market Opportunities based on supply and demand
• Market Saturations based on inventory and agent services

4. Analyze Your Competition

We all know the saying, ‘keep your friends close and your enemies closer’. Stay on top of what other agents are doing by subscribing to their newsletters and following their social media pages. While you won’t want to copy their strategies outright, they may just inspire you to create a marketing plan that gives you a competitive edge.

You should also look out for underserved niches and competitive saturation.

When it comes to underserved niches, there may be plenty of agents in your area specializing in family residential properties. But how many are serving the commercial sector? Or the luxury sector?

If the city sections in your area are blowing up, consider looking into properties in a nearby suburb to avoid competitive saturation.

5. Decide What Services You Will Provide

Most real estate agents provide the expected services such as conducting open houses, finding homes for buyers, determining pricing, negotiations, and keeping transactions organized in general.

But you can offer additional services that set your business apart. For example, you may provide:

• Staging: Staging involves setting up the home, so it looks more aesthetically appealing. Once upon a time, staging was offered as an addition service. But today, many agents are rolling it into their agent fees. The agent may stage the home themselves, or they may bring in a specialized team for staging.
• Professional Virtual Tours: Today, virtual real estate tours are the way to go. They allow clients to get the experience of being in the home without having to leave their home. If you are not offering this service, it’s time to get onboard.
• Neighborhood Analysis: Most agents provide clients with an overview of what a neighborhood has to offer. But if you want to go that extra mile, you can provide an in-depth report that includes crime rate, types of properties, demographics, and more.
• Relevant Discounts: Agents can offer clients relevant discounts in terms of handyman services, inspections, appraisals and more.

6. Carve Out a Niche

It’s important to carve out a niche in terms of what type of property you want to sell and who your target audience is. But you can get even more ‘niche-y’ by specializing in certain types of properties such as condos and townhouses, catering to first time buyers and so on.

It may seem like carving out a niche is limiting, but it will make people come to you first when they require expertise in your field. When choosing a niche, base it on what you are most skilled at and where you see an opportunity to grow professionally.

7. Create a Marketing Plan

The first step of your marketing plan will involve identifying your target audience and determining the best way to reach them. For example, if you are focused on first time buyers, you will be targeting a millennial crowd. In addition to emphasizing money saving goals, you may also want to advertise yourself as an agent that is environmentally friendly and gives back.

A luxury crowd may have similar concerns, but their main interests will be in finding high end properties that offer the utmost in amenities.

You must also consider the best way to reach your target audience. What social media platforms are they likely to be on? Do you think they will respond well to cold calls , door knockings , and mailings? Or is it best to keep things digital?

You must also consider race, color, origin, sexual orientations, and disabilities. Create marketing materials that are appealing and will not discriminate in any way.

8. Conduct a SWOT Analysis

SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.

In terms of strengths and weaknesses, you must consider what you are best at and what could use improving. For example, you may find that you have superior digital skills but that you’re not so great with cold calling. If this is the case, you should focus on digital and avoid cold calls.

However, you may also consider improving weak spots. For example, if it was the other way around and digital was a weakness, you should consider building up your digital skills. This will give you a competitive advantage in today’s world of real estate.

It’s also important to be aware of opportunities and know when to pounce. This will help a lot with lead generation. For example, FSBO, near pre-foreclosure, and divorces are all ideal situations for an agent to come knocking. You may also think of opportunities in terms of underserved areas and niches in your community.

Threats can come in the form of competition and/or changes in the market. There is usually no way to keep these threats from happening, but you can take steps to be prepared when they occur. This will ensure you are in the best shape possible for taking them on and minimizing potential damage.

9. Focus on Your Specific Goals

• Making a certain amount of money in a given time
• Completing a certain number of transactions in a given time
• Attaining a certain number of new clients in a given time
• Reducing lead time
• Growing your company by hiring new agents and employees or opening new locations
• Determining a better work/life balance

When you set up your goals, it’s important to make them measurable and attainable. If your goals aren’t attainable, you will end up wasting time working towards goals you will never reach. You will also become frustrated by your lack of progress.

Measuring goals can be challenging. In today’s digital world, reports and analysis are provided so you can determine your ROI and figure out what’s working and what isn’t. If you are outside of the digital realm, it may be more difficult to measure your progress, but you should have some idea of how well you are doing.

10. Keep Track of Your Finances

No matter how passionate you are about your business, it won’t be a success unless you are making money. You must keep track of how much you are spending and how much you are earning. Your net profits should always be positive.

For best results, implement an online system like QuickBooks. Online bookkeeping systems will provide reports so you can see where most of your money is being spent and your main sources of income. This will help you determine what’s bringing in the most ROI, what’s generating income, and what’s not.

You may also consider hiring an accountant and/or a financial consult. Your financial team will ensure you are making smart moves at tax time and when investing in tools, software, and other business ventures.

11. Review Your Success Ratios

Your success will also be contingent on customer satisfaction. Are your customers pleased with your services? Are they referring friends and family?

If your success ratios are looking good but your finances aren’t matching up, you may be overspending on certain aspects of your business. Look at your records to see where the bulk of your money is going. Cut back if necessary.

12. Revisit Your Real Estate Business Plan Regularly

Your business plan is not set in stone. It’s a good idea to check it on a regular basis so you can revise it in accordance with your current needs. You may also want to create a new business plan if you decide to change up your business model.

A real estate business plan is a valuable tool for agents. It will keep you on course in attaining your goals. This template will help you devise a plan that is best suited to your professional needs. We wish you the best of luck in moving your company forward.

You’re a successful real estate agent, but you’d like to step to the next level. To do that, you want to create a better business plan for next year. So, how do you start? By filling out that form your manager gave you, asking for your goals for next year? Or, maybe you’re attending those trainings where seminar gurus give you 30 things to do next year. That will put you in a quandary because you don’t know how to choose! Please don’t leap to either one. Before you commit, take a look back at your last year (In the strategic planning process, it’s called the ‘ business review’.) Using the same thought process successful businesses use to create effective business plans will give you clarity.

Time To Scope Your Business Plan: Small Adjustments Pay Big Dividends

You and your business are unique.

Don’t copy someone else’s plan or commit to pie in the sky numbers until you know your three business indicators here. Armed with that information, you can pick and choose your actions and goals wisely, because you know they will work for you.

Building Your Business Best: From working with agents in my business planning courses and systems, I’ve observed that many agents don’t build a business plan around their best source of business: ‘sold’ customers and clients. Marketing surveys show that it costs six to nine times as much to get a new customer as to keep an old one. So, if you spend more money on your best source, and less on your other sources, you’ll optimize your investment.

3. How ‘delighted’ are your clients? Most so-called ‘business plans’ in real estate merely are goal-setting grids. Focusing only on the end results suggests that the ends justify the means. However, the consumer sure doesn’t think so! These goal setting grids alone lead agents to miss the point of the decade: Top-flight customer service begets more business. That is, it’s not just what you do, but how you do it. What level of service are you providing? Is it just good enough to get through the transaction? Or, is it so great that your clients are thoroughly delighted ? (Delighted consumers refer business to you–less cost and more effort equals big pay-offs, right?)

Build Delight into your Business Plan

Don’t Worry About the Tactics

If you’ve been gathering those dozens of tactics seminar gurus have suggested you MUST do, your head is probably spinning. That’s not the way to go about creating an effective business plan. Instead, take time to use the strategic planning process, which includes your business review. Commit one hour out of your day now to assess the three areas here and plan adjustments. The bonus: With your answers, you can pick from that myriad of action plans you’ve gathered and choose the ones that support your major goals. Now you have the ‘why’ for your plan, and you’ll be inspired to create and implement your unique business plan.

About the Author

Chris Heller brings 27 years of experience in real estate. Chris serves on the AgentAdvice Editorial Board and is the Chief Real Estate Officer at OJO Labs. Chris brings deep expertise having held influential industry positions including CEO of mellohome and former CEO of Keller Williams Realty International.

Last Updated: 12/29/2023

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The Ultimate Real Estate Agent Business Plan

Do you have your own real estate agent business plan?

Let’s be honest, starting a career in real estate is like launching a new business. As an agent, you are your own brand. You have to find your own leads and nurture your own clients. And ultimately, you’re responsible for the production and financial success of your business.

The problem is that standard real estate courses don’t teach agents how to be business owners. Did your real estate courses help you craft your own real estate agent business plan? Mine certainly didn’t!

And that’s a real shame because business planning is key to being a successful real estate agent! This isn’t an industry you can muddle your way through. You need to create a roadmap to success. A path to show you the way forward when business gets tough.

And that’s what this post is all about: creating The Ultimate Real Estate Agent Business Plan to help your real estate business succeed!

Quick note: this article was originally published in 2019; this is the new, updated version.

Before You Jump Into Your Real Estate Agent Business Plan

Before we get started, you should decide how you’re going to document your real estate agent business plan.

• A physical notebook: Putting pen to paper can be a powerful motivator! If you’re a notebook-keeper, grab that notebook and start writing.
• A doc: Of course some of us prefer the paperless route. You can just open a blank Google Doc or Word Doc and start typing.
• A ready-to-use template: You can find inexpensive business plan templates on Etsy. If you’re looking for a template that perfectly mirrors the steps in this post, check out The Ultimate Real Estate Agent Business Plan by Key Real Estate Designs .

There’s no right or wrong way to document your real estate agent business plan. The important thing is to pick whatever method feels natural to you so that you can complete this critical business planning process.

Word of warning: this is going to be a longgggggggggggg post! We have a whole lot of ground to cover. For easy reference, here is an outline of what to include in a real estate agent business plan:

Branding Know Your Client Get Clear on Your Offer Transform Your Offer into a Vision Finance Performance from the Past Year Projections for the Upcoming Year Income Goal Tracking Long-Term Planning Marketing Know Where Your Leads are Coming from Schedule Your Marketing Activities Add New Marketing Activities Each Year Track Your Results Operations Services Supplies and Vendors Your Team Lead Follow-up Building Referrals

Let’s get to it!

1. Branding

The branding chapter of your real estate agent business plan consists of three main sections:

• Knowing Your Client
• Getting Clear on Your Offer
• Transforming Your Offer into a Vision

1. Know Your Client

Step Number One is all about knowing your audience. Starting the branding process from your clients’ perspective will help keep your real estate agent branding focused on your clients’ needs. So let’s pinpoint your ideal client first, and then we’ll figure out how to attract them with branding.

Choose Your Niche

Don’t be that agent who tries to appeal to all buyers and sellers in your area. By trying to appeal to everyone, you’ll never stand out to anyone. You need to niche down so that you are a perfect fit for the clients you most want to attract.

Many agents are hesitant to choose a niche because they don’t want to leave potential clients on the table. But there’s a big problem with being open to all clients: you’re competing with all agents.

But, if you niche down, you’re only competing with a handful of other agents in your niche. Yes, the pool of potential clients is smaller, but the odds of securing those clients are far greater. Would you rather catch 1% of 1,000 fish or 25% of 250 fish? Go for the higher conversion rates by sticking to a niche and becoming the go-to agent for that group.

To be clear, choosing a niche doesn’t mean you don’t work with other clients; it just means you’re targeting your marketing efforts to resonate with a specific group. If a lead outside your niche falls into your lap, by all means, convert that lead into a client and closing!

There are lots of ways to niche down, and you can combine several of them to carve out your unique niche. As you consider niches, ask yourself what type of client you most enjoy working with. Here are a few ways to niche down:

• Buyer or Sellers: You should specialize in one or the other, but stay flexible when your sellers are also looking to buy and vice versa. By the way, buyer/seller is not a niche by itself; it’s just the starting point of focusing on your niche.
• Specific Neighborhoods: If you have a geographic farm, that’s your niche.
• Specific Price Points: Do you focus on luxury estates, starters/fixer-uppers, or somewhere in between?
• Life Events: You could help first-time buyers, downsizers, or people looking for their “forever home”.
• Occupations: If you have a military base nearby or a large employer in town, you could specialize in helping those members/workers get settled in a new home.
• Property Type: How about focusing on agricultural land, condos, or multifamily?

Not sure which direction to go? Learn more by exploring 5 profitable niches for real estate agents .

This goes without saying, but I’m going to say it anyway: protected classes are not niches. It’s never acceptable to niche by race, religion, age, etc.

Create Your Client Avatar

Once you determine your ideal niche (like first-time military vet buyers, for example), you want to learn everything you possibly can about that group. Remember, these aren’t just clients. They’re real people with very real dreams, fears, preferences, and motivations.

Creating an avatar (an imaginary persona of your typical client) forces you to focus on what your ideal clients need from you and how you can best serve them. This will also help you understand how to appeal to them through your real estate agent branding.

There are lots of factors to consider when creating your client avatar. Here are some of the most important:

• Goals (by the way, buying or selling are never the goals; consider why they want to buy or sell)
• How much your clients know about real estate (transactions in general, and the local market in particular)
• General demographics (age, gender, familial status, profession, annual income, formal education, etc. – again, you’re not filtering clients by any protected class, but you do need to have an idea of your average client’s demographics because that will factor into some of your real estate agent branding decisions)
• Where your client hangs out, online and offline

Just to reiterate, saying that your client avatar is a 30-year-old, unmarried female buyer doesn’t mean you’d ever discriminate against families with children. This avatar is simply an amalgamation of your typical client for the purpose of appealing to your target market with your branding efforts.

2. Get Clear on Your Offer

With your client clear in your mind, you can start to clarify your image, tailoring it to meet the needs of your client avatar.

Your Origin Story

We all know real estate agents are just superheroes without capes. And every good superhero has a solid origin story. What’s yours?

How did you come to be a real estate agent? What hurdles have you overcome to get to this point in your life? Which accomplishments are you most proud of? And how does that fit your client avatar’s expectations?

If you’re a native local, great! Part of your origin story is that you were born and raised in the area, so you know everything and everyone.

If you’re a transplant, great! San Diegan by birth, Angelino by choice. Still a great start to your story.

Write down your origin story. It’ll make a great addition to your professional bio !

Your Mission

Why are you doing what you’re doing? What drives you to hustle every day? And, again, how does that fit your client avatar’s expectations? Your personal mission should be meaningful to your clients.

Your Differentiator

Now’s the hard part: verbalizing your uniqueness.

Which of your prospective clients’ needs can you meet better than your competitors? That’s your differentiator.

Here are a few differentiator ideas:

• Best list-to-price ratio in your niche
• Best online presence
• Biggest professional network of investors
• Most experience with VA loans
• Only local agent who speaks Spanish

And if you’re really struggling to find your differentiator, how about offering something no one else is offering? Consider offering services like:

• Professional staging for all sellers,
• New home photo shoots for all buyers, or
• Complimentary annual property tax reviews to make sure your clients are never over-taxed (and if they are, you can offer your property tax appeal services on a contingency fee basis!).

There are a million ways to differentiate yourself. Figure out what’s going to make the biggest difference to your prospective clients.

Your 5 Magic Words

To fully cement your professional image, choose five magic words that best describe you and your brand. These magic words will guide all your real estate agent branding. If you look at your business cards, website, or marketing materials, and they don’t SCREAM these five words, then you’ll know something needs to be changed.

Your differentiator may immediately bring a word or two to mind. So might your client avatar.

Then you’re looking for words that convey an idea or emotion you want to resonate with your target audience.

These are going to be your five magic words. So own them and live them!

3. Transform Your Offer into a Vision

Now that you have a better understanding of your offer, you can turn it into a vision.

In this step, your unique real estate agent branding will really start to take shape!

Choose Your Brand’s Name and Tagline

Naming your brand is harder than most agents expect, mostly because many of the best names are already taken. You need a name that you can “.com” for your website, but that name also has to be available across all social media platforms. Here are a few pointers to simplify the process:

• Keep it under 15 characters. Otherwise, you’ll have to abbreviate your X (formerly Twitter) handle, which dilutes your branding.
• Think lifestyle and location .  MB Luxury, Venice Living, or Living in the OC for example. These all focus on the lifestyle of your target audience.
• Never incorporate your Broker’s name. Because 1) it’s probably trademarked and 2) you don’t want to tie your brand to your broker because that creates complications if or when you decide to part ways.
• Check to see if the domain name is available for your website. If you type your idea into Bluehost’s domain search , it will tell you if the name is available.
• Then check to see if the name is available on social media platforms. Is there already an @VeniceLiving on Insta?

If you’re struggling with this step, don’t let it prevent you from moving forward. When in doubt, use your name. If you have a unique name, it could be your brand name by itself. Otherwise, you could incorporate your name with your lifestyle or location. OC Estates by Sarah, Sean Sells Santee, or Lilly’s Life in LB.

Then you can craft your tagline. Skip the cheesy rhyming taglines of the last century. Instead, explain your differentiator in just a few words. That’s a much more powerful tagline.

Create a Mood Board

The best way to start visualizing your brand is to create a mood board. A mood board is basically just a collage of images with a cohesive look that reflects your idea of your brand. These could be patterns, lifestyle photos, design elements, and color swatches.

Here are a few examples:

Your mood board should be a visual reflection of your offer. If you offer fun and fresh service for first-time buyers, your mood board should scream fun and fresh with bright colors and trendy designs. And if you offer home-grown expertise in agricultural properties, your mood board should whisper farmhouse chic with natural colors and materials.

Want a shortcut?

If you don’t have time to scour the Internet looking for mood board images, just enter “Mood Board” or “Branding Board” on Pinterest. You’ll find tons of professionally curated boards to inspire your personal mood board.

But one quick word of caution: you could get stuck at this stage for weeks because there are so many engaging boards to see. My recommendation is to set a timer for 20 minutes. Browse away, pinning the images that really speak to you. Then use 10 additional minutes to narrow down your selections until you have a brand board you love.

Choose Your Official Brand Colors

One of the reasons I love the Mood and Branding Boards on Pinterest is that they usually come with a beautifully coordinated color palate.

Choosing colors is difficult for most of us because there are so many shades and it’s hard to know which colors best complement each other. Using the colors from a professionally designed board ensures that your colors all work together perfectly.

If you see a color you love, but can’t figure out exactly what color it is, here’s a quick and easy way to find out:

1. Save the image to your computer.

2. Upload that image to imagecolorpicker.com .

3. Click anywhere on the image to get the details for the color you want from the image.

You’ll be able to use the HTML code or the RGM code to get your colors just right on your website, marketing materials, and social media posts.

So you’ll always have perfectly matched brand colors!

Decide on Your Font(s) and Any Design Elements

It’s generally best to stick with two fonts: one bold, and one for easy readability. Your bold font will go on your headers, titles, and logo, and your readability font will be everything else.

Like with colors, you want your fonts to complement each other. There are lots of resources online to find font pairings. Here’s an example of some front combinations from Inkbotdesign.com :

Just make sure you have access to your chosen fonts on all the platforms you use (your website, your marketing design software, etc) as some platforms only offer limited font selections.

If you’re going to have any custom design elements (stripes, brush strokes, patterns, etc), now is also the time to select those.

Create Your Logo

Finally, it’s time to choose your logo.

This is another step that stalls lots of agents. But we have a shortcut to help you get this done quickly and easily.

Head to Etsy . They have lots of personalized logo packs at great rates.

Some Etsy sellers even offer custom-designed logos. If you don’t see an existing logo pack, you can just contact those sellers with your fonts, colors, brand name, and any of your unique design ideas, and they’ll get you set up in no time.

Before long, your target audience will start to recognize your unique real estate agent branding. They’ll know what you and your brand stand for. And they’ll know how to reach you when they’re ready to buy or sell!

The finance chapter of your real estate agent business plan consists of the following sections:

• Performance from the Past Year
• Projections for the Upcoming Year

Income Goal

• Long-Term Planning

1. Review Your Performance from the Past Year

To know where you’re going, it helps to know where you’re coming from.

Reviewing your financial performance from the past year will give you an idea of what to expect (in terms of income and expenses) for the coming year.

A quick note about expenses: As an independent contractor, you have more than just personal expenses to consider. You also need to consider business expenses. We’ll discuss both.

If this is your first year in real estate, your prior year’s data won’t include relevant business expenses or reliable income figures. You’ll just need to spend more time researching average income and expense data in Step 2. But you will still benefit from reviewing last year’s personal expenses so you’ll know how much to budget in those categories for the coming year.

Most agents find it helpful to look at the expenses first when reviewing their financials. When your income is uncertain, starting with your expenses lets you know exactly how much income you need to make to cover all your needs. So we’re going to follow that method by listing expenses first.

Now, I like to start with personal expenses since many of these are essential to your life, regardless of the current state of your business.

Personal expenses include:

• Personal Vehicle
• Personal Care
• Debt Payments
• Savings and Investments
• Charitable Giving

All you need to do is list all your personal expenses and assign an amount to each. You may find it helpful to list both the annual total amounts and the average monthly amounts .

Then you can move on to your business expenses.

Business expenses include:

• Work Vehicle
• Work Cell Phone
• Office Space (if not covered by your Broker)
• Website Hosting
• Membership Dues
• Client Gifts
• Federal and State Income Taxes

If you’re new to real estate, you’ll need to account for a few start-up costs as well:

• Licensing fees
• A real estate website ( a must for today’s serious agents )
• Any onboarding fees charged by your broker
• Business cards
• Initial self-promotional marketing

Do you feel like your expenses are too high in any category? Ask yourself if it’s reasonable to cut back on that expense in the coming year. If so, great! And if not, at least you’ll know to budget enough for that category in the coming year.

The bulk of your income will, in all likelihood, come from real estate transactions. But this shouldn’t be your only source of income.

Savvy agents are diversifying their income streams to recession-proof their businesses and reach financial independence. Check out our massive list of 55 Ways to Make Money in Real Estate for some income ideas that will complement your real estate business.

Just like you did with your expenses, list your income sources from this past year and the amounts earned from each source.

Your income minus your business expenses equals your profit.

How did you do last year? Are you satisfied with last year’s profit? Or do you need to lower your business expenses, increase your income, or both to reach a profit you’re happy with in the coming year?

Your income minus your total expenses (personal and business) is your cash flow. This shows how much more money you make than you spend.

As long as you’re including savings and investments in your expenses (which you absolutely should be, otherwise those will end up neglected!), your cash flow number doesn’t need to be large. You just want to be sure you’re making more than you’re spending.

If there’s anything you don’t love about your financials from the past year, don’t panic. Instead, focus on what you want to do differently in the next 12 months. That’s what we’ll do in Step 2.

2. Plan Your Financials for the Coming Year

Now it’s time to create your real estate agent financial plan for this coming year.

• How much do you plan to spend?
• And how much do you plan to earn?

Using last year’s expenses as a guide, write down your estimated expenses in each category for the coming year. You may have to do a little research to get estimates on some figures if this will be your first year incurring that particular expense.

The most important thing when estimating your expenses is to be as accurate as possible. Many of us have a tendency to think our numbers should be lower, so we underestimate our expenses, and subsequently end up breaking our budget.

A good rule of thumb is to budget high. If you come in under budget, great! You’ll have more money at the end of the year to invest in business expansion.

With your expenses calculated, you now know exactly how much money you need to make this year to cover all your expenses.

How does that number line up with last year’s income?

Do you expect this year’s income to be similar?

Again, accuracy is key. Your income goal should be achievable , but it should also be difficult enough to really make you work.

By the way, in the next step, we’ll create a plan to make your income goal a reality. That step will be a good litmus test to see if your income goal is reasonable.

Assuming you hit your planned expense and income figures this year, what will your profit be? Again, it’s just income minus business expenses.

How does this projected profit compare to last year’s profit? Are you happy with this profit? If not, now’s the time to review your projected expenses and income to see if you need to make any adjustments.

When you subtract your total expenses from your projected income, are you still at a positive number? Because you need to be!

3. Create a Plan to Meet Your Income Goal

Now that you have an income goal in mind, we need to create a bulletproof plan to hit that goal.

To do this, we need to answer two questions:

• How many homes do you need to sell this year to meet your income goal?
• How many leads do you need to reach to sell that many homes?

Let’s look at each question in turn.

How Many Homes Do You Need to Sell?

Here’s the formula to calculate the number of homes you need to sell:

————————————————————————————————

(Average Home Price x Your Average Commission Percentage x Your Commission Split)

For anyone not algebraically inclined: we’re just figuring out your after-broker commission from an average sale, and then dividing your income goal by that number.

As an example:

If the average home price in your niche is $250,000, the average commission per agent is 3%, and your split with your broker is 50%, you would need to sell 27 average homes to generate $100,000 in gross income. ($250,000 times 3% = $7,500 x 50% = $3,750. So you make $3,750 on each average transaction. And $100,000 divided by $3,750 is 26.666 houses, rounded to 27.)

So, what’s your magic number?

Now, how are you going to meet that sales goal?

How Many Leads Do You Need to Reach?

First, let’s break down your home sale goal by month so it’s less daunting. Divide your magic number by 12 to figure out how many homes you need to sell each month on average.

Now, how many leads do you need to reach each month to sell that many homes?

To figure this out, you need to know your conversion rate. How many leads does it take on average to close a single deal? For seasoned agents, this is a matter of tracking your leads and your closed deals to know your personal conversion rate. For new agents, 100 leads for every 1 closed deal is a safe estimate in most markets. This number will improve as you gain sales experience and establish yourself in the market.

Here’s the formula for calculating your monthly lead requirements:

number of deals needed x number of leads required to make one sale

That number may seem high. But let’s make it more manageable by figuring out how many leads you need to generate each day. To do that, divide your required leads per month by 16. Why 16? Because life happens, and you can’t reasonably expect to prospect every single day of every month. So we’re figuring 4 workdays for 4 weeks per month.

As long as you commit to hitting your prospecting target 4 days per week, there’s no reason you shouldn’t hit your income goal!

4. Tracking Your Finances

This is one of the most often ignored steps in creating a real estate agent financial plan: tracking.

How will you know if you’re on track to stay on budget and meet your income goal if you don’t track your finances through the year?

Unexpected expenses and sales droughts can completely derail your financial plan. It’s important to catch these in real-time so you can adjust your plan as needed to get back on track as quickly as possible.

Keep a monthly log for expenses, and one for income. And actually use them! That’s the tricky part. It’s a good idea to schedule 15-30 minutes each week specifically to log your income and expenses from the previous week. Put this recurring appointment in your calendar to remind you to build this financial habit.

5. Long-Term Planning and Tracking

The final step to creating your bullet-proof real estate agent financial plan is to create a long-term financial plan.

Long-term financial planning is difficult for real estate agents. It’s hard enough to plan for a single year. How are you supposed to plan 5-10 years (or more!) into the future?

No one expects you to accurately forecast your income and expenses for the next 10 years. But there are some long-term financial plans that wise agents track. Btw, if you want to learn more on this topic, check out Financial Planning for Real Estate Agents for a comprehensive overview.

Planning to retire as a real estate agent is tough. You don’t have a 401(k) or a pension plan. So you have to plan for retirement on your own.

A Solo 401(k) is a great option because it allows you to contribute more each year than IRAs.

The key to retirement savings is to start early and save consistently. Compound interest will work its magic from there.

Aim to set aside a full 10% of your gross income for retirement. But start slowly if 10% sounds like too much for you to spare. Start with 3% of every transaction for the first year. Then 5% the next year. And keep increasing until you hit 10%. If you’re starting retirement savings later in life, you may need to save more. If you have other income-generating assets, like rental properties, you may be able to save less. Talk to a Certified Financial Planner (CFP) if you need help figuring out your retirement plan.

Your Dreams

It’s sad that most of us put such a low priority on our dreams.

How many of us desperately want to travel or open our own brokerages or start a non-profit for the community? And how many of us never do these things because we just don’t have the money?

Make your dreams a priority by building them into your financial plan every year. And tracking your Dream Fund finances over the long term.

Your Legacy

What do you want to leave for the next generation?

You certainly don’t need to leave an inheritance for your children, but you may want to help your children and/or grandchildren with education expenses as your legacy. Maybe you want to create a family business to leave behind? Or build a community park for future generations to enjoy. Or establish a non-profit to assist those who come after you.

If you want to leave a legacy like these, you’ll need to include them in your long-term financial planning.

Your Net Worth

Tracking net worth year-over-year is one of the most rewarding financial exercises you can do!

Net worth is the best indicator of overall financial health. It’s a comparison of your debts to your assets. Think of it like this: if you sold everything you owned and paid off all your debts today, how much would you have left?

To calculate your net worth, start by listing all your assets and their present-day values:

• Checking Accounts
• Savings Accounts
• Retirement Accounts
• Investment Accounts
• Real Estate Holdings
• Collectibles

Now, list all the current balances on all your debts:

• Student Loans
• Credit Cards
• Business Loans
• Personal Loans

And finally, subtract the debts from the assets. The result is your current net worth.

The more assets you accumulate, the more your net worth will skyrocket. Especially if you acquire assets that appreciate, like real estate and financial investments (stocks and bonds).

Invest the time in calculating your net worth just once or twice per year. The motivation to improve your finances lasts long after you complete this small task. And as your net worth grows, you’ll find that you’re actually excited to calculate your new net worth and see how much your financial health has improved since the last check.

3. Marketing

Marketing builds on some of the foundation work you did in the branding and finance sections of your real estate agent business plan. With your financial goals and target market in mind, you can build a marketing plan to suit your audience and earn you enough leads to hit your goal.

The marketing chapter of your real estate agent business plan consists of:

• Knowing Where Your Leads are Coming from
• Scheduling Your Marketing Activities
• Adding New Marketing Activities Each Year
• Tracking Your Results

1. Know Where Your Leads Are Coming From

Do you know where your leads are coming from?

Online? Geo-farming? Cold-calling the Expireds? Somewhere else?

To know where your marketing dollars are making the most bang, you need to know which marketing methods are working for you.

If you don’t have a CRM (Customer Relationship Management) system that automatically tracks the return on investment for your leads, you can create a basic spreadsheet to handle this task. Just list your marketing methods in a column on the far left, then add columns for the:

• annual cost of each marketing method
• number of leads generated every year by each method
• cost per lead (annual cost divided by the number of leads generated)
• number of closed deals
• net profit from those closed deals
• ROI of each method (net profit divided by the annual cost)

(By the way, The Ultimate Real Estate Agent Business Plan on Etsy includes a ready-made template for you.)

If you’re brand new to the business and don’t yet have any data to analyze, don’t worry. Start your marketing strategy with three to five cost-effective marketing methods. My recommendations for most new agents in most markets are:

• Social Media Marketing.  You can create professional profiles and post for free (check out How to Create a Lead-Generating Social Media Calendar for tips). And if you don’t have the time or design skill to create your own social media posts, sign up for DRIP by Key Real Estate Resources.  You’ll get fresh social media posts and a new social media calendar delivered to you each month!
• Content Marketing.  Add blog posts to your website to boost your search engine rankings so buyers and sellers can find you online.
• Calling FSBOs and Expireds. T hese people are actively trying to sell! Get out there and talk to them. In fact, consider hosting a FSBO seminar where you give  real information about the home selling process. When sellers see what’s required to get top-dollar, they’ll probably list. And they’ll choose the agent who gave them the real info they were looking for! No time for a seminar? Offer a free FSBO guide instead.
• Mailers. Mailers may be old school, but they’re still a low-cost way to generate leads in many markets.
• Open Houses. While open houses aren’t effective for selling in all markets, they’re often effective at generating new leads .

2. Schedule Your Marketing Activities

Armed with your chosen marketing methods, it’s time to decide exactly when you’re going to take action.

You know that if it isn’t on your calendar, it won’t get done. Other tasks, like showings and inspections, will inevitably take priority because they are more urgent. Don’t let the urgent tasks keep you from the important tasks. And since your business doesn’t exist without a client pipeline, marketing is possibly the single most important task you can complete to keep your business growing. So schedule it!

Grab your calendar now and decide when you’ll:

• Launch your website (if you don’t already have one)
• Write and publish your blog posts (one per week is ideal)
• Post to social media (several times per week on your focus platforms, and at least once per week on the other major platforms). By the way, if you don’t have time to create your social media content, consider a service that creates the posts for you. DRIP by Key Real Estate Resources offers plans starting at just $9/mo.
• Call Expireds and FSBOs (daily! – so what time will you carve out every day for distraction-free phone marketing?)
• Send mailers (at least quarterly)
• Attend networking events
• Order any print media ads
• Launch any social media ad campaigns
• Etc, etc, etc

3. Add a New Marketing Activity Every Year

The real estate industry is always changing. What works one year might not work so well the next. And next year, you may find new marketing opportunities you weren’t even aware of this year.

Innovative agents experiment with new marketing technologies to keep their businesses growing.

In a hot market, you want to target FSBOs. When homes sell quickly, people think they can save on commission by selling themselves. So you need to show them what it takes to sell for top dollar.

And in a down market, you have a few options. One effective marketing activity to add in a down-market is to target renters. Home prices are lower than average, interest rates are favorable, and rents are increasing. Show these renters how to get a low down payment FHA or VA loan so they can use the market to their advantage! To really boost your leads, try creating your own Renter-to-Homeowner Program .

Another great example (albeit a more ambitious one!) of a new marketing plan for a down-market is to expand your services to include the property tax appeals service we mentioned in our discussion about your Differentiator. Most agents don’t even know this service exists, but it can provide you with a whole new income stream while simultaneously generating new leads and nurturing your relationship with past clients. And it’s far easier than you might imagine!

All you have to do is explain to the county that your client’s home is worth less than the value on their tax bill (which is  very often the case in a down market). You do this by running comps, like you already know how to do. If the county agrees, they’ll lower your client’s property taxes, and you get a cut of that reduction. You’ll be able to pitch this service to all homeowners in your niche and gain some serious exposure for your real estate business! Learn more by reading How to Make Money With Property Tax Appeals .

There are tons of creative marketing strategies that most agents never consider. Trying a new marketing activity each year will keep your business growing in any market!

4. Track Your Results

To know what works you need to track your results.

Back in Step 3, we looked at where your leads are currently coming from, as well as the return on investment for each marketing method. Without tracking your leads, you’ll never have this valuable data to help guide your next marketing move.

Every time a new lead comes in, record the marketing source that drove them. If you have a fancy CRM database, you can record the information there. If you’re just keeping your leads in a simple spreadsheet, no problem! Just make sure you have a column to record the source. And if you don’t currently have a system, consider spending a few bucks on a done-for-you CRM template .

4. Operations

Last section! The operations chapter of your real estate agent business plan consists of five parts:

• Supplies and Vendors
• Lead Follow-up
• Building Referrals

Let’s take a closer look at each…

1. Services

Here’s a question most agents never think to ask themselves: What services should I offer?

Most agents think the answer is obvious. You sell real estate, right? What’s to ask?

This is a HUGE missed opportunity.

There’s so much more to real estate than sales. What other services could you offer to 1) diversify your income, 2) recession-proof your real estate business, and 3) best serve your clients?

Not sure what I mean? Here are a few examples of services that would complement your existing real estate practice:

Property Tax Appeals

We’ve mentioned property tax appeals a few times already. It’s just such a perfect fit for real estate agents (who already have about 95% of the knowledge and skills required to make money in property tax appeals), but surprisingly few agents are capitalizing on this homeowner need! Again, to learn more, check out How to Make Money With Property Tax Appeals

New Home Photo Shoots

If it isn’t on Instagram, it didn’t happen. Millennials and beyond want to show off their new home on social media. And they’re willing to pay for quality photos of themselves in their new place.

If you have photography skills (or you partner with a professional photographer for your listing photos), you can easily add this service to your real estate business.

Offer photoshoot packages to your buyer clients. But don’t stop there. Ask your colleagues if you can reach out to their buyers as well. Then promote your photoshoot services online. Before you know it, you’ll have a healthy new income stream!

And the best part: your clients’ social media pics become free advertising for you. Not only will this boost your photography services, but it can also bring you new buyers and sellers!

Read more about the benefits of offering new home photoshoots .

Property Management

If you want to land more investor clients (and wow them with your services!), offer property management services.

You know, tenant screenings, rent collection, maintenance requests, renewals, etc.

In most markets, property managers can command a 10-20% commission on the monthly rent for property management. It doesn’t take many units to add up to a substantial income stream.

Not interested in taking on ongoing property management work? Simply helping property owners screen new tenants can earn you a commission of around 50% of the first month’s rent, and then the day-to-day management can be handled by the property owner until they need new tenants. It’s an easy way to land a quick paycheck!

Other Services

There are tons of other ideas for additional income streams you can add to your real estate business. Check out 55 Ways to Make Money in Real Estate for more ideas!

2. Supplies and Vendors

Once you know what services you will offer, you can plan for your supply and vendor needs.

As a service business, your supplies should be minimal. Here are a few supplies to consider:

• Marketing Materials
• Software Subscriptions

Not much to it!

Depending on the services you offer, you may need to utilize the services of several vendors.

On the real estate sales side, you have the standard players:

• Escrow Officers
• Transaction Coordinators
• Marketing Publications

Then consider your other income streams. If you’re offering property tax appeals, you may want to hire a virtual assistant during appeal season to research assessed values and handle your data entry. If you’re offering new home photoshoots, you may want to partner with a professional photographer.

Ask yourself two key questions:

• Would a vendor boost the quality of my business?
• Is it worth paying someone to complete certain tasks so I can focus my energy where it will have the greatest impact?

If the answer to either question is yes , you should absolutely use a vendor.

3. Your Team

For many real estate agents, you’re a team of one! You do everything yourself. But many agents want to grow a larger team: admin, buyer’s agents, listing specialists, etc.

Technology has opened many opportunities to help you grow your team. For example, your first team addition might be an inexpensive virtual assistant. You can hire a real estate assistant to take care of all your data entry, social media engagement, appointment setting, and even blog writing! And you don’t have to pay a full-time salary or offer benefits to a freelancer.

Tech has also introduced new challenges. Managing a virtual admin is very different from having an assistant in your office. You don’t get the face-to-face communication, and you don’t have the level of control that you would have over a full-time, in-office employee.

What works best for you? You can always try hiring a freelance VA for a short time to see if you’re comfortable with that arrangement. And if not, you can post a job ad on Craig’s List for a part-time (or full-time!) in-office assistant. This position is generally paid hourly. Depending on your market, this could be a $12-$20 per hour position.

Then you can branch out into specialists. The order of your hires will depend on your personal strengths and preferences. If you love listing and you’re great at it, you don’t need a listing specialist; focus on getting a buyer’s agent, marketing coordinator, and operations manager instead.

Be honest with yourself about which tasks you just don’t enjoy, and which tasks you struggle with, then hire people with those as strengths!

Just remember to give yourself time to grow. You don’t need to go from 1 person to 10 people this year. It takes time to build an effective team. Give yourself 6-12 months between each hire to avoid the worst of the growing pains.

Here’s an example of an org chart for a full real estate team (the numbers indicate a recommended order of hire):

4. Lead Follow-Up

First, schedule time every day for your lead follow-up. Every workday, you’re going to sit down at a designated time, open your CRM (Customer Relationship Manager), and follow up with your leads. Statistically, the best times to reach people are 8-10 am and 4-6 pm. So for the best chances of success, your follow-up should take place during those hours.

Studies have repeatedly proven that you don’t convert a lead to an active client in a single follow-up. It typically takes 7-8 touches for a lead to become your client. But that’s just an average. If you really want to boost your production, you need to follow up with every lead until they become your exclusive client.

What if your lead ends up listing with another agent? They’re still a lead. Contact them every few weeks to make sure they’re satisfied with their agent’s performance. If that listing expires, who do you think is going to land the new listing?

Here are some tips to increase your conversion rates from leads to clients:

• Put every single lead in your CRM. Every seasoned agent has been surprised by a lead they thought was low-quality. If you don’t log the lead, you lose them.
• When a new lead comes in, aim to reply to them within five minutes. The sooner, the better! Auto-responders can buy you a little time.
• Schedule your next follow-up immediately after every follow-up.

5. Building a Referral Business

What is your plan for after the deal closes? Is your current plan resulting in repeat business and referrals? If not, it’s time to re-think your post-close plan.

Lucky for you, I have a tried-and-true plan, ready for you to implement today!

Here’s a simple 3-step process for building a referral business:

Step 1: Showing Genuine Gratitude

Some agents are bucking the trend of closing gifts. They have already provided quality service, so they don’t see the need to spend part of their hard-earned commission on a closing gift.

But failing to give a closing gift is a huge missed opportunity.

First, many clients expect a closing gift because of the tradition of closing gifts. And your goal is always to exceed expectations, never to disappoint your clients.

Then there’s also the fact that closing gifts give you the opportunity to express your appreciation for your clients’ business. Without their business, you don’t survive as a real estate agent. So cultivate that attitude of gratitude and show your thanks with a thoughtful closing gift.

Lastly, closing gifts are an opportunity to make a lasting impression. A thoughtful closing gift helps your clients remember you. And a carefully selected closing gift can even generate referrals! Check out our list of 20 affordable closing gifts guaranteed to impress your clients .

Step 2: Providing Ongoing Value

Most agents consider the job done when the deal closes. Savvy agents know that a little ongoing effort pays off HUGE in referral and repeat business.

How can you help your clients after the sale? First-time homeowners are pretty clueless when it comes to home maintenance. Maybe you can send them a friendly list of home maintenance issues to tackle each season.

Offering property tax appeal services is a great way to provide value to your clients every year! Surprise and delight your clients by conducting a “complimentary property tax assessment review” every year. All you have to do is compare the assessed taxable value to the market value.

• If the assessed taxable value is lower than the market value, you can send the client a letter to let them know that you’ve confirmed that their property taxes for the current year are fair and ready to be paid in full.
• If the assessed taxable value is higher than the market value, you can let your clients know that your calculations indicate they are being over-taxed, and you’re happy to file a property tax appeal on their behalf to try to lower the taxes for them. (you can download a done-for-you letter template from our post on property tax appeals).

You should also send custom value estimates to your clients every 6-12 months to let them know how much their home has increased in value (just in case they’re thinking of selling).

Step 3: Maintaining the Personal Relationship

Don’t just rely on blanket marketing to stay in touch with your former clients. Schedule some personal touches as well to make sure your personal relationship is maintained.

Here are a few examples of effective personal touches:

• Send a Happy Housiversary Card every year. And maybe a small gift for that first year (if you really want to wow your clients!)
• Host an annual appreciation event , and invite all your formal clients. A simple party at home is nice and personal. But it’s certainly not the only option. Hosting an outdoor movie night is perfect for families. Offering a “Hidden Gems” tour of your city is great for areas with lots of non-natives. And renting out a boat for a sunset cruise with drinks and live music would be ideal for luxury market clients.
• Check in out-of-the-blue. Send a quick text just to say, hey I was just thinking about you and wondering how you’re doing. Is anything new and exciting going on? These messages are great because there’s no agenda. You’re just reaching out to an old friend to see how they’re doing.

With these personal touches, you’re not just staying in front of clients, you’re building on your personal relationships with them!

Congrats on Completing Your Real Estate Agent Business Plan!

Whew…I know that was a long read (or a long scroll, anyway).

But if you follow the steps outlined in this post, you’re going to end up with a complete real estate agent business plan to provide direction and accountability to your real estate business.

You owe it to yourself to complete your real estate agent business plan and set yourself up for a career full of success.

All the best to you and your business!

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Ultimate Guide: 11 Points to Writing a Real Estate Business Plan

Failing to plan is planning to fail. Your business plan is the GPS for success. Instead of wandering, push towards your goals and objectives with clear direction. Developing a real estate business plan is critical to forming a healthy and sustainable business. 

A real estate business plan is an important step for any real estate agent looking to build a successful career in the industry. While there is no one-size-fits-all approach, there are certain key elements that should be included in any plan. First and foremost, it is essential to set clear goals and objectives.

A study of 2,877 business owners found that companies are twice as likely to secure loans and funding if they have a business plan and 75% more likely to grow. Another study showed that 64% of companies who created a plan increased their businesses, compared to 43% of companies that hadn't yet finished a plan. 

Your own business plan is an essential tool for any business, small or large. Real estate agents use business plans to map their marketing strategies, target their advertising, and track their progress. A business plan helps agents set goals and stay on track throughout the year. It is also a valuable reference point when meeting with clients and potential investors. 

While there are many different ways to create a real estate business plan, certain elements should be included in every scenario. These elements include an overview of the business, the company's goals and objectives, a marketing strategy, and a financial analysis. By having these key components, companies can ensure that their real estate business plan is comprehensive and will help them achieve their desired results.

Harvard Business Review (HBR) stated that the chances of success rose by 12% for those that spent no longer than three months on their plan . With any longer proving futile. So, how do you write a business plan for your real estate business without getting bogged down in the details? In this post, we'll look at actionable steps agents and brokers can take to outline, execute and measure the performance of a business plan.

As a real estate agent, you know that the housing market can be unpredictable. You need to be prepared for the ups and downs of the market, and one way to do that is to have a business plan. Your business plan will help you set goals and track your progress. It will also force you to think about the costs of running your business and how you will generate leads. There are many online resources that can help you write a business plan, but the most important thing is to get started. By taking the time to write a plan, you will ensure that your business is ready for whatever the housing market throws your way.

What is a real estate business plan?

A business plan is a written document that captures the future of your business. It details what you plan and how you plan to do it.

Real estate business plans are essential for two reasons. First, they provide a road map for agents to follow as they work to build their businesses. Second, they force agents to think through all the crucial aspects of their business, such as their marketing efforts, target market, and financial goals. 

By taking the time to write a Real Estate Business Plan, agents can ensure that they are taking all the necessary steps to build a successful business.

A Real Estate Business Plan is an essential tool for any business, whether you are just starting or have been in business for years. There are many benefits to creating a Real Estate Business Plan, including: 

• Having a Real Estate Business Plan forces you to take a step back and assess your business as a whole. It allows you to see where your business stands, and identify any areas that need improvement.
• A Real Estate Business Plan provides a roadmap for your business. It can help you to set goals and track your progress over time.
• A Real Estate Business Plan can help secure your business funding. If you seek investment from Venture Capitalists or Banks, they will often require a copy of your business plan before considering your request.
• A Real Estate Business Plan can help you to attract and retain top talent. If you are looking to hire employees or contractors, having a well-crafted business plan can be a significant selling point.
• A Real Estate Business Plan can be a valuable tool for managing day-to-day operations. A clear and concise plan can help you better decide where to allocate resources and how to utilize your team's time and talents best.
• A Real Estate Business Plan can help you to measure and track your marketing efforts. By setting specific goals and objectives, you can more effectively gauge the success of your marketing campaigns and make necessary adjustments along the way.
• A Real Estate Business Plan can serve as a valuable sales tool. A professional business plan can give you a significant competitive advantage if you are looking to sell properties or convert leads into clients.
• A Real Estate Business Plan helps to keep you organized and on track. Trying to run a successful real estate business without a plan is like trying to drive from New York to Los Angeles without a map - chances are, you'll get lost along the way!

Having a Real Estate Business Plan gives you credibility in the eyes of others. If you are working with other professionals such as lenders, appraisers, or title companies, having a well-developed business plan shows that you are serious about your business and increases the likelihood that they will want to work with you in the future.

Last but not least, creating a Real Estate Business Plan is empowering! Taking the time to develop a comprehensive plan shows that you believe in yourself and your business and sets the foundation for long-term success.        

Precisely, it conveys your business goals, the strategies and tactics you'll use to achieve them, potential problems you may run into along the way and how to overcome them, roles and responsibilities, SWOT analysis, and measurement strategies.

What should a real estate business plan include?

Real estate business plans are different from traditional business plans. 

Real estate agents need to focus on their target market, their uniqueness, and how they will succeed against the competition. Real estate business plans should also include an analysis of the current market conditions and the potential for growth in the future. In addition, real estate agents should outline their marketing strategy and have a budget for advertising and promotions. By taking the time to create a comprehensive business plan, real estate agents can increase their chances of success in this competitive industry.

Real estate business plans vary in length and complexity, but all should include the following elements: 

• An overview of the real estate market 
• A description of the agent's target market 
• A marketing plan 
• A financial plan 
• A discussion of the agent's competitive advantages 

Real estate business plans provide a roadmap for agents to achieve their goals. They should include specific strategies for generating leads, marketing properties, and closing deals. The business plan should also outline the agent's budget and target income. Additionally, the real estate business plan should set forth a schedule for prospecting, listing appointments, and open houses. By following a real estate business plan, agents can increase their chances of success in real estate.

How do you assemble a real estate business plan?

A business plan is essential for any real estate business, whether you're just starting out or have been in the industry for years. It provides a roadmap for your business, laying out your goals and strategies for achieving them. But how do you go about assembling a business plan?

First, you'll need to identify your target market. Who are you trying to reach with your real estate business? Once you know your target market, you can start developing your marketing strategy. What methods will you use to get potential clients? How will you differentiate yourself from other real estate businesses in your area?

Next, you'll need to put together a financial plan. What are your revenue sources? How much money do you expect to bring in each month? What are your expenses? How much do you need to save for a rainy day? A clear financial picture will help you make sound decisions for your business.

Lastly, don't forget to include a personal development plan. What skills do you need to improve to succeed in the real estate business? What classes or training programs can you take to close more deals and earn more commissions? A well-rounded business plan will help ensure your real estate business is booming.

Writing a Real Estate Business Plan in 11 Easy Steps

1. write a detailed business description.

There's a story and context behind your business, and the business description is where that should shine. Write a brief overview of your Real Estate business. Include your business goals and how you plan on achieving them. Then create a description of your company, including its history, structure, and other relevant information.

The mission statement is part of the business description — which helps keep the rest on the track. Many mission statements follow a familiar format, like:

"To be the best, full-service Real Estate company in the Triangle and to enhance our quality of life through active community involvement.".

In a microstudy of 200 mission statements, it was found that mission statements most often talk about the company's dedication to customers (85%), shareholders (37%), employees (21%), and society (3%).

As well as a defined mission statement, make sure to include:

• When you were founded
• Where you are located
• Who the leaders are
• Special advantages/partnerships
• Market opportunities
• Legal structure

A very brief real estate business description example is:

"Norris & Company Real Estate is Vero Beach's premier upscale real estate firm. They specialize in luxury waterfront homes and condominiums, particularly in Vero Beach and Indian River County, FL."

2. Market Analysis

Research the Real Estate market in your area and identify any trends or opportunities. Include this information in your business plan.

Real estate agents must constantly be aware of the market conditions in their area to serve their clients best. Agents can provide expert guidance and advice by understanding the trends and opportunities.

When writing your Real Estate business plan, including a comprehensive analysis of the market conditions in your area. It will help you better understand your client's needs and identify potential opportunities.

Your market analysis should include:

• An overview of the Real Estate market in your area
• Identification of any trends or opportunities
• An explanation of how you will address these trends or options in your business plan

By including this information in your Real Estate business plan, you will be able to show potential clients that you are knowledgeable and prepared to help them navigate the Real Estate market.

3. Perform a SWOT Analysis

A SWOT analysis is a technique used to identify and define several key characteristics that will impact your business: Strengths, Weaknesses, Opportunities, and Threats.

Think of it this way:

Strengths and Weaknesses are internal. Threats and Opportunities are external.

An analysis can be as simple as making lists of items under each category.

For example, a strength could be a solid and experienced sales team, while a weakness might be that your business is expensive to run because you haven't nurtured supplier relations.

It could be as simple as filling four sheets of paper with descriptions of the strengths, weaknesses, opportunities, and threats — collaboratively or alone. To make the answers clearer and the exercise more manageable, you can use questions like:

• What do our competitors do better than us? Threat .
• What's our unique selling point? Strength .
• Why have customers churned in the past? Weakness .
• Which markets are underserved in your territory? Opportunities .

4. List Your #1 SMART Goal

It's great to be ambitious, but focusing on one goal makes it easier to stay motivated, track progress, and see the measurable effect of achieving it. Even better if that goal is a SMART Specific, Measurable, Attainable, Realistic, and Timed – goal.

Examples of SMART goals you might set for your growing real estate business are:

• Build a new real estate website in the next three months
• Hire and onboard three new SDRs in the next six months
• Increase monthly leads by 50% by next year
• Sell ten houses in the Dallas metro area in the next 30 days.

Pick one at a time and focus on it! Sticking to an achievable goal with a time limit makes it more likely to come to fruition. And, even just writing it down makes you 42% more likely to attain it.

5. Identify Your Market Niche

Before setting out your facts and figures, it's essential to spotlight your target market and how you'll serve this niche. It helps you decide what's realistic and feasible to achieve in your business plan.

Determining your market niche is a fancier way of saying: Who are your services best suited to? While honing in on a narrow target seems a little exclusionary, niche marketing can save you time, effort, and money on marketing.

One tool to help you define your market is a buyer persona. A persona is a fictional typification of your ideal customer, with information that enables you to steer your sales and marketing in the right direction.

It's essential to assess your niche and ensure it is consistent with the market in your area.

For example, if you've decided to focus on first-time buyers, do some research to look at relevant stats and figures:

• What percentage of sales in your market were to first-time buyers in the last 12–14 months?
• What was the average sales price to first-time buyers?

Also, assess how competitive this market is:

• Are you the only agent catering to the young first-timer?
• Are you competing with well-known heavy hitters?

A competitive SEO audit can be a helpful starting point in finding your competitors in the online space, where almost all leads will turn at some point in the buying process.

6. Implementation Plan

Before you can begin implementing your real estate business plan, you must clearly understand your goals and objectives. What are you trying to achieve with your business? Are you looking to buy and hold properties for long-term appreciation, or are you more interested in flipping houses for a quick profit? 

Once you have a good idea of your goals, you can start to put together a plan for how to achieve them. For example, if you're interested in buying and holding properties, you'll need to generate enough income from rentals to cover the mortgage and other expenses. If you're more interested in flipping properties, you'll need to find motivated sellers and then negotiate deals that provide you with a healthy profit margin. 

Regardless of your goals, careful planning is essential for success in the real estate business.

Breaking your goals into action steps makes them more tangible and ensures you're making strides to fulfill them. Here are some keys to converting your real estate business plan into actual business practices.

7. Monitoring & Evaluation

Successful real estate businesses have a plan to monitor and evaluate their progress. This plan includes setting clear goals, measuring progress against those goals, and making adjustments as needed. Without this proactive approach, it can be challenging to identify areas of improvement or stagnation. 

Additionally, a well-executed monitoring and evaluation plan can help to keep employees focused and on track. By regularly assessing performance and goal progress, businesses can ensure that they are making the most of their resources and achieving their desired results. Ultimately, a sound monitoring and evaluation plan are crucial for any real estate business that wants to stay ahead of the competition.

8. Risk Management

Real estate investing comes with a certain amount of risk. But with a well-thought-out risk management strategy, you can minimize the potential for loss and maximize your chances for success.

One of the most critical aspects of risk management is diversification. Investing in various property types in different markets spreads your risk and increases your chances of finding a profitable investment.

Another critical element of risk management has a solid business plan. Thoughtfully consider each step of the real estate investing process, from finding deals to financing them to managing the properties. Have a clear exit strategy for each investment to know when to sell or refinance. And always remember to stay within your comfort level; don't let greed or fear make decisions for you.

With careful planning and discipline, you can create a real estate investment portfolio that withstands market fluctuations and generates long-term wealth.

9. Financial Plan

Having a sound financial plan for your business is essential. To assist you, we've created spreadsheets you can use to estimate goals, income, and expenses. You will find specific instructions in the spreadsheets, but here are some guidelines for creating a financial plan:

To create your plan, determine what your expenses will be.

Here are three main areas your expenses may fall into:

• Licensing: These expenses will include training, state exam fees, etc.
• Personal: This can consist of your wardrobe, technology fees (like computer and phone), and car fees.
• Business: Business expenses include broker fees, website and MLS fees, marketing, advertising, etc.

Our template divides these expenses into the startup and yearly costs to help you discern which payments will recur and which are one-time-only. Here's an example of what your startup expenses might look like.

Yearly expenses might include recurring costs like office rent, electricity bills, and annual license fees.

Estimating income is the biggest concern for most new agents. To do this, you must decide how much money you need to make in your first year and how much you would like that figure to grow. You will also need to research some basic statistics for your market, like the average sale price for homes.

Use our business plan template to help calculate these numbers.

Transactions and Leads 

To meet your income goals and cover expenses, you'll need to conduct a certain number of transactions. And, to complete a certain number of transactions, you'll need to work a set number of leads. There's no need to work this figure out by hand. ‍

Our template will automatically calculate the number of transactions and leads you will probably need to meet your goals. Still, you will have to assess these figures to decide whether they are reasonable. For example, if you plan to work part-time as an agent in your first year but need to close 20 transactions to meet your goals, you are unlikely to have enough time.

10. Create a Personal Development Plan

A personal development plan is an essential tool for any real estate business. By taking the time to assess your strengths and weaknesses, set goals, and create a roadmap for success, you can ensure that your business is on track to reach its full potential. While it may seem daunting, creating a personal development plan is simple. 

Start by taking stock of your current situation. What are your strengths and weaknesses? What are your goals for the future? Once you clearly understand where you are starting, you can begin to map out a plan of action. Set realistic goals and create a timeline for achieving them. Put together a resources list and ensure you have everything you need to reach your goals. Finally, implement your plan and monitor your progress along the way.

Remember, your development plan should be flexible and adapt as your needs change over time. With some planning and effort, you can create a roadmap for success that will help you achieve your long-term goals in the real estate business.

11. Write an Executive Summary that Captures the Vision

Your executive summary is an anchor point you can use to understand the overall goals, cement the parameters of your target market, and make decisions aligned with your plan. It's also a way to get inspired by your original vision.

For real estate, it would include points on:

• Target neighborhoods and price ranges
• Target clients and a brief description of the persona
• Brief marketing plan overview
• Market threats and opportunities

Think of the executive summary as the section of your business plan you would explain to a friend a football game when asked how you plan to make money as an agent or broker in your local town/ city or state.

Note: due to the specific details in the executive summary, this part of the business is typically one of the last completed items.

Real Estate Business Plan Template

If you're considering starting a real estate business, you'll need to create a business plan template. Here's a basic template that you can use to get started. Remember that your business plan should be tailored to your specific business and industry.

• Executive Summary

The executive summary is a brief overview of your business plan. It should include your company's mission statement and an overview of your products or services, target market, and growth strategy.

• Company Description

This section will provide an overview of your company, including its history, structure, and team. Be sure to include information on your company culture and values.

• Mission statement

In this section, you will summarize the reason for being and the guiding principles of your organization. For example: "We are a nonprofit that provides free legal aid to those in need." You can also provide a brief overview of what we want them (the users) to come into contact with. 

Why should they care about our mission or message by telling them why it is vital to their lives now and later down the line?

• Company goals

This section will provide a high-level overview of your company's top business goals for its first years in operation.

• Market Analysis

In this section, you will need to analyze your target market thoroughly. It should include information on your customers, your competition, and the overall industry.

• Product or Service

In this section, you will need to describe your product or service. Be sure to include information on your pricing strategy and any unique features or benefits your product or service offers.

• Marketing and Sales Strategy

In this section, you will need to outline your marketing and sales strategy. It should include information on how you plan to generate leads and convert them into customers.

• Operational Plan

This section will need to provide an overview of your business operations. It should include your production process and distribution and fulfillment strategy.

This section will briefly describe what your company offers to customers.

• Target customer

To effectively reach the people we want as customers, you must provide a clear overview of who they are and how your product or service can benefit them. In this section, I'll go over some questions worth asking yourself when determining who your potential clients may be. 

• Best Practices

Write out your ideal practices for how you'll deal with qualified leads versus unqualified leads, how quickly you'll follow up with interested parties, your methods for helping a leader throughout the final steps of the sales process, and how you'll stay in touch with customers after papers have been signed.

• Financial Plan

In this section, you will need to provide detailed financial information for your business. It should include your income, balance, and cash flow statements. The following will include startup expenses, assets, liabilities, capital, break-even analysis, and loan repayment.

• Exit Strategy

This section will need to provide an overview of your exit strategy. It should include information on how you plan to sell or exit your business in the future.

Individual Agent Real Estate Business Plan

Real estate agents need a business plan like any other entrepreneur. A real estate business plan outlines your goals, strategies, and how you plan on achieving them. It is essential to have a business plan because it will help you stay focused and on track. Real estate is a competitive industry, so you need to be able to stand out from the rest.

A business plan will also be helpful if you ever need to seek funding for your business. Investors and lenders will want to see that you have a well-thought-out plan before they give you money. 

Creating a Real Estate Business Plan is essential if you want to build a successful career in real estate. With our easy-to-use template, you can get started today and be on your way to achieving your long-term goals.

There are many benefits to creating a Real Estate Business Plan, including:

• Clarifying your goals and strategies
• Mapping out a clear road map for your business
• Identifying potential obstacles and solutions
• Helping you stay organized and on track
• Increasing your chances of success

So, if you are considering starting a real estate business, sit down and write a business plan. It will be worth it in the long run!

Real Estate Team Business Plan

Before you start your real estate team, it's essential to have a business plan in place. It will help you define your goals, map your strategies, and track your progress over time. While there is no one-size-fits-all approach to creating a business plan, certain key elements should be included. Here are a few of the most important things to keep in mind:

• Your team's mission statement: What sets your team apart from the competition? Why do you exist?
• Your target market: Who are you trying to reach with your services? What needs do they have that you can address?
• Your marketing strategy: How will you get your target market and communicate the benefits of working with your team?
• Your financial goals: How much revenue do you hope to generate? What are your expenses? How will you fund your business?

By thoughtfully developing your real estate team business plan, you'll increase your chances of success in an increasingly competitive industry.

Real Estate Brokerage Business Plan

A real estate brokerage business plan is a document that outlines the goals, strategies, and financial projections of a real estate brokerage business . It should include an executive summary, market analysis, business model, operational plan, and financial plan. The executive summary should briefly describe the company, its target market, and its competitive advantages. The market analysis should assess the size and growth potential of the target market. 

The business model should describe how the real estate brokerage plans to generate revenue. The operational plan should outline the business's day-to-day operations, including staffing and marketing initiatives. Finally, the financial plan should provide detailed information on the anticipated costs and revenues of the company. A well-crafted real estate brokerage business plan can be valuable for attracting investors and achieving long-term success.

Remember that your business plan is a living document that should be updated as your company grows and evolves. Regularly reviewing and revising your business plan ensures that your real estate brokerage is always moving in the right direction.

Ready. Set. Plan

Whether you've got a ready-to-execute business plan or it's still being drafted, the most important thing is to start now — and fast.

At its core, a real estate business plan should outline the steps necessary to achieve specific goals, such as increasing sales or expanding into new markets. It should also identify potential obstacles preventing the business from achieving its objectives. By taking the time to create a comprehensive business plan, real estate businesses can increase their chances of weathering storms and coming out on top in the long run.

A business plan puts you on a clear track that makes your business 75% more likely to grow.

By following the above points, you'll be well on writing a comprehensive Real Estate Business Plan.

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Real Estate Business Plan Template

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Updated March 11, 2022

A  real estate business plan  is a blueprint for the operations and objectives of a real estate agency. The plan can be used to inform prospective investors and business partners, as well as guide internal processes and day-to-day business conduct. The real estate industry is often highly competitive; therefore, firms can benefit from developing a well-researched plan that details market trends, business strategy, and financial projections, in addition to the basic elements of company information and management structure.

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A Real Estate Business Plan on One Page

Learn this method for creating a simple one-page real estate business plan to organize everything an agent wants to accomplish in a year on a single page.  This tidy 1-3-5 format allows real estate professionals to focus on the key actions that specifically lead to the results they desire without having to endure the tiresome process of drafting more formalized business plans.  Having a real estate business plan on a single page also allows agents to more easily refer and follow it’s actions steps by making it permanently visible on an office wall, on the cover of a 3-ring binder, on a projection screen at team meetings , or even by using it as a computer wallpaper background.  As each item on the plan is crossed off, agents are assured that productive change and growth in direct alignment with their annual goals are steadily occurring.  Before taking a look at some example plans, watch the following real estate coaching video to learn how to create a real estate business plan on a single page .

How to Create a One Page Real Estate Business Plan

Determine Your 1 Big Annual Goal

Start by establishing a specific and measurable goal for your annual real estate sales production next year.  Typically agents will use objectives like total sales volume, gross commission income (GCI), number of units/properties sold, or even net income.  It is important that a main goal has a numeric value associated with it so that it can be broken down into monthly and weekly portions for measuring progress throughout the year.  For example, an agent that wants to sell 48 homes in a year knows that he or she must close approximately 4 transactions a month, or close to one property a week.

Establish 3 Key Focus Areas to Reach the Main Goal

Plan 5 Objectives for Each Key Focus Area

Break down your key focus areas into 5 specific objectives that are in alignment with each focus area.  Each objective should represent a specific action or task that can be completed.  The key to developing effective objectives is to ensure that they effectively correlate to each key focus area.  Otherwise you will just have a scattered to-do list that is unlikely to ever be completed since it is not focused on the accomplishment of your preset objectives.

Action Steps

Use a single action step form for each of the 3 key focus areas on the business plan.  This form will help you break down each objective into manageable action steps that different team members will be responsible for completing.  This form provides many real estate teams with weekly team meeting agenda items that they can regularly discuss to ensure the team is moving forward towards their goals.

Sample Real Estate Business Plans & Action Steps Forms

We have provided two examples of one-page real estate business plans below.  The first is for an individual/solo agent, and the second example is for more established real estate teams .  We have also included a sample action steps page that can be used to supplement the team business plan.  Feel free to click on each image below to enlarge them so you can get started on your own plan for this year.

Check out our latest article on Inman and download a free one page business p lan.

Sample Real Estate Business Plans. Download Yours Here. 

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Brian Icenhower is the CEO and Founder of Icenhower Coaching & Consulting (ICC), which provides customized coaching and training programs to many of the highest producing real estate agents, teams, and brokerage owners in North America. This progressive company also produces online courses, podcasts, training materials, white label training portals, speaking events, video modules, and real estate training books. ICC is one of the largest real estate coaching companies in the world with thousands of clients and a large team of the most accomplished coaches in the industry.

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Create a Real Estate Business Plan: Template, Tips & More

A real estate agent business plan is a document that outlines your comprehensive strategy to grow your real estate business. It outlines important milestones of your approach, identifying what your goals are and how you will achieve them.

Because of the nature of the real estate business, you can construct plans as a broker, agent, etc. There are several ways to focus your goals and tactics when you are writing a real estate business plan, and each specific role you have will change what you’re trying to achieve and how you will do it.

It’s fundamentally important to remember that in real estate, there are two things to keep on the top of your mind:

• You are your own boss and manage your own business.
• Being busy doesn’t always mean that you’re making money.

Combining these two important thoughts leads us to one conclusion — that having a written-out plan will help determine what you’re trying to accomplish and will help keep you committed to a specific plan of action. A business plan for real estate agents is sure to help you identify measurable goals while helping you stay on a predetermined route to reach your ambitions.

Additionally, a plan will identify prospective issues you expect to run into and how you plan to overcome them. The plan will assign roles and responsibilities, and allow you to measure your success as your business progresses.

It’s important to know that you’re not in this alone – we have an experienced team of coaches who can help you  create a real estate business plan that makes it simple and easy.

Why Create a Real Estate Business Plan?

Studies  have shown that creating a business plan for real estate can increase your chance of success by 12%. Additionally, it can raise your chances of success by 27% when you commit to writing a real estate business plan and combine it with other things like talking to prospective customers, making marketing materials, and getting yourself ready for business.

What’s more, you will be taken more seriously by potential business partners, brokers, and banks because you have dedicated time to sit down and devise a written plan that precisely outlines the actions you plan to take. This shows that you have placed significant personal investment in your business, and gives others peace of mind that they can join you in this venture.

A real estate business plan gives you a clear direction and an operational checklist for identifying your goals. Some questions it will answer are:

• Who is my prospective client?
• How much do I want to earn?
• What do my sales need to look like to reach my ideal take-home pay?
• How will I cover the expenses of my business?

A plan is not set in stone and allows for adjustments as situations arise – but should be thoroughly devised enough to help you overcome foreseeable challenges like identifying leads and finding funding money to get started.

How to Start

Executive summary.

The executive summary of a real estate business plan establishes your hopes and dreams, a broad overview of how you plan to accomplish them, and highlights from the research used to support your decisions.

It should identify who your potential clients are, the areas you plan to focus on, and any potential sales opportunities (for example, the average house in this area is $450k). If there are any competitive assessments, those are also important to note here.

In many ways, consider this your elevator pitch. Given 30 seconds, or the amount of time you were in an elevator with someone, how would you describe your ability to  be profitable in real estate ?

Write a Detailed Business Description

If you’ve ever seen the show, “Shark Tank,” you’d be familiar with how the business owner stands in front of the investors and shares their story about why they should invest in their product. This is the detailed business description of your plan, where you tell what inspired you to get involved in real estate.

The description will highlight the opportunity and how you plan to make the most of it, while answering ‘who, what, when, where, how, and why’. Who is your prospective client? What makes you different and what is your client looking for? When are they typically looking to buy or sell their property? How do they typically start their search or process of selling their home?  Questions like these  will help shape your detailed business description to answer questions that you might not think about at first.

Perform a SWOT Analysis

If you’re unfamiliar with the term “SWOT”, it stands for (S)trengths, (W)eaknesses, (O)pportunities, (T)hreats. When applying a SWOT analysis to writing a real estate business plan, the coined term helps you identify some of the core questions that arise when planning.

Strengths address what makes you different and a better choice than your competition. Will you be more knowledgeable? Have you lived in the area you’re targeting your whole life? Are you a well-known member of the area who already has created a personal brand that will go far in real estate?

Weaknesses address the exact opposite. What things are you lacking? What things do others do better? Naturally, if you’re breaking into real estate, one of the first things you’d note is experience. Having multiple weaknesses isn’t a  bad  thing. It means you’ve identified potential issues and how to overcome them. For example, a new agent with experienced coaches can quickly overcome the example weakness.

Creating a Strategic Real Estate Business Plan

Defining your marketing strategy.

As much as you would like to be the perfect fit for all clients, the reality is that you are going to have a specific type of client that’s going to work the best with you. Maybe it’s someone from a specific area of town, first-time homebuyers, those using specific types of financing options, or those in the Armed Forces.

Identifying your market niche isn’t going to limit you to a specific clientele, but it’s going to direct your marketing and branding so that you’re not throwing lots of things and hoping that something sticks. This means saving time and money by directing your marketing efforts to the most meaningful ways, giving you the biggest bang for your buck.

Understanding the marketing strategy aspect of your real estate business plan will help you know who your target is, what their defining characteristics are, what services they are seeking, and help you understand how to grow those specific relationships.

Understanding  how you will generate leads  is incredibly important in developing your plan. If you don’t have leads, you won’t have sales — which means you won’t make money. Because of the nature of the business, you’ll need to understand how prospective clients start the process (which is usually through looking at things online).

Creating a Financial Plan

An important aspect of writing your business plan will always include money. Here you will identify your expenses, income, and estimate your sales goals. It’s important to create realistic and well-thought-out measurements in this section, to understand how your plan will come together.

When looking at your expenses, consider all things that will change for you on a licensing, personal, and business level. Licensing may seem self-explanatory, but ongoing education, covering multiple states, and other things might pop up. Personal expenses are also easily overlooked — will you need to buy different clothes, will a new smartphone be important to your work, and will your cost of gas rise? Business expenses are things like your broker fees, advertising costs, and other things often charged directly from your office.

A true financial plan is not a rough collection of estimates or guesstimates. It’s a close look at the reality of the costs you will be facing when you choose to start on the endeavor, and a true understanding of what it will take to achieve your goals. One of the basic goals you will look at financially is the ability of real estate to keep you economically profitable in consideration of your time and resources.

Analyze Your Local Competition

In-depth research into your local competition will help you beyond your SWOT analysis. When you’re looking at other offices that might be competing with you, consider what sets you apart and makes you different. Also,  use this competitive insight to grow your brand  and sharpen the services that you offer to clients.

For example, if your focus is on first-time homebuyers, are there any competitors that also have this focus? What do they do that seems to work? What can you offer that they don’t? There are generally four areas that will set you apart in regards to your competition; the product (your brand and focus), the price (your commission and price you seek for your clients), the place (your ideal market you’ve chosen to focus on), and promotion (meaning the way you’ll choose to market to generate leads).

Understand Your Ideal Customer

Understanding your customer is critical in writing a real estate business plan. Without that important link, you won’t meet your goals, your marketing dollars will be wasted, and your time will be spent without result.

The important things to know about your customer are:

• How do you reach them? Will they respond better to emails, texts, or calls?
• What matters to your clients? Is it more space, interior luxury, or location?
• What brand does your client subscribe to? Will they value Walmart or Whole Foods more?
• What matters most to your prospective buyer? Is it space, price, or something else?
• What is your ideal demographic? This is age, sex, etc.

Having a firm grasp on these important things will help you develop your plan so that you can speak to what your market research is telling you. Perhaps your opportunity is in selling new homes in an up-and-coming area, or to military families who have been given new orders near a base. Referrals and leads will always attract outside of your ideal mindset, but this will help you focus your efforts.

Implementing Action Plans

An action plan is a carefully considered set of steps to take in  achieving a specific goal . For example, if your goal is to get ten new leads a month, an action plan will help you get there. An action plan establishes a clear goal and the different things that need to be done to reach your objective.

You might have different action plans for marketing, closing sales, ongoing education and personal development, social media goals, etc. All of these individual action plans will help carry your real estate business plan to fruition.

Evaluating and Revising Your Plan

Your business plan is sure to be a living document as time goes on. With a constantly evolving real estate market, it is critical to stay up to date with the latest news – not only for the industry, but also for the markets you specialize in. As you continue to meet and shake hands with individuals, new doors will open, offering you opportunities that you probably didn’t consider when you originally developed your plan.

For example, maybe you’ve met a developer who’s asked you to help list their properties. What you learn from your clients will be equally important to your plan – if things don’t matter, save time and resources by removing them. Additionally, if there are things missing (like virtual open houses, alternative social media focuses, etc), find a way to incorporate them into your plan.

There’s something to be said for pulling from the experience of others, and  having an experienced real estate coach look over and help develop your real estate business plan is a great way to jump past the typical pitfalls new agents face.  A new agent starting out , dreams of the financial freedom to spend more time with their family and friends. Skipping over the learning curve by having an experienced professional will only help you achieve your goals faster.

ESTATE AGENT BUSINESS PLAN: How to Write an Estate Agent Business Plan

• by Kenechukwu Muoghalu
• August 11, 2023
• No comments
• 6 minute read

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What is a real estate agent business plan, why do you need a business plan, #1. executive summary, #2. company’s corporate structure, #3. analyze your target market, #4. analyze your local competition, #5. establish your sales and marketing strategy, #6. financial plan, #7. appendix, #8. follow up, estate agent business plan template, are you having difficulties writing your real estate agent business plan, conclusion , how long should a real estate business plan be, how do i become a successful estate agent, do estate agents make good money uk.

If you are thinking of being a real estate agent in 2023, then you should consider starting with a business plan. It’s no secret that the real estate market is highly competitive, and to scale off as an agent, you need to come up armed with a business plan. A business plan can guarantee your business a great chance of success and also help you track your activities to detect when a change needs to be made. This article will further buttress the benefits of having a business plan and also guide you on how to write a plan for your real estate agent business. As a bonus, you will also be getting a current 2023 real estate agent business plan template checklist.

If this process feels overwhelming already, you can stick to our pre-made real estate agent business plan and start that business today. 

When a business plan is involved, you will get to understand that it is a document that covers the “what,” “why”, and “how” of your business. What do you want to do with this business? Why do you want to do it? How do you plan to achieve it? These questions, in general, are called “business plans.”

A proper business plan should cover your niche, business goals, target audience, and market research, among others. That is why you need to learn how to write a business plan for your real estate agent company. Understanding how it works will help you capture the strengths and shortcomings of your company so that you can set achievable and measurable goals. Starting a real estate agent business this 2023 without a plan is something you should avoid. 

Aside from helping you identify your strengths and weaknesses, a business plan will also give you an overview of where you stand in the industry and how you can make amendments. If you’re also looking to secure finance for your estate agent business in 2023, then you’ll need a robust business plan. This is because your lenders would like to analyze what your business is all about and determine if they can benefit from investing in it. 

A business plan will serve as a companion and a road map that can easily help you reach your destination. Learning how to write a plan for your real estate agent business with this tough competition will also give you an edge over other brands. With a business plan, you will be able to set goals and attain them.

How to Write a Business Plan for a Real Estate Agent

Writing a professional business plan requires some level of procedure before your goals can be achieved. For a business plan to be complete, you will need to include a detailed outline of some essential sections. 

An executive summary is the first component of a business plan. In summary, this section should contain who you are, the services you offer, who you serve, and where you currently work from. While writing, you need to start with an introduction to your business plan and its outline. 

Although this section should be the first to appear in your plan, it is advised that you complete it at the end. When you apply this method, you will find that it’s easier to draft this section after dissecting the whole plan. 

As a real estate agent, you should have a management team that you work with. In this section, you will need to make a list of all the members of your team. While doing this, they include their personal information, skills, education, experience, and different roles. If you have any extra skills that you think might improve the growth of your business, then you should mention them as well.

The essence of a target market is to begin your branding process from their perspective. And to achieve this, you will need to identify your target audience by doing in-depth research on who they are and how best to attract them. Understanding your market niche will help you decide how best to attract them with your branding and how to serve them.

Once you have an idea of what services your company would provide, identify your real estate clients. While on this, do not try to appeal to all property sellers and buyers because it will be hard to stand out from the crowd. With smaller potential customers, you will have less competition and a greater chance of making tremendous sales. 

In this section, you will research your competitors , identify your primary competition, and study what they are doing. Learning about their weaknesses and strengths will help you identify the gaps in the market so that you can set yourself apart and outperform them in the industry. 

Your next move is to actualize what your sales and marketing strategy is going to be. Marketing your business will help attract potential customers, which will lead to sales. To achieve this, you need to make a list of the real estate marketing strategies to use. You can choose to open a website, run social media ads, and engage in referrals and content marketing, among others. 

Read Also: ESTATE AGENT INSURANCE: Coverages, Quotes & General Requirements

This is the most critical part of your real estate agent business plan. You will need to assess your start-up and recurring financial requirements to create a budget. This section should include your cash flow statement, income statement, and balance sheet. Remember, you also need a financial reserve to cover unexpected future costs. 

This should include any additional legal documents that your readers might request. It can be a financial document or even a legal qualification. You can also show off your license and permits here.

A real estate agent’s business plan is a living and not a static document. Being a living document requires that you review it regularly and alter changes if needed. As you keep experiencing growth in your business, you should also update your plan. 

Once you have written your solid estate agent business plan, you will also need to make use of a template. A template will help keep your activities in check while reminding you of some actions that are yet to be achieved. To make full use of this estate agent business plan template, it is best to follow this guide accordingly to reach the desired result. 

• Formulate a plan
• Brand building
• Getting insurance
• Legal qualifications
• Reviewing financials
• Marketing and advertisement
• Team building 

If you have spent hours trying to compose a business plan, then you should curb the stress and try out our professional pre-made Real Estate Agent business plan .

Creating a business plan can be a fun but hard task, especially when you are a first-timer. At BusinessYield Consult, we have succeeded in creating professional business plans for startup entrepreneurs like you. Rather than wasting hours and days trying to write a business plan, you can easily get this ready-made plan here and spice up those ideas. 

The real estate agent market in the UK is highly competitive and disruptive and starting up a business comes with its challenges. However, with the right attitude and support of a business plan, any new estate agent can stand out from the crowd and be successful. It is also important to note that for a business plan to spice up your business ideas, it needs to be well-written and planned. If you know you are not capable of creating a plan that will meet these standards, you should go for this premade real estate agent business plan . 

A business plan does not have a specific number of words or length of content because most of the time, the length can vary from one another. The only common ground in a real estate business plan is that they are generally outlined between one and five years. It is from this factor that you will be able to detect the length that works for any year. 

Before you start on this new venture of yours, there are some basic skills you must have. You should have marketing, communication, and negotiating skills. You should also start with a growth mindset while understanding that your business requires hard work. Always put your customers first by getting sellers the best deal and funding buyers a perfect home. 

A normal trainee estate agent earns £14,000 to £20,000, while an estate agent with experience can earn up to £25,000 to £60,000 plus commission. A well-experienced and successful agent can earn up to £50,000 to £100,000. Considering these values an average estate agent will earn £42,392. 

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Kenechukwu Muoghalu

Kenny, an accomplished business writer with a decade of experience, excels in translating intricate industry insights into engaging articles. Her passion revolves around distilling the latest trends, offering actionable advice, and nurturing a comprehensive understanding of the business landscape. With a proven track record of delivering insightful content, Kenny is dedicated to empowering her readers with the knowledge needed to thrive in the dynamic and ever-evolving world of business.

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How to Create a Foolproof Real Estate Marketing Plan for 2024 (+Template)

An effective real estate marketing plan is crucial to the success of your business. My 12-step process will help you create a foolproof plan for 2024.

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Creating a real estate marketing plan can be harder than it sounds. It’s important to be intentional and choose strategies that give you the highest likelihood of meeting and connecting with your ideal clients. If your marketing isn’t aligned with your niche, personal brand, and skills, you’ll waste time, money and effort pursuing it.

I put together this guide to help you find your niche and create a real estate marketing plan aligned with your brand, personality, and local market. I’ll explain why a detailed plan is crucial for every agent in 2024, and I’ll walk you through the actionable, step-by-step guide I’ve used with hundreds of agents to help you create your own unique plan. Finally, I’ll wrap up with the three marketing tools every agent needs to hit the ground running in 2024.

In this article

• Why every agent needs a strategic real estate marketing plan

How to create your real estate marketing plan 

The 3 marketing tools every agent needs, the full picture: creating a real estate marketing plan that works, why every agent needs a strategic real estate marketing plan .

With so many possible ways to find business, many agents (myself included in my first few years!) fall into the same pattern: trying too many things at once, not doing any of them at a high level or consistently enough, not seeing results, and then feeling like a failure. The most successful agents have a marketing plan that’s specific and focused.

Here are four reasons why a specific and focused real estate marketing plan will set you up for success in 2024 and beyond:

1. The compound interest effect

Focusing on fewer marketing activities (and those that are proven to work) allows you to use your time more wisely, strategically, and effectively. Rather than wasting time and money trying many different tactics to find clients, a detailed plan allows you to focus on just a few. I usually recommend sticking to no more than two or three.

2. You can use your time more strategically

If you’re familiar with compound interest, you know that it scales exponentially and builds on itself over time. The same applies to agents who put effort into one to three marketing strategies. Consistency is key, of course. The compound effect happens over time, yet if you don’t have a concrete marketing plan in place, you won’t see the results you hope for.

3. The freedom to say “no” to everything else

Most of us default to saying “yes” to too many things. If you’ve ever walked through a vendor hall at a real estate conference, you know what I mean. We say “yes” to any new shiny object we find, and that typically leads to wasting time, money, and energy. Instead, use your real estate marketing plan as a guide. Ask yourself if this tool you’re considering buying or tactic you’re about to try is aligned with your plan. From there, the decision is made for you!

4. It will help you choose your ideal client and build your ideal business

We all say we want to work with any client who’s willing to hire us. But the reality is most of us prefer working within a specific niche. Your niche could be anything from first-time buyers to downsizers or investors. By identifying your ideal client before you create your plan, you can tailor your activities to your audience. Doing so will help you build your ideal business, working with clients you enjoy, in the niche you love.

NAR reports that in 2023, 19% of homebuyers were single women and 16% were unmarried couples. A strategic real estate marketing plan will help you target these growing niches in the industry.

Now that you understand why it’s so critical to have a concrete marketing plan for your real estate business, let’s dive into the tactical steps to creating your unique plan.

1. Carve out time and change up your physical space

Planning time usually doesn’t occur naturally in a busy real estate agent’s calendar. In my experience, planning doesn’t happen at all unless it’s purposefully scheduled and protected. This means saying no to other things to allow yourself the time to plan. 

How much time you’ll need varies from person to person, but I’d generally allocate anywhere from a few hours to two days to work on your real estate marketing plan.  My two-day approach looks like this:

You complete all the steps listed here and create a rough draft of your plan. Then sleep on it.

Revisit it and make any adjustments. Sometimes, stepping away from a project for a bit helps you see it even more clearly.

Why where you work on your plan matters

I always recommend changing your physical location. A quiet spot to think, analyze, and plan will make a huge difference. I like to take myself on a short retreat once or twice each year. Creativity and clarity flourish when we aren’t in our everyday spaces (home, office, etc), and even one night in a hotel (even in your own city!) can provide the space you need to create your marketing plan.

2. Audit your past marketing strategies and results

Once you have the time and space to create your plan, start with an audit of everything you’ve tried in the past. Write down every lead generation and marketing strategy you’ve tried. Then, write down how much time, money, and energy each strategy took. You’ll also want to keep in mind how much you enjoy each strategy! Finally, write down the results from each one. You can do this on paper or with a simple Excel or Google Sheet. You can download the real estate marketing plan template I use with my coaching clients here:

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Here’s an example of an audit one of my clients recently completed for their Chamber of Commerce membership:

Example marketing strategy audit

Marketing Strategy: Annual Chamber of Commerce membership Dues: $360 Time investment: 2 hours per month Energy investment: tiring but fun Results (units): 5 referrals, 3 closings Results (GCI): $30,000

Analyzing the results 

If you were this agent, would you continue your membership with the chamber? Is the return worth it? For me, I’d say absolutely yes! The financial ROI is incredibly high, and the time ROI is also very high; it breaks down to $1,250/hour ($30k divided by 24 hours). The energy expended takes a toll, yet the agents are still having fun even if they find it a bit tiring.

Completing this exercise for all of your marketing strategies can be time-consuming and tedious (not all of us love the data collection and math involved here; it’s not the sexiest task), yet it’s vital for your success going forward if you want to maximize your results. 

3. Decide which marketing strategies to delete, delegate, or double down on     

Now that you have a clear picture of your past marketing activities, it’s time to make some decisions about which specific marketing strategies you’ll focus on this year. I call this the 3 D’s: delete, delegate, or double-down. For each activity, you’ll decide if you want to: 

Delete  

Get rid of it entirely. If the marketing strategy is not working at all or costing more than you’re making, delete. Eliminate this strategy from your new real estate marketing plan. And give yourself permission to get rid of it without feeling guilty! I’m telling you now: it’s ok to stop doing anything that’s not working as long as you’ve given the strategy enough time. 

I know this sounds extreme and maybe a little scary, but remember: you can always return to a deleted strategy at a later point in your career when you have more time or money to invest or when you can hire someone else to do it for you.

Delegate  

If the marketing activity is bringing results but you can’t stand doing it, then delegate. Pay someone else to do it for you. This can be structured as an hourly rate or a referral fee on closed business. Or you can hire another company to help you streamline your efforts.

Example 1: Hire an ISA to make cold calls and set appointments for you. This is a great task to delegate to another agent in your office who’s awesome on the phone.

Example 2: Hire a graphic designer or marketing company to help you with your social media content. I see a lot of agents struggle with this, and the convenience of having access to pre-designed templates is usually worth the cost.

If you can’t afford to hire a designer or marketing company, Coffee and Contracts is an excellent option. They offer gorgeous templates (like the one above) and done-for-you viral content for Instagram posts, Reels and stories. The best part is they’re all created by top-producing agents and designed to actually generate leads and build your brand.

Double-down

For everything that is generating a positive ROI (and that you enjoy), double-down. This is where the best results are found! By deleting and delegating everything else, you’ve created more time, money, and energy to pour into the right strategies for you. This is what alignment looks like, and this is where I see agents really find their greatest success. 

Not sure what to delete? As I’m coaching agents, I notice many of them yield positive results from cold calling — but they dread every second of it. If reading that sentence just now resonated with you, I can confidently say that’s a glaring signal that cold calling is not aligned with your personality. Be careful not to commit to any marketing strategy that’s too much of an energy-suck! You need to reserve enough energy to serve your clients well. If you’d like some help brainstorming your marketing strategies, check out The Quiet Success Club . We meet twice a month via Zoom and mastermind various marketing ideas to help you find more business.

There are some marketing strategies that take more time to see results than others. Farming a neighborhood with direct mail is a good example. In general, I recommend giving each strategy 6 months to one year before deciding to delete it.

4. Determine your goals  

Every real estate coach and training company has their own advice about goal-setting, and there’s no right or wrong way to set goals, as long as they are specific and measurable. I advise agents to set several goals: how many people you want to help (units), how much money you desire to earn (GCI), and how much you want to work (days off). Maybe your goal is to sell 20 properties, make $150,000 this year, and work five days per week. That’s specific and measurable, so as the months pass, you can track whether you’re on pace to meet your goals. 

5. Define your ideal client and niche  

Think about who you’d like to work with, who you naturally encounter in your personal life, and where you live. It’s also worth considering the latest trends. The more narrow your niche, the better. You can be very strategic here.

I know It sounds counterintuitive, but think about it: if we met at a real estate conference, and I told you I work with buyers and sellers in the Boston area, you may or may not remember that in a few months. But if I said, “I work with retired seniors who don’t want the hassle of maintaining a large property anymore, who want more time and freedom to spend with their grandchildren, and who would appreciate having the entire downsizing process managed for them. I specialize in Newton, MA and cover the greater Boston area,” — that would be much more memorable.

Exercise: Look at your calendar from the past month. Where have you spent time? Where are you meeting with and talking to other people who might be close to buying or selling a home? It could be a social group, somewhere you volunteer, other parents at your kids’ school, church, another job you’re working, or simply your neighbors you run into when you’re out for a walk. Maybe you have a strong college alumni network or a large extended family who would be happy to refer you some business. Chances are you’re talking to more people every day than you realize! Now you’ll have some data to work with, and you can choose a niche that makes sense. Example: For almost a decade, millennials have been the largest demographic group buying homes. That changed in 2023, though. According to NAR , baby boomers purchased more homes than any other group last year — making up 39% of all home sales! This would be a smart niche to work with if you live in an area heavily populated by baby boomers.

6. Brainstorm marketing strategies that are best suited to that audience     

When creating your real estate marketing plan, be intentional and strategic about which strategies give you the highest likelihood of meeting and connecting with your ideal clients. If it’s not aligned with your niche, don’t waste your time, energy, and money on it. Consider:

• Where they spend their time: golf courses, local parents’ groups, church, etc.
• Hobbies and interests: hiking groups, gardening, book clubs, etc.
• Social media channels: the person who’s on TikTok all day is likely not the same person who’s on Facebook or LinkedIn
• Life stage : Are they young families who have kids in school and are part of the local parents’ groups? Are they active seniors who spend time at the senior center? 

Here are some examples of marketing strategies that are aligned with each audience:

• New buyers: Use Instagram reels or TikTok videos to find new buyers, as it’s typically younger people using those social media platforms
• Baby boomers: Run Facebook ads offering a home valuation to find baby boomers looking to sell, as they’re the majority of homeowners, and many still use Facebook daily
• Buyers trading up: Join a parents’ group to find clients who are outgrowing their starter home and need a larger property  

7. Make sure your strategies are aligned with your personal brand and skill set

I see agents make this mistake all the time: they learn about a marketing strategy that worked well for someone else and decide to give it a try. After a few months, they’re discouraged and frustrated. They ask themselves: why did this work for them but not for me?

It’s all about alignment. When considering different marketing strategies (and there are literally hundreds of options out there), be sure whichever ones you choose make sense for your personality and your brand. If you enjoy networking more than cold calling, create your marketing plan around networking events. If you love writing, start a blog. Being aligned will make everything so much easier and generate much better results. 

8. Choose your budgets: money, time, and energy 

Usually the word “budget” is synonymous with money alone. I’d encourage you to set a financial budget, of course, but also set budgets for your time and your energy. Each of these is a valuable resource that needs to be tracked and measured to determine if they yield the desired results.

A note on energy management: Many agents don’t think about the importance of energy management. In my experience, managing energy is critical to avoiding burnout, staying healthy (physically and mentally), and enjoying your day-to-day life.

A quick way to assess the energy you expend working on a marketing strategy is to give yourself a score of one to 10, both before and after each marketing activity. Ask yourself before you walk into that networking event: “How’s my energy right now, from one to 10?” then ask the same question when you leave. This is simply data collection to help you start to see trends. So, when you do your next marketing strategy audit, you’ll be able to make better decisions about which strategies are worth keeping. 

9. Break down your marketing activities into monthly, weekly, and daily tasks  

Okay, now you have your marketing activities chosen, your goals set, and your budget determined. Now, it’s time to get into the action part of the plan! Start with the month — what will your monthly tasks be to get you to your goal? Then break those down into weekly and daily tasks, keeping in mind your vacations and days off (don’t forget to take time off!).

Remember to start small, with manageable daily tasks. It’s like starting any new habit. When you start small, you set yourself up for success — for an easy win. That win will motivate you to do more. Momentum will build, and over time, you’ll get into a steady rhythm with your new habit. 

10. Put your daily tasks in your calendar  

The calendar is key! This is your accountability and your reminder to do the tasks you’ve planned to do — and do them consistently. You can use a paper calendar, Google calendar, or any other tool that works for you. To stay on track, consider setting a daily, recurring reminder in your phone or using your CRM to alert you to your daily tasks (most CRMs have a task functionality with alerts).

I like to color-code my calendar, and I use green for all money-making activities.

11. Systematize tracking your output and results  

Tracking data isn’t sexy, I know. Yet it’s one of the most important parts of a solid marketing plan and will set your business up for success in future years, as you collect more and more of your own data. It’s the key to understanding at a high level what’s working and what’s not. It will allow you to save money, time, and energy down the road, as well!

My real estate marketing plan template includes a section where you can track your results. And yes, I made it simple on purpose. The simpler the tracking tool, the more likely you are to keep it updated. Remember, just like the best CRM, the best tracking tool is the one you will actually use.

12. Assess your results and tweak as necessary 

I’d recommend reviewing your results tracker quarterly, but definitely review it once per year at a minimum. Again, the goal is to save time, money, and energy and to maximize results. Don’t be afraid to pivot and adjust as you go along. 

In deciding when to pivot and adjust your marketing plan, ask yourself the following questions:

• How much time, money, and energy have I invested so far?
• What’s the return been?
• Have I given it enough time to see results? Keep in mind some things take longer than others. Geographic farming tends to take longer when you’re building a database and working by referral, whereas cold-calling and door-knocking tend to generate results faster.
• Am I enjoying this enough to continue, or is it making me miserable?

The 11 best real estate CRMs for 2024

The best free real estate CRMs for 2024 (+4 low-cost alternatives)

The 22 must-have real estate marketing tools for 2024

No matter which marketing strategies you choose to include in your plan, there are three crucial tools that you’ll need. Your tools will evolve as your business evolves, of course, but these three will get you started on the right path: 

1. A scalable CRM that’s easy to use

Most brokerages provide a CRM, but you can usually purchase your own if you prefer. When selecting the right one for you, consider how easy it is to navigate (if it’s too complicated, you likely won’t use it) and whether it provides the functionality you need.

Most agents don’t need a CRM to do anything but provide a way to communicate with their database, set up task reminders, and host a website. I’ve always used KW Command, but I’d also recommend Sierra Interactive, as it offers a powerful CRM, as well as custom-designed, SEO-driven websites.

2. Graphic design and social media tools 

I love Canva for all things design. It’s what I use for my coaching and real estate businesses. The ability to upload my brand colors and fonts for easy access makes creating social media content, Eventbrite banners, and all my marketing pieces so easy. 

For an even more comprehensive tool, Coffee & Contracts is an excellent choice for a suite of social media marketing tools that’s easy to use and also incredibly beautiful. Agent Image is one of the top website builders used by luxury agents; plus, it allows you to own your website and bring it with you if you ever change brokerages.

3. A powerful end goal and a “why” to fuel your daily grind  

To keep you going through the mundane and frustrating days, your end goal should be your ultimate dream life — how you wish to spend your days, the freedom you want, and the work you’d most enjoy. Marketing to find business to make that dream come true can be mundane, and there will be frustrating days. If your real estate marketing plan includes cold calling, there will inevitably be times when you simply don’t want to deal with another irate expired seller who’s already been called 20 times that morning.  

When your “why” is powerful enough, though, you stick with it. A “why” is that strong gut feeling, that ultimate motivation to get to your dream life. Vision boards are powerful tools to help you articulate your end goal and keep it top-of-mind. The easiest way to create a vision board is to collect words and images from magazines or printed from online that capture your goal, your “why.” Then, paste the images and words on a poster board and keep them in front of you, maybe on a wall in your office or bedroom. It’s a little old school, yes, but it works!

Creating an effective real estate marketing plan can be challenging, but if you focus on strategies that are aligned with your personal brand, skill set, and niche, you can create a plan that will carry you through your entire career.

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Free Business Plan Template for Small Businesses (2024)

Use this free business plan template to write your business plan quickly and efficiently.

A good business plan is essential to successfully starting your business —  and the easiest way to simplify the work of writing a business plan is to start with a business plan template.

You’re already investing time and energy in refining your business model and planning your launch—there’s no need to reinvent the wheel when it comes to writing a business plan. Instead, to help build a complete and effective plan, lean on time-tested structures created by other  entrepreneurs and startups. 

Ahead, learn what it takes to create a solid business plan and download Shopify's free business plan template to get started on your dream today. 

What this free business plan template includes

• Executive summary
• Company overview
• Products or services offered
• Market analysis
• Marketing plan
• Logistics and operations plan
• Financial plan

This business plan outline is designed to ensure you’re thinking through all of the important facets of starting a new business. It’s intended to help new business owners and entrepreneurs consider the full scope of running a business and identify functional areas they may not have considered or where they may need to level up their skills as they grow.

That said, it may not include the specific details or structure preferred by a potential investor or lender. If your goal with a business plan is to secure funding , check with your target organizations—typically banks or investors—to see if they have business plan templates you can follow to maximize your chances of success.

Our free business plan template includes seven key elements typically found in the traditional business plan format:

1. Executive summary

This is a one-page summary of your whole plan, typically written after the rest of the plan is completed. The description section of your executive summary will also cover your management team, business objectives and strategy, and other background information about the brand. 

2. Company overview

This section of your business plan will answer two fundamental questions: “Who are you?” and “What do you plan to do?” Answering these questions clarifies why your company exists, what sets it apart from others, and why it’s a good investment opportunity. This section will detail the reasons for your business’s existence, its goals, and its guiding principles.

3. Products or services offered

What you sell and the most important features of your products or services. It also includes any plans for intellectual property, like patent filings or copyright. If you do market research for new product lines, it will show up in this section of your business plan.

4. Market analysis

This section includes everything from estimated market size to your target markets and competitive advantage. It’ll include a competitive analysis of your industry to address competitors’ strengths and weaknesses. Market research is an important part of ensuring you have a viable idea.

5. Marketing plan

How you intend to get the word out about your business, and what strategic decisions you’ve made about things like your pricing strategy. It also covers potential customers’ demographics, your sales plan, and your metrics and milestones for success.

6. Logistics and operations plan

Everything that needs to happen to turn your raw materials into products and get them into the hands of your customers.

7. Financial plan

It’s important to include a look at your financial projections, including both revenue and expense projections. This section includes templates for three key financial statements: an income statement, a balance sheet, and a cash-flow statement . You can also include whether or not you need a business loan and how much you’ll need.

Business plan examples

What do financial projections look like on paper? How do you write an executive summary? What should your company description include?  Business plan examples  can help answer some of these questions and transform your business idea into an actionable plan.

Professional business plan example

Inside our template, we’ve filled out a sample business plan featuring a fictional ecommerce business . 

The sample is set up to help you get a sense of each section and understand how they apply to the planning and evaluation stages of a business plan. If you’re looking for funding, this example won’t be a complete or formal look at business plans, but it will give you a great place to start and notes about where to expand.

Lean business plan example

A lean business plan format is a shortened version of your more detailed business plan. It’s helpful when modifying your plan for a specific audience, like investors or new hires. 

Also known as a one-page business plan, it includes only the most important, need-to-know information, such as:

• Company description
• Key members of your team
• Customer segments

💡 Tip: For a step-by-step guide to creating a lean business plan (including a sample business plan), read our guide on how to create a lean business plan .

Benefits of writing a solid business plan

It’s tempting to dive right into execution when you’re excited about a new business or side project, but taking the time to write a thorough business plan and get your thoughts on paper allows you to do a number of beneficial things:

• Test the viability of your business idea. Whether you’ve got one business idea or many, business plans can make an idea more tangible, helping you see if it’s truly viable and ensure you’ve found a target market. 
• Plan for your next phase. Whether your goal is to start a new business or scale an existing business to the next level, a business plan can help you understand what needs to happen and identify gaps to address.
• Clarify marketing strategy, goals, and tactics. Writing a business plan can show you the actionable next steps to take on a big, abstract idea. It can also help you narrow your strategy and identify clear-cut tactics that will support it.
• Scope the necessary work. Without a concrete plan, cost overruns and delays are all but certain. A business plan can help you see the full scope of work to be done and adjust your investment of time and money accordingly.
• Hire and build partnerships. When you need buy-in from potential employees and business partners, especially in the early stages of your business, a clearly written business plan is one of the best tools at your disposal. A business plan provides a refined look at your goals for the business, letting partners judge for themselves whether or not they agree with your vision.
• Secure funds. Seeking financing for your business—whether from venture capital, financial institutions, or Shopify Capital —is one of the most common reasons to create a business plan.

Why you should you use a template for a business plan

A business plan can be as informal or formal as your situation calls for, but even if you’re a fan of the back-of-the-napkin approach to planning, there are some key benefits to starting your plan from an existing outline or simple business plan template.

No blank-page paralysis

A blank page can be intimidating to even the most seasoned writers. Using an established business planning process and template can help you get past the inertia of starting your business plan, and it allows you to skip the work of building an outline from scratch. You can always adjust a template to suit your needs.

Guidance on what to include in each section

If you’ve never sat through a business class, you might never have created a SWOT analysis or financial projections. Templates that offer guidance—in plain language—about how to fill in each section can help you navigate sometimes-daunting business jargon and create a complete and effective plan.

Knowing you’ve considered every section

In some cases, you may not need to complete every section of a startup business plan template, but its initial structure shows you you’re choosing to omit a section as opposed to forgetting to include it in the first place.

Tips for creating a successful business plan

There are some high-level strategic guidelines beyond the advice included in this free business plan template that can help you write an effective, complete plan while minimizing busywork.

Understand the audience for your plan

If you’re writing a business plan for yourself in order to get clarity on your ideas and your industry as a whole, you may not need to include the same level of detail or polish you would with a business plan you want to send to potential investors. Knowing who will read your plan will help you decide how much time to spend on it.

Know your goals

Understanding the goals of your plan can help you set the right scope. If your goal is to use the plan as a roadmap for growth, you may invest more time in it than if your goal is to understand the competitive landscape of a new industry.

Take it step by step

Writing a 10- to 15-page document can feel daunting, so try to tackle one section at a time. Select a couple of sections you feel most confident writing and start there—you can start on the next few sections once those are complete. Jot down bullet-point notes in each section before you start writing to organize your thoughts and streamline the writing process.

Maximize your business planning efforts

Planning is key to the financial success of any type of business , whether you’re a startup, non-profit, or corporation.

To make sure your efforts are focused on the highest-value parts of your own business planning, like clarifying your goals, setting a strategy, and understanding the target market and competitive landscape, lean on a business plan outline to handle the structure and format for you. Even if you eventually omit sections, you’ll save yourself time and energy by starting with a framework already in place.

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Business plan template FAQ

What is the purpose of a business plan.

The purpose of your business plan is to describe a new business opportunity or an existing one. It clarifies the business strategy, marketing plan, financial forecasts, potential providers, and more information about the company.

How do I write a simple business plan?

• Choose a business plan format, such as a traditional or a one-page business plan. 
• Find a business plan template.
• Read through a business plan sample.
• Fill in the sections of your business plan.

What is the best business plan template?

If you need help writing a business plan, Shopify’s template is one of the most beginner-friendly options you’ll find. It’s comprehensive, well-written, and helps you fill out every section.

What are the 5 essential parts of a business plan?

The five essential parts of a traditional business plan include:

• Executive summary: This is a brief overview of the business plan, summarizing the key points and highlighting the main points of the plan.
• Business description: This section outlines the business concept and how it will be executed.
• Market analysis: This section provides an in-depth look at the target market and how the business will compete in the marketplace.
• Financial plan: This section details the financial projections for the business, including sales forecasts, capital requirements, and a break-even analysis.
• Management and organization: This section describes the management team and the organizational structure of the business.

Are there any free business plan templates?

There are several free templates for business plans for small business owners available online, including Shopify’s own version. Download a copy for your business.

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How To Start A Business In 11 Steps (2024 Guide)

Updated: Apr 7, 2024, 1:44pm

Table of Contents

Before you begin: get in the right mindset, 1. determine your business concept, 2. research your competitors and market, 3. create your business plan, 4. choose your business structure, 5. register your business and get licenses, 6. get your finances in order, 7. fund your business, 8. apply for business insurance, 9. get the right business tools, 10. market your business, 11. scale your business, what are the best states to start a business, bottom line, frequently asked questions (faqs).

Starting a business is one of the most exciting and rewarding experiences you can have. But where do you begin? There are several ways to approach creating a business, along with many important considerations. To help take the guesswork out of the process and improve your chances of success, follow our comprehensive guide on how to start a business. We’ll walk you through each step of the process, from defining your business idea to registering, launching and growing your business.

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The public often hears about overnight successes because they make for a great headline. However, it’s rarely that simple—they don’t see the years of dreaming, building and positioning before a big public launch. For this reason, remember to focus on your business journey and don’t measure your success against someone else’s.

Consistency Is Key

New business owners tend to feed off their motivation initially but get frustrated when that motivation wanes. This is why it’s essential to create habits and follow routines that power you through when motivation goes away.

Take the Next Step

Some business owners dive in headfirst without looking and make things up as they go along. Then, there are business owners who stay stuck in analysis paralysis and never start. Perhaps you’re a mixture of the two—and that’s right where you need to be. The best way to accomplish any business or personal goal is to write out every possible step it takes to achieve the goal. Then, order those steps by what needs to happen first. Some steps may take minutes while others take a long time. The point is to always take the next step.

Most business advice tells you to monetize what you love, but it misses two other very important elements: it needs to be profitable and something you’re good at. For example, you may love music, but how viable is your business idea if you’re not a great singer or songwriter? Maybe you love making soap and want to open a soap shop in your small town that already has three close by—it won’t be easy to corner the market when you’re creating the same product as other nearby stores.

If you don’t have a firm idea of what your business will entail, ask yourself the following questions:

• What do you love to do?
• What do you hate to do?
• Can you think of something that would make those things easier?
• What are you good at?
• What do others come to you for advice about?
• If you were given ten minutes to give a five-minute speech on any topic, what would it be?
• What’s something you’ve always wanted to do, but lacked resources for?

These questions can lead you to an idea for your business. If you already have an idea, they might help you expand it. Once you have your idea, measure it against whether you’re good at it and if it’s profitable.

Your business idea also doesn’t have to be the next Scrub Daddy or Squatty Potty. Instead, you can take an existing product and improve upon it. You can also sell a digital product so there’s little overhead.

What Kind of Business Should You Start?

Before you choose the type of business to start, there are some key things to consider:

• What type of funding do you have?
• How much time do you have to invest in your business?
• Do you prefer to work from home or at an office or workshop?
• What interests and passions do you have?
• Can you sell information (such as a course), rather than a product?
• What skills or expertise do you have?
• How fast do you need to scale your business?
• What kind of support do you have to start your business?
• Are you partnering with someone else?
• Does the franchise model make more sense to you?

Consider Popular Business Ideas

Not sure what business to start? Consider one of these popular business ideas:

• Start a Franchise
• Start a Blog
• Start an Online Store
• Start a Dropshipping Business
• Start a Cleaning Business
• Start a Bookkeeping Business
• Start a Clothing Business
• Start a Landscaping Business
• Start a Consulting Business
• Start a Photography Business
• Start a Vending Machine Business

Most entrepreneurs spend more time on their products than they do getting to know the competition. If you ever apply for outside funding, the potential lender or partner wants to know: what sets you (or your business idea) apart? If market analysis indicates your product or service is saturated in your area, see if you can think of a different approach. Take housekeeping, for example—rather than general cleaning services, you might specialize in homes with pets or focus on garage cleanups.

Primary Research

The first stage of any competition study is primary research, which entails obtaining data directly from potential customers rather than basing your conclusions on past data. You can use questionnaires, surveys and interviews to learn what consumers want. Surveying friends and family isn’t recommended unless they’re your target market. People who say they’d buy something and people who do are very different. The last thing you want is to take so much stock in what they say, create the product and flop when you try to sell it because all of the people who said they’d buy it don’t because the product isn’t something they’d buy.

Secondary Research

Utilize existing sources of information, such as census data, to gather information when you do secondary research. The current data may be studied, compiled and analyzed in various ways that are appropriate for your needs but it may not be as detailed as primary research.

Conduct a SWOT Analysis

SWOT stands for strengths, weaknesses, opportunities and threats. Conducting a SWOT analysis allows you to look at the facts about how your product or idea might perform if taken to market, and it can also help you make decisions about the direction of your idea. Your business idea might have some weaknesses that you hadn’t considered or there may be some opportunities to improve on a competitor’s product.

Asking pertinent questions during a SWOT analysis can help you identify and address weaknesses before they tank your new business.

A business plan is a dynamic document that serves as a roadmap for establishing a new business. This document makes it simple for potential investors, financial institutions and company management to understand and absorb. Even if you intend to self-finance, a business plan can help you flesh out your idea and spot potential problems. When writing a well-rounded business plan, include the following sections:

• Executive summary: The executive summary should be the first item in the business plan, but it should be written last. It describes the proposed new business and highlights the goals of the company and the methods to achieve them.
• Company description: The company description covers what problems your product or service solves and why your business or idea is best. For example, maybe your background is in molecular engineering, and you’ve used that background to create a new type of athletic wear—you have the proper credentials to make the best material.
• Market analysis: This section of the business plan analyzes how well a company is positioned against its competitors. The market analysis should include target market, segmentation analysis, market size, growth rate, trends and a competitive environment assessment.
• Organization and structure: Write about the type of business organization you expect, what risk management strategies you propose and who will staff the management team. What are their qualifications? Will your business be a single-member limited liability company (LLC) or a corporation ?
• Mission and goals: This section should contain a brief mission statement and detail what the business wishes to accomplish and the steps to get there. These goals should be SMART (specific, measurable, action-orientated, realistic and time-bound).
• Products or services: This section describes how your business will operate. It includes what products you’ll offer to consumers at the beginning of the business, how they compare to existing competitors, how much your products cost, who will be responsible for creating the products, how you’ll source materials and how much they cost to make.
• Background summary: This portion of the business plan is the most time-consuming to write. Compile and summarize any data, articles and research studies on trends that could positively and negatively affect your business or industry.
• Marketing plan: The marketing plan identifies the characteristics of your product or service, summarizes the SWOT analysis and analyzes competitors. It also discusses how you’ll promote your business, how much money will be spent on marketing and how long the campaign is expected to last.
• Financial plan: The financial plan is perhaps the core of the business plan because, without money, the business will not move forward. Include a proposed budget in your financial plan along with projected financial statements, such as an income statement, a balance sheet and a statement of cash flows. Usually, five years of projected financial statements are acceptable. This section is also where you should include your funding request if you’re looking for outside funding.

Learn more: Download our free simple business plan template .

Come Up With an Exit Strategy

An exit strategy is important for any business that is seeking funding because it outlines how you’ll sell the company or transfer ownership if you decide to retire or move on to other projects. An exit strategy also allows you to get the most value out of your business when it’s time to sell. There are a few different options for exiting a business, and the best option for you depends on your goals and circumstances.

The most common exit strategies are:

• Selling the business to another party
• Passing the business down to family members
• Liquidating the business assets
• Closing the doors and walking away

Develop a Scalable Business Model

As your small business grows, it’s important to have a scalable business model so that you can accommodate additional customers without incurring additional costs. A scalable business model is one that can be replicated easily to serve more customers without a significant increase in expenses.

Some common scalable business models are:

• Subscription-based businesses
• Businesses that sell digital products
• Franchise businesses
• Network marketing businesses

Start Planning for Taxes

One of the most important things to do when starting a small business is to start planning for taxes. Taxes can be complex, and there are several different types of taxes you may be liable for, including income tax, self-employment tax, sales tax and property tax. Depending on the type of business you’re operating, you may also be required to pay other taxes, such as payroll tax or unemployment tax.

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When structuring your business, it’s essential to consider how each structure impacts the amount of taxes you owe, daily operations and whether your personal assets are at risk.

An LLC limits your personal liability for business debts. LLCs can be owned by one or more people or companies and must include a registered agent . These owners are referred to as members.

• LLCs offer liability protection for the owners
• They’re one of the easiest business entities to set up
• You can have a single-member LLC
• You may be required to file additional paperwork with your state on a regular basis
• LLCs can’t issue stock
• You’ll need to pay annual filing fees to your state

Limited Liability Partnership (LLP)

An LLP is similar to an LLC but is typically used for licensed business professionals such as an attorney or accountant. These arrangements require a partnership agreement.

• Partners have limited liability for the debts and actions of the LLP
• LLPs are easy to form and don’t require much paperwork
• There’s no limit to the number of partners in an LLP
• Partners are required to actively take part in the business
• LLPs can’t issue stock
• All partners are personally liable for any malpractice claims against the business

Sole Proprietorship

If you start a solo business, you might consider a sole proprietorship . The company and the owner, for legal and tax purposes, are considered the same. The business owner assumes liability for the business. So, if the business fails, the owner is personally and financially responsible for all business debts.

• Sole proprietorships are easy to form
• There’s no need to file additional paperwork with your state
• You’re in complete control of the business
• You’re personally liable for all business debts
• It can be difficult to raise money for a sole proprietorship
• The business may have a limited lifespan

Corporation

A corporation limits your personal liability for business debts just as an LLC does. A corporation can be taxed as a C corporation (C-corp) or an S corporation (S-corp). S-corp status offers pass-through taxation to small corporations that meet certain IRS requirements. Larger companies and startups hoping to attract venture capital are usually taxed as C-corps.

• Corporations offer liability protection for the owners
• The life span of a corporation is not limited
• A corporation can have an unlimited number of shareholders
• Corporations are subject to double taxation
• They’re more expensive and complicated to set up than other business structures
• The shareholders may have limited liability

Before you decide on a business structure, discuss your situation with a small business accountant and possibly an attorney, as each business type has different tax treatments that could affect your bottom line.

Helpful Resources

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• How To Start a 501(c)(3)

There are several legal issues to address when starting a business after choosing the business structure. The following is a good checklist of items to consider when establishing your business:

Choose Your Business Name

Make it memorable but not too difficult. Choose the same domain name, if available, to establish your internet presence. A business name cannot be the same as another registered company in your state, nor can it infringe on another trademark or service mark that is already registered with the United States Patent and Trademark Office (USPTO).

Business Name vs. DBA

There are business names, and then there are fictitious business names known as “Doing Business As” or DBA. You may need to file a DBA if you’re operating under a name that’s different from the legal name of your business. For example, “Mike’s Bike Shop” is doing business as “Mike’s Bikes.” The legal name of the business is “Mike’s Bike Shop,” and “Mike’s Bikes” is the DBA.

You may need to file a DBA with your state, county or city government offices. The benefits of a DBA include:

• It can help you open a business bank account under your business name
• A DBA can be used as a “trade name” to brand your products or services
• A DBA can be used to get a business license

Register Your Business and Obtain an EIN

You’ll officially create a corporation, LLC or other business entity by filing forms with your state’s business agency―usually the Secretary of State. As part of this process, you’ll need to choose a registered agent to accept legal documents on behalf of your business. You’ll also pay a filing fee. The state will send you a certificate that you can use to apply for licenses, a tax identification number (TIN) and business bank accounts.

Next, apply for an employer identification number (EIN) . All businesses, other than sole proprietorships with no employees, must have a federal employer identification number. Submit your application to the IRS and you’ll typically receive your number in minutes.

Get Appropriate Licenses and Permits

Legal requirements are determined by your industry and jurisdiction. Most businesses need a mixture of local, state and federal licenses to operate. Check with your local government office (and even an attorney) for licensing information tailored to your area.

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Click on the state below to get started.

Open a Business Bank Account

Keep your business and personal finances separate. Here’s how to choose a business checking account —and why separate business accounts are essential. When you open a business bank account, you’ll need to provide your business name and your business tax identification number (EIN). This business bank account can be used for your business transactions, such as paying suppliers or invoicing customers. Most times, a bank will require a separate business bank account to issue a business loan or line of credit.

Hire a Bookkeeper or Get Accounting Software

If you sell a product, you need an inventory function in your accounting software to manage and track inventory. The software should have ledger and journal entries and the ability to generate financial statements.

Some software programs double as bookkeeping tools. These often include features such as check writing and managing receivables and payables. You can also use this software to track your income and expenses, generate invoices, run reports and calculate taxes.

There are many bookkeeping services available that can do all of this for you, and more. These services can be accessed online from any computer or mobile device and often include features such as bank reconciliation and invoicing. Check out the best accounting software for small business, or see if you want to handle the bookkeeping yourself.

Determine Your Break-Even Point

Before you fund your business, you must get an idea of your startup costs. To determine these, make a list of all the physical supplies you need, estimate the cost of any professional services you will require, determine the price of any licenses or permits required to operate and calculate the cost of office space or other real estate. Add in the costs of payroll and benefits, if applicable.

Businesses can take years to turn a profit, so it’s better to overestimate the startup costs and have too much money than too little. Many experts recommend having enough cash on hand to cover six months of operating expenses.

When you know how much you need to get started with your business, you need to know the point at which your business makes money. This figure is your break-even point.

In contrast, the contribution margin = total sales revenue – cost to make product

For example, let’s say you’re starting a small business that sells miniature birdhouses for fairy gardens. You have determined that it will cost you $500 in startup costs. Your variable costs are $0.40 per birdhouse produced, and you sell them for $1.50 each.

Let’s write these out so it’s easy to follow:

This means that you need to sell at least 456 units just to cover your costs. If you can sell more than 456 units in your first month, you will make a profit.

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There are many different ways to fund your business—some require considerable effort, while others are easier to obtain. Two categories of funding exist: internal and external.

Internal funding includes:

• Personal savings
• Credit cards
• Funds from friends and family

If you finance the business with your own funds or with credit cards, you have to pay the debt on the credit cards and you’ve lost a chunk of your wealth if the business fails. By allowing your family members or friends to invest in your business, you are risking hard feelings and strained relationships if the company goes under. Business owners who want to minimize these risks may consider external funding.

External funding includes:

• Small business loans
• Small business grants
• Angel investors
• Venture capital
• Crowdfunding

Small businesses may have to use a combination of several sources of capital. Consider how much money is needed, how long it will take before the company can repay it and how risk-tolerant you are. No matter which source you use, plan for profit. It’s far better to take home six figures than make seven figures and only keep $80,000 of it.

Funding ideas include:

• Invoice factoring: With invoice factoring , you can sell your unpaid invoices to a third party at a discount.
• Business lines of credit: Apply for a business line of credit , which is similar to a personal line of credit. The credit limit and interest rate will be based on your business’s revenue, credit score and financial history.
• Equipment financing: If you need to purchase expensive equipment for your business, you can finance it with a loan or lease.
• Small Business Administration (SBA) microloans: Microloans are up to $50,000 loans that can be used for working capital, inventory or supplies and machinery or equipment.
• Grants: The federal government offers grants for businesses that promote innovation, export growth or are located in historically disadvantaged areas. You can also find grants through local and regional organizations.
• Crowdfunding: With crowdfunding , you can raise money from a large group of people by soliciting donations or selling equity in your company.

Choose the right funding source for your business by considering the amount of money you need, the time frame for repayment and your tolerance for risk.

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You need to have insurance for your business , even if it’s a home-based business or you don’t have any employees. The type of insurance you need depends on your business model and what risks you face. You might need more than one type of policy, and you might need additional coverage as your business grows. In most states, workers’ compensation insurance is required by law if you have employees.

Work With an Agent To Get Insured

An insurance agent can help determine what coverages are appropriate for your business and find policies from insurers that offer the best rates. An independent insurance agent represents several different insurers, so they can shop around for the best rates and coverage options.

Basic Types of Business Insurance Coverage

• Liability insurance protects your business against third-party claims of bodily injury, property damage and personal injury such as defamation or false advertising.
• Property insurance covers the physical assets of your business, including your office space, equipment and inventory.
• Business interruption insurance pays for the loss of income if your business is forced to close temporarily due to a covered event such as a natural disaster.
• Product liability insurance protects against claims that your products caused bodily injury or property damage.
• Employee practices liability insurance covers claims from employees alleging discrimination, sexual harassment or other wrongful termination.
• Workers’ compensation insurance covers medical expenses and income replacement for employees who are injured on the job.
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Business tools can help make your life easier and make your business run more smoothly. The right tools can help you save time, automate tasks and make better decisions.

Consider the following tools in your arsenal:

• Accounting software : Track your business income and expenses, prepare financial statements and file taxes. Examples include QuickBooks and FreshBooks.
• Customer relationship management (CRM) software : This will help you manage your customer relationships, track sales and marketing data and automate tasks like customer service and follow-ups. Examples include Zoho CRM and monday.com.
• Project management software : Plan, execute and track projects. It can also be used to manage employee tasks and allocate resources. Examples include Airtable and ClickUp.
• Credit card processor : This will allow you to accept credit card payments from customers. Examples include Stripe and PayPal.
• Point of sale (POS) : A system that allows you to process customer payments. Some accounting software and CRM software have POS features built-in. Examples include Clover and Lightspeed.
• Virtual private network (VPN) : Provides a secure, private connection between your computer and the internet. This is important for businesses that handle sensitive data. Examples include NordVPN and ExpressVPN.
• Merchant services : When customers make a purchase, the money is deposited into your business account. You can also use merchant services to set up recurring billing or subscription payments. Examples include Square and Stripe.
• Email hosting : This allows you to create a professional email address with your own domain name. Examples include G Suite and Microsoft Office 365.

Many business owners spend so much money creating their products that there isn’t a marketing budget by the time they’ve launched. Alternatively, they’ve spent so much time developing the product that marketing is an afterthought.

Create a Website

Even if you’re a brick-and-mortar business, a web presence is essential. Creating a website doesn’t take long, either—you can have one done in as little as a weekend. You can make a standard informational website or an e-commerce site where you sell products online. If you sell products or services offline, include a page on your site where customers can find your locations and hours. Other pages to add include an “About Us” page, product or service pages, frequently asked questions (FAQs), a blog and contact information.

Optimize Your Site for SEO

After getting a website or e-commerce store, focus on optimizing it for search engines (SEO). This way, when a potential customer searches for specific keywords for your products, the search engine can point them to your site. SEO is a long-term strategy, so don’t expect a ton of traffic from search engines initially—even if you’re using all the right keywords.

Create Relevant Content

Provide quality digital content on your site that makes it easy for customers to find the correct answers to their questions. Content marketing ideas include videos, customer testimonials, blog posts and demos. Consider content marketing one of the most critical tasks on your daily to-do list. This is used in conjunction with posting on social media.

Get Listed in Online Directories

Customers use online directories like Yelp, Google My Business and Facebook to find local businesses. Some city halls and chambers of commerce have business directories too. Include your business in as many relevant directories as possible. You can also create listings for your business on specific directories that focus on your industry.

Develop a Social Media Strategy

Your potential customers are using social media every day—you need to be there too. Post content that’s interesting and relevant to your audience. Use social media to drive traffic back to your website where customers can learn more about what you do and buy your products or services.

You don’t necessarily need to be on every social media platform available. However, you should have a presence on Facebook and Instagram because they offer e-commerce features that allow you to sell directly from your social media accounts. Both of these platforms have free ad training to help you market your business.

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To scale your business, you need to grow your customer base and revenue. This can be done by expanding your marketing efforts, improving your product or service, collaborating with other creators or adding new products or services that complement what you already offer.

Think about ways you can automate or outsource certain tasks so you can focus on scaling the business. For example, if social media marketing is taking up too much of your time, consider using a platform such as Hootsuite to help you manage your accounts more efficiently. You can also consider outsourcing the time-consumer completely.

You can also use technology to automate certain business processes, including accounting, email marketing and lead generation. Doing this will give you more time to focus on other aspects of your business.

When scaling your business, it’s important to keep an eye on your finances and make sure you’re still profitable. If you’re not making enough money to cover your costs, you need to either reduce your expenses or find ways to increase your revenue.

Build a Team

As your business grows, you’ll need to delegate tasks and put together a team of people who can help you run the day-to-day operations. This might include hiring additional staff, contractors or freelancers.

Resources for building a team include:

• Hiring platforms: To find the right candidates, hiring platforms, such as Indeed and Glassdoor, can help you post job descriptions, screen résumés and conduct video interviews.
• Job boards: Job boards such as Craigslist and Indeed allow you to post open positions for free.
• Social media: You can also use social media platforms such as LinkedIn and Facebook to find potential employees.
• Freelance platforms: Using Upwork, Freelancer and Fiverr can help you find talented freelancers for one-time or short-term projects. You can also outsource certain tasks, such as customer service, social media marketing or bookkeeping.

You might also consider partnering with other businesses in your industry. For example, if you’re a wedding planner, you could partner with a florist, photographer, catering company or venue. This way, you can offer your customers a one-stop shop for all their wedding needs. Another example is an e-commerce store that partners with a fulfillment center. This type of partnership can help you save money on shipping and storage costs, and it can also help you get your products to your customers faster.

To find potential partnerships, search for businesses in your industry that complement what you do. For example, if you’re a web designer, you could partner with a digital marketing agency.

You can also search for businesses that serve the same target market as you but offer different products or services. For example, if you sell women’s clothing, you could partner with a jewelry store or a hair salon.

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To rank the best states to start a business in 2024, Forbes Advisor analyzed 18 key metrics across five categories to determine which states are the best and worst to start a business in. Our ranking takes into consideration factors that impact businesses and their ability to succeed, such as business costs, business climate, economy, workforce and financial accessibility in each state. Check out the full report .

Starting a small business takes time, effort and perseverance. But if you’re willing to put in the work, it can be a great way to achieve your dreams and goals. Be sure to do your research, create a solid business plan and pivot along the way. Once you’re operational, don’t forget to stay focused and organized so you can continue to grow your business.

How do I start a small business with no money?

There are several funding sources for brand-new businesses and most require a business plan to secure it. These include the SBA , private grants, angel investors, crowdfunding and venture capital.

What is the best business structure?

The best business structure for your business will depend entirely on what kind of company you form, your industry and what you want to accomplish. But any successful business structure will be one that will help your company set realistic goals and follow through on set tasks.

Do I need a business credit card?

You don’t need one, but a business credit card can be helpful for new small businesses. It allows you to start building business credit, which can help you down the road when you need to take out a loan or line of credit. Additionally, business credit cards often come with rewards and perks that can save you money on business expenses.

Do I need a special license or permit to start a small business?

The answer to this question will depend on the type of business you want to start and where you’re located. Some businesses, such as restaurants, will require a special permit or license to operate. Others, such as home daycare providers, may need to register with the state.

How much does it cost to create a business?

The cost of starting a business will vary depending on the size and type of company you want to create. For example, a home-based business will be less expensive to start than a brick-and-mortar store. Additionally, the cost of starting a business will increase if you need to rent or buy commercial space, hire employees or purchase inventory. You could potentially get started for free by dropshipping or selling digital goods.

How do I get a loan for a new business?

The best way to get a loan for a new business is to approach banks or other financial institutions and provide them with a business plan and your financial history. You can also look into government-backed loans, such as those offered by the SBA. Startups may also be able to get loans from alternative lenders, including online platforms such as Kiva.

Do I need a business degree to start a business?

No, you don’t need a business degree to start a business. However, acquiring a degree in business or a related field can provide you with the understanding and ability to run an effective company. Additionally, you may want to consider taking some business courses if you don’t have a degree to learn more about starting and running a business. You can find these online and at your local Small Business Administration office.

What are some easy businesses to start?

One of the easiest businesses to start also has the lowest overhead: selling digital goods. This can include items such as e-books, online courses, audio files or software. If you have expertise in a particular area or niche, this is a great option for you. Dropshipping is also a great option because you don’t have to keep inventory. You could also buy wholesale products or create your own. Once you create your product, you can sell it through your own website or third-party platforms such as Amazon or Etsy.

What is the most profitable type of business?

There is no one answer to this question because the most profitable type of business will vary depending on a number of factors, such as your industry, location, target market and business model. However, some businesses tend to be more profitable than others, such as luxury goods, high-end services, business-to-business companies and subscription-based businesses. If you’re not sure what type of business to start, consider your strengths and interests, as well as the needs of your target market, to help you choose a profitable business idea.

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Katherine Haan is a small business owner with nearly two decades of experience helping other business owners increase their incomes.

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