It’s a big leap to leave behind one’s 9-to-5 job and the steady paycheck to pursue real estate entrepreneurship. It can be a daunting process, but not when armed with the right information and direction. Here are some steps to take.
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Image source: Pixabay.com
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Have an entrepreneur mindset
This is a critical ingredient for success in the industry, as it includes persistence and the inclination to keep learning. Take note that over a million people are poised to start a business in the United States, and in the first year about 40 percent will fail. As a real estate entrepreneur, accept the tendency to make mistakes, learn from them, and adopt a mindset of long-term development and experience.
Establish a business and marketing plan
Determine what people are willing to pay for, as a viable business seamlessly combines what it wants to do with what others are willing to spend for. Interview potential customers, and once the target market is set, determine how to approach this clientele.
Launch a small-scale version first
If possible, launch a scaled-down version of the business on the side while maintaining a regular job. Assess that soft launch and see what worked, what didn’t, and how the approach can be tweaked for success.
Assemble a good team
Find team members that mirror your values and whom you can work with to achieve the business goals. Determine if it’s sound to form a corporation, an LLC, or pursue a partnership. Define each team member’s role and follow the necessary legal guidelines.
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Image source: Pixabay.com
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Brandon Wetzel is a 40-year-old real estate agent residing in Los Angeles, CA, but was originally from Yardley, PA. He is looking forward to starting his own business as he waits for his real estate license. For similar reads, click here.
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