Real Estate Investing Business And Two Important Elements To A Great Business Plan

Reformulate Your Business Plan

Reformulate Your Business Plan

The last one is formula. Reformulate your business plan. A business plan is not set in stone. Don't write it in Word and then think that it never changes. It's a living, breathing document and it changes with the times and the elements of its surroundings.

As you develop it you'll also be modifying it over the years. You'll be changing and updating it. You'll be moving in a slightly different direction. Obviously your management team may be changing from time to time.

It's a dynamic document. Allow it to be dynamic and make sure that you're constantly changing your document. If you decide to go from a buying and holding concept to flipping, there's nothing wrong with that at all. Make sure you update your business plan so it reflects your new venture and your direction.

Again, a business plan is not done tonight, next week, whatever and then never changed again. In fact, to a certain extent, this is just the early steps of it. It's an evolution and an ongoing process that you must consistently pay attention to.

We talked about that a lot with the credibility kit. I don't know how many of you were on that call. The credibility kit cannot be developed in one or two days. Too much of it has to be done over time and it has many elements that change with your direction and other components.

Continually Build Your Business Plan

The point is you start to focus on it. You make mental notes for yourself, like when you're at your banker, get a referral letter. When you're with a client or lawyer, get your referral letters. You start to ask for these things and add them to your credibility kit.

Keep accumulating these things and over time you will build a comprehensive kit that will make you look accomplished. The kit continues to grow larger. As long as you keep your mind focused on it and keep developing it, then it should grow and get refined over time.

The same thing holds true with your business plan. You need to give it the same careful attention that you did with your private lending credibility kit. It makes no sense whatsoever to have a comprehensive private lending credibility kit and then a business plan that is out of date. The business plan needs to be an extension of your credibility kit and an essential part of your portfolio.

Those are some of the elements to consider as far as the real estate investment business plan.

by: Michel Lautensack

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