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.
Making a business plan creates the foundation for your business. It provides an easy-to-understand framework and allows you to navigate the unexpected.
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.
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.
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 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)
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:
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)
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:
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)
Most businesses either follow a traditional business plan format or a lean startup 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:
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:
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.
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)
Ensuring the cooperation of all colleagues, supervisors, and supervisees involved in your plan is another important element to consider. Some questions to consider are:
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)
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:
And lastly, think about overall goals.
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:
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)
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).
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)
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)
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, 5th Edition (eBook)
Anatomy of a Business Plan (eBook)
Writing a Business Plan and Making it Work (Audiobook)
The Social Network Business Plan (eBook)
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
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