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The business plan will answer critical strategic and operational questions: Who is your ideal client? What are the biggest threats and opportunities in your market?The plan should be flexible enough to allow your business to pivot with internal and external forces.
Determining your market niche is a fancier way of saying: Who, specifically, 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.
Before setting out your facts and figures, it’s important to put a spotlight on your target market and how you’ll serve this niche.
This helps you decide what’s realistic and feasible to achieve in your business plan.
But, the big problem with creating a business plan is that agents and brokers often get bogged down in the details. Harvard Business Review (HBR) stated that the chances of success rose by 12% for those that spent no longer than 3 months on their plan. 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. Instead of wandering aimlessly, push towards your goals and objectives with clear direction.
A business plan is a written document that captures the future of your business. Specifically, 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. The numbers back this up: A study showed that 64% of companies who created a plan grew their businesses, compared to 43% of companies that hadn’t yet finished a plan. How many sales will you have to make to cover expenses?
Here’s a simple example: To get started creating your persona, ask yourself a set of simple questions like: It’s important to assess your niche and make sure 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: A competitive SEO audit can be a useful starting point in finding your competitors in the online space, which is where almost all leads will turn to at some point in the buying process.
An analysis can be as simple as making lists of items under each of these categories.
For example, a strength could be a strong and experienced sales team, while a weakness might be that your business is expensive to run because you haven’t nurtured supplier relations.