When you are the owner-operator of your business, it can quickly become overwhelming to manage it all. From marketing to financials to actually serving your clients, being a solopreneur means wearing all of the hats that your company needs in order to maintain operations.
Although being a solopreneur comes with its share of challenges, most small businesses start (and stay) sole proprietorships. In fact, 73% of all businesses in the United States are one-person shows – that’s over 23 million people!
The real estate industry is no different. Most professionals tend to manage every part of their business alone, but that doesn’t have to be the case. Read on to learn how you can be a successful solopreneur in the real estate business.
Set Your Mindset
Mindset tends to be a term loosely thrown around in entrepreneurship, when in reality, it should be one of the biggest topics talked about! In order to be successful as a solopreneur in real estate, you must think bigger than your current situation.
Ever wonder how those big-time agents are bringing in consistent leads and closing deals? They choose every day to think beyond themselves! They master the different ways to utilize the resources they have to achieve unthinkable goals. Being successful isn’t always about having the biggest team – it’s about understanding that you can achieve the same results by maximizing the skills you already have. You are your own CEO!
Know Your KPIs
You can’t grow what you can’t measure! Key Performance Indicators (KPIs) are the numbers, statistics, and goals that matter to you and the health of your business. You will want to develop a system that allows you to keep track of how you are performing against your objectives so you know which levers to pull.
KPIs can be anything from financial goals (revenue, profit, etc.), non-financial goals (social media reach, lead conversion rate, etc.), and even personal goals (quitting your 9-5 job, getting out of debt, etc.). Regardless of what you are measuring, it is important to have frequent check-ins with yourself in order to truly define how successful your business is.
Have a Plan
You may have heard the phrase “A goal without a plan is just a dream” – this is true for your real estate business! Having a written business plan will allow you to stay focused on profitability and eliminate any unnecessary and time-wasting tasks (and expenses – your bottom line will thank you!).
A strategic business plan doesn’t need to be complicated. Make sure to include things like your marketing plan and cash flow management system. Just focus on writing down your goals, KPIs, and methods for how you intend to grow your business – then get to work on making it happen!
Get Help When You Need It
Solopreneurs tend to think they need to do it all, leading to unnecessary stress and overwhelm. In order to be a successful solopreneur in the real estate business, you have to stay in your zone of genius and get help when you need it.
Finding and hiring resources doesn’t have to be expensive or complicated. Here are some examples of outsourced help:
- Finding a mentor or real estate coach to guide you as you build your business
- Hiring a virtual assistant to help handle your customer service
- Working with a marketing consultant or graphic designer to build your brand awareness
- Offloading tasks that are outside of your zone genius, such as accounting and bookkeeping
We believe every real estate professional can be successful with the right tools in place! If you’re ready to build your sole proprietorship with the right mindset, KPIs, plan, and experts, schedule your free consultation with one of our profit experts today!