Business Plan

Lack of a Good Business Plan

Imagine trying to drive to a small town 1,000 miles away but
having no idea where it is. Having a map is just like having a
written business plan for your business.

Do everything possible to increase the probability of success in your real
estate partnership. Having a written business plan substantially
increases the probability of your success.

I was very surprised when I ask a long time group of attorneys where they
expected to be five years from now, and all I got in return were blank
stares. They had no idea where they were going to be in two years or
five years. Is that not amazing? It could explain why that business
continues to struggle from month to month after many years in business.

If you examine partnerships that have failed, you will find the super
majority of them never had a written business plan.

There are several excellent software programs you can install on your
computer, and they will walk you through the thinking process of
designing a good plan. You still have to do all the thinking and all the
planning, but the program raises the questions, forcing you to answer
and to consider the important development issues for your business.

Partners F ail in T heir R elationships W ith E ach O ther;
Lack of a Good Business Plan in the Beginning;
Lack of Capital and/or Income;
Lack of a Good Exit Strategy;