BiggerPockets

As a mentor  and venture capitalist I require every business that I invest in to have a comprehensive business plan.

 There a many types of business plans and how they are structured are determined by their purpose and use. For example if you plan to borrow money the lender expects to know what your plans are and how you are going to pay them back.

 Today I want to address two types of plans which can directly impact the real estate investor or real estate professional.

 A plan is like a journey and is ever evolving and must be updated on a regular basis. Since you are going in business or already in business here are the standard questions you should ask yourself.

 Plan I

1. Who     (Who is going to be responsible for the business)
2. What    (What business am I really in?)
3. When   (Is this part time or full time?)
4. Where  (Location, location, location)
5. How     (How much do you understand the “What question?” How do I gain more knowledge?)
6. How Much. (How much money am I willing to risk? How much time is it going take?)

These are the basic questions every entrepreneur should take several days to ponder before attempting to create a business plan (Road map for success).

 There is an old adage that has been around ever since I can remember.”No one ever plans to fail but fails because they fail to plan.”

 Plan II

 A good plan should have a minimum of following elements:

Executive Summary

• Your objectives

Keys to your success

Company Summary

• Ownership
• Start-up summary

Types of property

• Property description

Target market area

Market

• Availability
• Trends

Investment objectives

Management Summary

• Management team
• Job descriptionFinancial Plan

The business plan just described is not a complete business plan and is shown only to give you an idea of what one may look like.

 Should you desire to create a personal business plan and would like assistance.  Go to Circle ofWinners Master Mind Group or email me at cwlsr@cwlsr.com