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You’re Not Serious!

My Ottawa Agent Blog Article
It’s important to take the time to complete these tasks so that you have the best chance to prosper.

I can determine if you’re serious in seven questions or less. You may think you are serious, but there are a few critical steps that if you have not taken the time to complete – give you away. To what am I referring? I’m talking about the process of starting a business – the crucial ducks that need to be lined up before you spend time looking for a home for your new company.
Getting a new business off the ground is exciting, but as enthusiastic as you may be, it’s imperative to take the time to lay a great foundation for success. For some, planning is tedious. For others, planning is exciting because it reveals facts, figures and strategies that may not have been apparent from inception.
In my opinion spending time visiting properties and shopping the market is a big waste if you don’t have a clear vision and a thorough plan. Property hunting should be the very last step in getting your venture off the ground. In my time as a real estate agent I have witnessed several people fail, often at great cost in pursuit of their ideas – due in no small part primarily to a lack of preparedness. Unfortunate, but likely avoidable.
Here are 7 questions that I ask to quickly determine which stage of the planning process a person is at and how serious about their own success they are. To some, these questions may seem trivial, but you’d be surprised how significant and profound an impact positive answers to these queries can be. Before you start running around town and spending your valuable time on property hunting, make sure you can answer the following questions with a resounding ‘YES.’
1) Did you register your business (sole proprietor, partnership, limited liability partnership, or corporation)?
2) Have you prepared and signed a legal partnership agreement, if applicable?
3) Did you open a business bank account and has each partner paid into the account as agreed upon?
4) Have you completed a detailed estimate of start up and ongoing costs (equipment, interior design/construction, signage, marketing, workers, daily office expenses, etc…)?
5) Have you written a comprehensive business plan that includes development, marketing and customer acquisition strategies?
6) Do you have approved funding?
7) What is your monthly budget for your real estate costs?
What may seem Mickey Mouse will actually help determine if all of the partners involved are on the same page. If you and your partner can’t agree on a business plan, perhaps entering into a business venture with that person may not be the best idea. It’s important to take the time to complete these tasks so that you have the best chance to prosper. Putting in this work will help you move things along much faster and it can also help protect your relationships, whether it be friends or family.
Until next time. Mitch Gauzas

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