05/30/2022
At the beginning of my real estate career, I was a single mother with a baby girl less than one-year-old without a dime to my name, yet I started off as a wholesaler, found below-market RE deals, and assigned my contracts to investors.
As I made more money in a few years, I decided to have an all-in-one RE business. I wanted to train wholesalers on exactly how I looked for homes, obtain new investors on stand-by waiting for my RE deals, and get contractors and tenants to lease to own these properties once renovations were completed.
Big ideas, money to invest, but what would I get out of this?
🔥 I sat my behind down and did my first business plan ever. The best decision ever made. I was able to input the minimum breakdown of cost, profit, etc. I determined how many wholesalers, deals to be made, employees needed, salaries paid, equipment required, etc. I profit $250,000 in my first quarter and a little more afterward in subsequential quarters. 🔥
If it weren't for this business plan, I would've been blindly making deals, just trying to pay out bills and paychecks. Most likely not making the potential money that I made. Fast forward a little over ten years ago; I don't have the same business model as businesses must evolve, market crashes, etc.
Honestly, without my first business plan, I wouldn't be where I am today, with over 20 properties 50 total with my partner and me, and over a million in profit with short-term rentals. As of today, I have multiple businesses that are doing well due to their initial business plan. I couldn't imagine a world without any of my businesses not having a business plan.
This is not the time to do figures in your head, scribble scrabble on a piece of paper your dream revenue, and everything else but a proper business plan. Some want a business plan for grants and such, but what about your business? ,
🌈 The good news for you is that the people at Wise Business Plans help with such an important task of writing a business plan, and as a bonus, they report your business plan service to the business credit bureaus.
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