When starting a new business, be it within the property sector or other sectors, it’s important to consider core ‘make or break’ areas, in order to help you minimize risk. The reason being, overlooking these key areas can be detrimental to your business and long-term success.  

Below I have listed these fundamentals and how to effectively implement them into your new or existing property business:

Strategy & Planning

Starting a business without a clear business plan can be likened to setting out on a road trip without knowing where you want to go. Surprisingly,  an alarming number of small-business owners are doing just that. A detailed business plan and clear strategy is great starting point for any business. It’ll help you establish things your target audience, competition, USP and goals. Having these key insights will equip you to make better business decisions and help you effectively launch and grow your business.

Finances

Finances is one of the main barriers for people wanting to start a new business, they are also the main reason small businesses fail. In fact according to Business Insider, 82% of small businesses fail due to cash flow problems. A great way to avoid cashflow issues and general financial issues is by undertaking rigorous financial planning before launching your business. However, as entrepreneurs, we know that business comes with many surprises and setbacks. A detailed financial plan will better equip you for success.

Sales and Marketing

Start-up businesses often overlook the importance of the sales and marketing of their new venture. The reality however is without customers, there is no business. This is why myself and my team over at Assets For Life offer various world-class training on this subject field to help new property business owners understand and master this crucial skill.

Operations

Business operations relates to how your business is run on a day-to-day basis. For new property business owners, it’s common to handle multiples areas of the business, include its operations. It’s therefore necessary to ensure that you invest in yourself with the right resources, tools and training as your business grows. In my podcast, I cover key areas to help you run, manage and thrive as a business property owner.

Human Resources

As your business grows, the direction in which it grows is largely determined by leadership, employees and company culture. The company culture is the ‘vibe’ of your organization and exists regardless of whether the organization realizes it or decides to create it. The idea is to actively create a culture that encompasses your company’s values, mission and goals in order to build long-term business growth.