Let's Talk About Your Budget & Business Plan
Now that you have spent the necessary time on initial trainings, blocking and tackling techniques, marketing to your sphere, working your farm, generating viable leads and converting, (we call that working in your business) it's time to start working on your business, right?
You have a business to run. So what is the first thing you need to do?
Prepare a budget and a business plan.
Your business plan actually includes a marketing plan but we'll get to that later on. I'm really excited for you. This will actually be a very cathartic process. You will finally gain visibility into why knowing all of your numbers, calls, appointments, conversion, sales, and closings, are so important and feed into generating the Gross Commission Income we hear people talking about all the time, GCI. Then we'll dive into all of your lead sources and marketing costs, including technology, advertising and then the litany of other expenses like accounting, legal, etc. All these items collectively make up the income and expense of your budget. We'll drill down into all of this so that we can understand what your net profit for the year is.
And guess what? This is where most agents make their biggest mistake. That's right, setting aside a portion of their profits to pay taxes. This is something that is incredibly important, cannot be overlooked and needs to be properly planned for.
Let's dig into your specialized plan so you can avoid making the mistakes that most agents make.