The new year is a time to reflect, refocus and renew yourself for another business year. With 2020 now upon us, it’s time to start thinking about your business plan if you haven’t already.

Each year brings with it new triumphs and setbacks, as market conditions ebb and flow throughout the year. It’s important that your business is prepared to capitalize on the highs and survive the lows. Here’s what you should keep in mind before you get to actually writing your business plan.

Before you start…

You won’t even be able to begin crafting your plan until you’ve done some careful research and analysis. You should familiarize yourself with your local market through industry reports and real estate news forecasts. You should also examine your competition to identify ways to differentiate yourself and see what has and hasn’t worked for others in your market.

You can begin by seeking the answers to some basic questions:

How many homes are being sold in your area?
How do home sales and prices fluctuate from month to month?
How many agents there are in your market?
What separates you from them?
The biggest mistake you can make when devising a business plan is to set unrealistic expectations for yourself. This is why research is so important: It gives you perspective on the market and what kind of attainable short-term and long-term goals to set for yourself.

Remember, you can always adjust your business plan along the way, but creating a plan now sets you up to achieve your goals.

Ready to get started on your business plan?

If you want to get a head start on your business plan and start this year strong, download AgentEDU’s free 2020 business plan template and get started right away. You’ll thank yourself later.