1. Don’t get carried away with this exercise or spend months doing it. Don’t get into the paralysis by analysis syndrome. It should take you a week or two – maybe less than a week.
2. Make a first cut, revise it a few times, and get some input from appropriate people.
3. Take massive action.
4. Revise your plan as you go along.
5. There are lots of free business plan templates online including essential sections along with their associated definitions. Google ‘business plan templates’ or ‘business plan sections’ for instance.
6. Your business plan should have at least 4 – 6 sections.
7. Key sections specific to real estate investing would be:
- Executive Summary
- Market Analysis
- Financial and Timing Projections
- Organizational Structure
- Exit Plans
I’ll post and podcast more details on each section in the coming days.
Proverb 24:27 – Prepare your work outside; get everything ready for yourself in the field, and after that build your house.