Creating a Fix and Flip Business Plan
I'm sure you have all heard the saying: "most don't plan to fail, they just failed to plan." People just get out there, they get going, and then all of a sudden, they go back and try to figure out how they're going to fix the mess.
Let's talk about the business plan here.
A business plan is something that we've been doing for a long time not really realizing that that's what we were doing. We set goals every year; just things that we wanted to accomplish in the next year.
So, really that's our business plan because when you sit down and you review what you set out to do for the year, and you're accomplishing those things. It's all about having that plan. People don't plan to fail, they just failed a plan.
Let’s go through and talk about the who, the what, the why of your business.
Your industry is your real estate. Whether you have a company now or not, you're a sole proprietor, you have a home office or you rent a space; it just depends on your individual needs
Your 3-month goal is how many properties do you want to fix and flip in the next three months, six months, twelve months? Then give a brief description of what your business does. This is the why, your business philosophy. How many hours a week do you have to devote to your business? Do you have your own money or using other people's money? What kind of technology do you have? Then you've got your acquisition strategies, how you're going to manage it, and your extra strategies. Because really, fix and flip is not the whole strategy, it's a part of the strategy.
It's important to put it in writing and that's why it is such a critical part of getting your business started.
It's important to put it in writing and important to put it somewhere where you're going to see it all the time.