Starting a business can be tricky. You need ideas, motivation, resilience and a whole lot of experience and knowledge in the industry you’re going into. It’s not easy.
If you’re starting a business, then the goal is inevitably to be the best of the best in your own industry – that’s a given. You want to outsell competitors and be the generalised “go to” choice for potential clients and customers, but how can you ensure that that happens? It’s hard enough to launch a successful business in a busy industry, but to sustain it is all the more challenging.
Today, however, we’re going to be focusing on the property industry and namely, how to start a business as a property broker.
Apply for a Broker’s License
You can do all of the research and read all of we buy any house reviews that you want – in fact, we recommend it. It’s good to be knowledgeable in order to be the best in the biz – but in order to really set the wheels in motion, you’ll want to look into applying for and acquiring your broker’s license.
Having the appropriate license in order to start your business is a vital part of your preparation. Not only will you not be qualified or insured to do the job, but you could also be breaking certain laws.
In order to acquire your license, you’ll have to have a certain level of work experience. Likewise, you’re probably going to have to take some exams in order to qualify as a broker in the first place.
The education levels will vary depending on where you live – as will the hours of experience – so be sure to do research on the educational laws in the areas you’re planning on doing business.
Only once you’ve done all of the relevant preparation, work, and exams, will you be considered eligible to even apply for a broker’s license.
Decide on the Type of Brokerage
Next, you’ll want to decide on the type of property brokerage you’re going to want to run. There are two main different types of a brokerage in the property industry.
The first of these is a Franchise Brokerage. Franchise Brokerages can initially appear to put you at an advantage because they provide useful things such as staff training and having a name etc – however the fees to start or buy a business such as this can be very expensive, so it’s only really worth looking into if you know you have the cash flow to make it work.
The second is an Independent Brokerage. One of the advantages of these is that the fees are less – as are the recurring ones – so they’re a lot less expensive to buy into. Likewise, you have a lot more creative freedom than you would if you bought into a franchise, as in you’ll get to decide on names, design, brand etc. It can be a challenge to begin with as you’ll have to build your client base from nil, but if you’re prepared to start your own business this is typical of that anyway.
Plan Out Your Expenses
As with any start-up, you’ll want to plan out what your expenses are going to be. In the earliest days – and this is just to start out – you’ll want to consider things such as:
- A website
- Brand design and any materials that may include the said brand
- Any licenses or memberships you have to have in order to start the business
- Any utilities, rent, etc
- Marketing campaign
- Paying staff (if applicable)
Ongoing expenses will, of course, continue into your working life – and will be easier to pay once your business is making an income – but to start off this is enough. There are ways of saving on this – such as starting your business from home and only employing one other person if that. Remember that you can start small, and grow in time.
Launch a Well Thought Out Marketing Campaign
Last of all, but by no means least, you’ll want to launch your well thought out marketing campaign.
Figure out who your target audience will be, and who your potential clients are. Likewise, use all of the business advertising tricks of the trade in order to attract customers in the first place.
After doing all you can do to grab people’s attention – and the right people at that – it’s about sustaining interest. If you put this into your initial marketing campaign, it’ll end up a lot easier in the long run – and after all, isn’t the long run the goal you’re reaching for?
- Knowing the Do’s and Don’ts in Buying a Franchise
- Researching Franchise Opportunities through Franchise Exhibitions
- Pros and Cons of Starting a Franchise Business
- How to Choose the Right Business Broker to Sell Your Business
- Buying Your First Franchise